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.

To know about the assumptions considered for the study download the pdf brochure

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.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=232995579

Composite Film Market - Led by strong end-user demand

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.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=232995579

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.

The strength-to-weight ratio of most composites is higher than that of steel and aluminum. The weight reduction of the required structure makes the use of composites vital in the aerospace & defense industry. The use of composite films in aircraft has grown as they are lightweight and have high tensile strength. Composite films can withstand lightning strikes. Commercial aircraft such as Boeing 787 and Airbus 350 are relying heavily on carbon fiber composites for their airframe structures, with 50% of the aircraft’s materials being composites, which in turn increases the demand for composite films.

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.

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.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=232995579

The Key Development Strategies are Adopted by Leading Players for Boosting the Growth of the 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.

Over the past few years, companies have strengthened their position in the global composite film market by adopting strategies such as expansions, contracts, agreements, new product launches, and acquisitions. From 2015 to 2020, expansions and contracts have been the key strategies adopted by market players to maintain growth in the global composite film market. For instance, in July 2018, Solvay signed a contract with Airbus to supply advanced materials such as prepregs, resin systems, adhesives, and surfacing films, carbon fiber, textiles, tooling, etc. till 2025.

To know about the assumptions considered for the study download the pdf brochure

 Major manufacturers profiled in this report 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), Axiom Materials Inc.(US), among others. These companies adopted various organic and inorganic growth strategies. For instance, in March 2018, Toray acquired TenCate Advanced Composites to accelerate the growth of advanced composites for both companies. This acquisition increased the demand for composite films and thus helped Toray sustain in the composite film market.

3M (US), Henkel AG Co. KGaA(Germany), Hexcel Corporation(US), Gurit (Switzerland), Solvay(Belgium) are major players in the composite film market. These companies are the largest growth contributors of the global composite film industry. These companies specialize in manufacturing composite films that have sustainable properties. For instance, Hexcel Corporation (US) specializes in manufacturing composite films, namely HexBond, for the composite film industry, globally.

Similarly, Solvay (Belgium) specializes in the manufacture of composite films for the composite film industry, globally. These companies are the key players present in the global composite film market and have a vast global presence.

Read More: https://www.marketsandmarkets.com/PressReleases/composite-film.asp