JEC Group analyses global composites market in new book
JEC Group has published a new book entitled Overview of the global composites market – at the crossroads, which provides an in-depth analysis of the composites market and the materials’ potential, and also highlights the challenges that lie ahead in this sector.
Since 2014, the composites market has been on a constant upward swing. Between 2015 and 2016, the sector’s value grew from US$ 78 billion to US$ 82 billion. JEC Group forecasts growth of 5% a year to reach a value of US$ 103 billion by 2021. Asia is the continent with the most potential for composites and represents almost half of the market in terms of volume and over 40% in value, the company reports.
As well as analysing the composites market in general, JEC Group’s study also looks at how composites have conquered different sectors such as aeronautics, the automotive industry, construction and the marine sector. It will enable purchasers to gain a better understanding of the benefits and advantages of using composite materials in their respective markets, the Group explains.
The composites industry has grown rapidly thanks mainly to innovation, which has created new applications for users and improved on existing applications. In the future, the industry’s growth will depend on other capabilities.
“For a long time, composites enabled us to make remarkable products with exceptional capacities. Often, they would be made in unique or small series production,” explained Frédérique Mutel, JEC Group President & CEO.
“Today the challenges we face are different. End-use sectors, particularly the aeronautics and automobile industries, require large-scale production. The composites industry must meet the specifications of large series production. This is an unprecedented opportunity. Our new book helps readers understand what is at stake.”