The demand within the global composites market is increasing in lieu of advancements in chemical research and polymerization reactions. Use of composites spans into a multitude of industries, and this trend has garnered the attention of investors. Wider the scale of applications, greater is the scope for revenue generation within a market. Henceforth, the total volume of investments flowing into the global composites market is expected to increase.
The chemical industry is involved in the research and analysis of several composite materials such as alloys, ceramics, and solid mixtures. Moreover, chemical properties of composites are extensively studied by geoscientists. Advancements in metallurgy and geophysics have, therefore, acted as a launch pad for the growth of the global composites market. It is legit to expect that advancements in polymerization techniques would bring in fresh revenues within the global composites market. Furthermore, the use of improved technologies for blending chemical materials and substances has also garnered the attention of chemical manufacturers.
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Transparency Market Research, in a report, predicts that the global composites market would grow at a starry CAGR of 8.9% over the period between 2017 and 2025. Furthermore, the composites market is expected to touch a value of US$102 bn by 2025, rising up from a value of US$47.3 bn in 2016.
Popularity of Organic Substances to Drive Market Demand
The use of materials extracted from trees has become a common trend across multiple industries. Popularity of organic standards of living, coupled with the need for blending organic materials with other substances, has generated demand within the global market. Furthermore, the cosmetics industry is a primary consumer of composites. The emergence of several skincare products that are produced from composites has become a distinct market trend.
The constructions industry has become a key consumer of composites, and this factor has generated increased market demand. Besides, use of these composites in other key industries such as oil, gas, and minerals has also created fresh opportunities for market growth.
Changing Trends across End-Use Industries
Apart from the cosmetics industry, use of composites such as concrete has also increased. The constructions industry has a humongous budget, and this is a key consideration from the perspective of market growth. Therefore, the global composites market is set to become a haven of lucrative opportunities in the years to follow.
Plywood has become an important material in the field of interior decoration and home furnishings. This factor, coupled with the increasing spending capacity of the masses, has played to the advantage of the global market. The need for testing structural integrity has put on onus on the manufacturers to retain quality of composites. This factor has generated confidence amongst the end-users who prefer to use composites over its alternatives.