Composite Process Material Kits Market Size to Generate $196.5 Mn by 2031Download Sample Reports Overview
The Global Composite Process Material Kits Market Size is predicted to be valued at $196.5 million by 2031, surging from $109.4 million in 2021, at a noteworthy CAGR of 6.3%.
Impact Analysis of COVID-19 on the Composite Process Material Kits Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, import-export, and availability of composite process material kits across end-use industries. The pandemic's very worst immediate effects have been seen in the aerospace & automotive industry, one of the largest consumers of composites. Due to the shutdown at both international and local borders, the aviation industry has suffered the most. The demand for composites has suffered as a result. However, the situation is expected to improve due to the relaxation of trade barriers, which is likely to restore the market's growth path. This has ultimately lowered the demand for composite process material kits due to disruptions in supply chain, closure of manufacturing plants, as well as economic slowdown across several countries. In addition, the import-export restrictions were laid down on major composite process material kits producing countries such as the U.S. and China. For instance, sanitization of goods being imported from China was imposed by several countries. In addition, the construction & automotive sector faced the highest impact in terms of sales and acquisition of new projects due to which the composite process material kits demand reduced significantly. All these factors have negatively affected the composite process material kits market growth during the pandemic.
Global Composite Process Material Kits Market Analysis
Open mold and closed mold are the two approaches used in the lay-up process. Boats, RV parts, tubs, showers, truck cabs, and fenders are all produced using low-cost, efficient open mold technology. The hand lay-up technique is the first fibre-reinforced plastic (FRP) molding technique used to create FRP GRP composite products. Technical expertise and equipment are not required. It is a low-volume, high-labor-intensive method that is particularly ideal for large parts like FRP vessels. Typically, throughout the composite layup process, only half of the mold is used. Due to its low volume and labor-intensive nature, the lay-up technique is becoming increasingly popular in the market for composite process material kits. These are the major factors anticipated to boost the composite process material kits market share during the analysis timeframe.
However, the most significant disadvantage of composite materials is their difficulty in breaking. This may appear conflicting, but it indicates that identifying whether an aircraft's interior structure has been impacted is hard. Additionally, it is simpler to spot the need for repairs since aluminum bends and dents more readily. Although it might be claimed that adopting a more robust material will save money in the long run, composite materials are also more complex and expensive to repair than metals which is anticipated to hinder the composite process material market demand in the upcoming years.
A variety of automotive components, rail coaches, and large vehicles are made using thermoplastic composites. These materials are light weight and help decrease the weight of automobiles, which lowers CO2 emissions and improves fuel economy. This also enables automakers to satisfy corporate average fuel economy (CAFÉ) emission limits (54.5 mpg by 2025) and other fuel criteria imposed by environmental organizations. One of the factors propelling the thermoplastic composites market in the transportation sector is the rise in the use of these materials in racing and high-performance vehicle components, such as instrumental panels, front-end modules, door modules, roof components, appearance grade components, and under-hood components. All these aspects are predicted to boost the composite process material kits market size in the upcoming years.
Global Composite Process Material Kits Market, Segmentation
The global composite process material kits market is segmented based on kit type, process type, end-use industry, and region.
The kit type segment is further classified into pre-cut shapes, combination kits, welded products, and others. Among these, the pre-cut shapes sub-segment is anticipated to have a dominant market share in 2021. In other words, each ply is recognized and the batch is traced, and the pre-cut prepregs and film adhesives are reverse-collated for simple application. Through the use of cutting-edge dynamic nesting technology, cost savings are achieved here by decreasing material waste. Additionally, it does calculations on how future customer demand and material availability will affect the manufacturing plan for these nests. As a result, there is a material savings of between 10 and 20%, decreasing carbon dioxide emissions.
The process type segment is further classified into prepreg layup, infusion process, and others. Among these, the prepreg layup sub-segment is anticipated to have a dominant market share in 2021. Layers of reinforcement materials that have been resin-impregnated or other reinforcement materials are manually positioned in exact layers during the prepreg layup process. Individual plies are manually moved and positioned on a mold such that there are no gaps between the layers. The hand layup technique produces a stable, high-performance structure, but it is difficult to automate since it relies heavily on physical labor.
The end-use industry segment is further classified into aerospace & defense, wind energy, marine, transportation, and others. Among these, the aerospace and defense sub-segment is anticipated to have a dominant market share in 2021. The aerospace and defense (A&D) sector is dealing with some difficulties brought on by an unanticipated pandemic, quickly advancing technology, and weak supply networks. Additionally, increasing the production of aircraft, a preference for kits over products from other industries, an increase in the use of composite materials in modern aircraft programmers, a predominance of prepreg materials in aerospace composites, and a rise in the need for automation in manufacturing processes are all factors expected to drive the market growth.
The composite process material kits market in the Asia-Pacific region is projected to show the fastest growth. Due to the range of types, production flexibility, and broad usage in several applications, the market for composite process materials appears to be growing in a positive direction. China has seen rapid expansion and is a global leader in the production of composite materials. Many businesses are partnering with Chinese producers to establish factories. For instance, the development of a new plant was announced in cooperation with Owens Corning and Chongqing Polycomp International Corp. (CPIC). This plant will include a glass furnace with a 110,000 metric tonne annual production capacity and will be used to produce high-modulus glass fiber goods in China.
Key Players in the Global Composite Process Material Kits Market
Some of the leading composite process material kits market players are
- Airtech Advanced Materials Group
- Aerovac Composites One
- Shanghai Leadgo-Tech Co. Ltd.
- Diatex SAS
- InCom Group
- Metyx Composites
- Pro-Vac Vacuum Consumables
- Velocity Composites plc
- Solvay S.A.