Composite materials processing kits are becoming increasingly popular due to the unique properties of composite materials and their wide range of applications. Composite materials are made by combining two or more different materials with the goal of achieving superior properties over individual materials. The resulting composite material is usually stronger, lighter, and more durable than the individual materials alone.
The demand for composite materials processing kits has been increasing in recent years due to the growing interest in lightweight and high-strength materials, as well as the desire to reduce manufacturing costs. The use of composite materials has become more widespread in industries such as aerospace, automotive, and construction, which has led to an increased demand for processing kits. Furthermore, the popularity of DIY projects and the easy access to online tutorials have made it easier for people to create their own composite parts at home, which has also contributed to the growth in demand for composite materials processing kits. All these factors are expanding the growth of the global composite process material kits market at a rapid pace.
Newest Insights in the Composite Process Material Kits Market
Composite material processing kits are becoming increasingly popular in the aerospace industry because they provide a convenient and cost-effective way to produce composite parts. As per a report by Research Dive, the global composite process material kits market is anticipated to surpass a revenue of $196.5 million in the 2022–2031 timeframe. The North America composite process material kits market is predicted to experience dominant growth in the years to come. This is because the region has a huge demand for composite process material kits due to their variety of types, adaptability in production, and widespread use in numerous applications in the region.
How are Market Players Responding to the Rising Demand for Composite Process Material Kits?
Market players are expanding their product offerings, improving product quality, increasing production capacity, and collaborating with other market players to develop new and improved kits with an aim to meet the increasing demand for composite materials in various industries. Some of the foremost players in the Composite Process Material Kits market are Solvay S.A., Airtech Advanced Materials Group, Velocity Composites Plc, Diatex SAS, Shanghai Leadgo-Tech Co., Ltd., Metyx Composites, Aerovac Composites One, GEFiM, Pro-Vac Vacuum Consumables, InCom Group, and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global market. For instance:
- In January 2020, Hexcel Corporation, an American public industrial materials company, and Woodward, Inc., a designer, manufacturer, and service provider of control solutions for the aerospace and industrial sectors, announced that they were merging to launch a new company, called Woodward Hexcel, focused on the aerospace and industrial sectors. The new company aims to provide an extensive range of composite materials and process material kits.
- In August 2019, Gurit (SIX Swiss Exchange: GUR), a leading global supplier of composite materials, systems and engineering, announced supply contracts for core materials which have been secured with two foremost global Wind OEMs for its Composite Materials business unit.
- In May 2022, Solvay, a leading supplier of speciality materials, launched SolvaLite® 714 Prepregs, an advanced version of unidirectional carbon-fiber & woven fabric products pre-impregnated with SolvaLite® 714 epoxy resin, to its portfolio of composite materials for the automobile industry.
COVID-19 Impact on the Global Composite Process Material Kits Market
The unpredicted rise of the coronavirus pandemic in 2020 adversely impacted the global composite process material kits market. During the pandemic period, the construction and automotive sectors were hit the hardest in terms of sales and project acquisition, resulting in a major decrease in demand for composite process material kits. In addition, some construction projects have been delayed or cancelled due to a lack of raw supplies and labors, workers’ fear of getting the COVID-19 virus, and travel restrictions. Furthermore, difficulties in the export of automobile parts from China, as well as the closure of automotive assembly and manufacturing operations, impacted the market share of composite process material kits. However, the composite process material kits market is likely to recover soon after the pandemic period.