FST Composite Resin Market Worth 835.2 Million USD by 2020
PUNE, India, February 10, 2016 /PRNewswire/ --
The report "Fire, Smoke, and Toxicity Retardant (FST) Composite Resin Market by Resin Type (Phenolic, Epoxy, Polyester, Thermoplastic), by Composite Manufacturing Process, by Application (Transportation, A&D, Construction, Marine), and by Region - Global Forecast to 2020", published by MarketsandMarkets, The global market is projected to reach around USD 835.2 Million by 2020 witnessing a CAGR of 8.5% between 2015 and 2020.
This growth is fueled by the introduction of stringent safety standards in public transportation and increasing demand for FST composite resin from rail and aircraft interior applications.
Browse 74 market data Tables and 47 Figures spread through 131 Pages and in-depth TOC on "Fire, Smoke, and Toxicity Retardant (FST) Composite Resin Market"
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Increase in the demand for FST composite resin from the transportation industry
The demand for lightweight transportation parts has given an edge to composite resin due to its improved properties and reduced curing time. The increased use of composite components in the interior application of high speed, monorail, metro, trams, intercity, commuter rails and so on are driving the growth of the FST composite resin market. The use of FST composite resin in interior components of rail, automotive, and other heavy vehicles, not only leads to the production of lightweight vehicles, improved engine efficiency, reduction in CO2 emissions, and superior performance, but also enable the vehicle manufacturers to meet public safety norms.
Lay-Up process: The leading composite manufacturing process for FST composite resin by value
The lay-up process includes hand lay-up and spray-up process and is the leading manufacturing process for FST composite resin in terms of value, owing to the developed aerospace & defense industry and recovery of the marine industry globally. This process is applicable for designing simple enclosures, lightly loaded structural panels because it provides orientation of the fibers that be controlled as needed so that they can absorb maximum stresses to which they are subjected.
North America is the key region for FST composite resin market
The North American region is expected to be the fastest-growing market for FST composite resin market, globally between 2015 and 2020 due to the increased demand from aerospace & defense and transportation industries. Stringent safety regulations in this region especially in the U.S. have helped the FST Composite Resin Market to grow in the transportation and aerospace & defense application segment. Also, the demand for FST composite resin in aerospace & defense is high owing to the presence of the largest aircraft manufacturer Boeing in the country. Boeing already has planned to increase its Boing-737 and Boing-787 production rates that use significant amount of FST composite resin for interior application. The company has planned to raise its Boing-787 production rate to 12 per month in 2016 and 14 per month by the end of 2020. Additionally, the company has planned to raise Boing-737 production rate to 47 per month by 2017and 52 per month by 2018.
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Some of the key global players prevailing in the FST composite resin market are Ashland Inc. (the U.S.), BASF SE (Germany), Huntsman Corporation (the U.S.), Hexion Inc. (the U.S.), SABIC (Saudi Arabia), Scott Bader Company Limited (U.K.), and Polynt SPA (Italy). These players adopted various organic developmental strategies such as new product launch to increase its market share and market reach.
This report covers the market by value and volume for FST composite resin and forecasts the market size till 2020. The report includes the market segmentation by resin type, manufacturing process, application, and region. It also includes company profiles and competitive strategies adopted by the major market players in the global FST composite resin market.
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