According to Composites Manufacturing Magazine, demand for composites has been steadily growing, with the market growing 6.3% last year and expected annual sales of $12 billion by 2020. As of last year, the top three markets for composite materials were transportation, aerospace, and construction.
Transportation, which includes the automotive industry, should come as no surprise on the list of top growth drivers. Sales of automobiles remain strong in North America as many people are swapping out their older vehicles for more fuel efficient models. In addition to consumer pressure, industry regulations across North America and Europe make it necessary for automakers to increase efficiency and reduce carbon footprints. Composite materials such as fiberglass are becoming increasingly popular in all facets of automotive manufacturing thanks to their strong, lightweight properties.
Much like the automotive industry, the aerospace industry has begun to invest in research of composites to reduce aircraft weight in order to provide better fuel efficiency, thereby bringing costs down while reducing the environmental footprint.
So why do companies need to invest in composites now?
The market is looking stronger than ever. Significant research has been done by industry leaders that have made new composite materials that allow for reduction of capital cost, rapid production and less waste of raw materials – this means composites are becoming much less expensive for manufacturers to adopt. The market is gaining more confidence in the strength and durability of composite materials. The demand for composite materials in 2014 was $21.2 billion overall, with steady growth expected in coming years. Investment in composites now will mean long-term growth in the marketplace.
As an experienced designer and manufacturer of automated systems, including those involved in plastics and composites forming and molding, TCA Technologies is constantly on the lookout for news and trends in the composite material sector. For more industry news on this topic, please feel free to follow TCA Technologies on Twitter.