Composite Products Rule In New World Economics

The $22.2 billion-dollar global composites industry has experienced year over year growth of 5.4% during the last six years since the end of the great recession. Every place you look or touch you see a composite-made product; the window frames in your home, the inside of a passenger jet aircraft, your kitchen and bathroom counter tops, many parts on your car, the inside panels in a commuter train, and fiberglass boats and yachts, are among some of the more familiar applications.

Transportation (including automotive), construction and aerospace were the largest market segments within the composites industry in 2015, representing 62% of its total value. The growth of composite materials in newer airplanes such as the Boeing 787, and Airbus 350 and 380, has played a part in aerospace overtaking the pipe and tank market in the top three markets last year. Out of all markets, aerospace has the highest potential for growth, with a CAGR of 9.5% over the next six years.

The automotive sector continues to be the largest market for composite materials, with annual growth of 4.1 percent in 2015 in terms of volume of shipments. OEMs are continuously looking for innovative materials to curb vehicle weight, and achieve fuel efficiency and carbon emission targets. Perhaps the biggest trend in the automotive industry is the development of technologies for making carbon fiber parts for mass volume vehicles. Automotive OEMs continue to form strategic alliances with carbon fiber suppliers, composite part manufacturers, machine suppliers, research institutes and universities to address various challenges, such as cycle time, raw material cost, tooling, repair and recycling.

Composites got its start during WWII and has grown to be a $22.5 billion dollar industry. It has always been a disruptive technology that replaced other materials such as steel, wood or aluminum. New World economics is calling for increase expenditures in aircraft, and military defense items such as aircraft fighters, aircraft carriers and helicopters. The US is rebuilding its infrastructure of roads and bridges which involve high consumption of composites. The US is reaching out for oil independence with fracking for natural gas which uses composites. Petrochemical and gas plants consume composites as do oil and gas transmission lines. Construction of new homes and industrial buildings are expected to see extraordinary growth in 2018 and beyond. Construction is the third largest composites industry. Passenger aircraft will soon be the number one consumer of composites, starting a new boom in aircraft production.

Engineers are constantly designing composite products into their final product. What started as a disruptive technology has grown to be an important technology of New World Economics!