The global composite film market size is expected to grow from USD 245 million in 2020 to USD 328 million by 2025, at a CAGR of 6.0%. Due to the increase in the demand for high-performance materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others, the global composite film market is expected to witness significant growth during the forecast period.
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The aerospace & defense industry is a major consumer of composites, which in turn increases the demand for composite films. Leading aircraft manufacturers such as Boeing and Airbus are increasing the use of carbon composites, and composite films in their commercial aircraft. Composite films are also used in fuselage, wings, tail, tail fin, wing box, trailing edge, engine nacelles, engine, and other structural parts of an aircraft. Growing environmental concerns and search for high strength lightweight materials to increase fuel efficiency has put composites and simultaneously composite films under the limelight in the automotive industry. As, the composite structures used on automotive would require Class A protection from extreme climates, and scratches.
Epoxy resin film comprises a major share of the composite film market. Epoxy resins are thermoset resins known for their excellent mechanical, electrical, and high-heat resistance properties. They are available in a wide range of curing-agent variations. They have better physical, mechanical, adhesion, and low shrinkage properties in comparison to other resin films. High strength and resistance to moisture are obtained when these epoxy resin films are applied to composite panels.
Autoclave curing type produces denser, and void-free molding because high heat and pressure are used for its curing. Autoclaves are in high demand as it helps in producing high-value composite films, and are widely used in the aerospace industry to fabricate high strength-to-weight ratio parts for aircraft. This curing type method generally uses high-temperature matrix resins, such as epoxy, which has higher properties than conventional resins. Thus, autoclave curing is widely used in aerospace & defense, automotive, and other end-use industries.
North America holds the largest market for the composite film market. The key reason for this includes the demand for composite films in the aerospace & defense industry in the region. The demand for composite film in aerospace & defense, automotive, and other industries is projected to improve due to product innovation and technological advances made in this sector. According to the 24/7 Wall St. a Delaware corporation, in the US, parts of Florida experience an average of 100 thunderstorm days annually, making Florida the most likely place in the country for lightning strikes. Also, along the US West Coast, annually, an average of 10 thunderstorms is experienced. These factors drive the demand for composite films during the forecast period.
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