5 Latest Development in Composite Film Market

 

Composite films are used in a variety of end-use industries, including aerospace & defense, and automotive, among others. Led by strong end-user demand, the composite film industry is growing at a rapid pace. The global composite film market size is expected to grow from ~USD 245 million in 2020 to ~USD 328 million by 2025, at a Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period.

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Recent Developments

• In May 2019, Solvay signed a contract with Safran for the supply of high-temperature composites and adhesives. Safran will use these advanced materials on several of its critical engine components. This would strengthen the Solvay in the composite film market.
• In September 2018, Solvay inaugurated its state-of-the-art manufacturing center for aerospace structural adhesives, and surfacing films in Wrexham, UK. This has broadened Solvay’s footprint and strengthened its leadership position in the composite film market.
• In July 2018, Solvay signed a contract with the Airbus until 2025 for the supply of the advanced materials, including prepregs, resin systems, adhesives and surfacing films, carbon fiber, textiles, tooling, etc.
• In March 2018, Toray acquired TenCate Advanced Composites for accelerating the growth in advanced composites for both companies. This acquisition has increased the demand for the composite surfacing film product and thus helped Toray to sustain in the composite film market.
• In March 2018, Hexcel entered into a partnership with Arkema for manufacturing carbon fiber-based thermoplastic composite solutions for the aerospace sector. This helped the company to become an industry leader in advanced composite thermoplastic technologies.
• In October 2016, Hexcel announced a contract amendment and extension with the airbus group of supplying advanced composites, which would generate total sales of USD 15 billion for the duration of the contract. It would be supplying carbon fiber prepreg to the Airbus A350XWB, which would result in an increasing demand for the composite surfacing film.

North America accounts for the largest market share in the composite film industry owing to the growing economies of the US, and Canada, the presence of prominent players, and expanding aerospace & defense, and automotive industries. In North America, the US is projected to grow at the fastest rate during the forecast period. It is the largest market for composite films in North America. The economic growth of the nation is the main factor for the high consumption of composite films. The automotive and other industries are rapidly expanding, thereby driving the demand for composite films in the region.

Key players in the market include 3M(US), Henkel AG Co. KGaA(Germany), Hexcel Corporation(US), Gurit (Switzerland), Solvay(Belgium), Toray Industries, Inc. (Japan), Socomore(France), Park Aerospace Corp.(US), and Axiom Materials Inc.(US), among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composite film market.

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