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Although the global composites industry has experienced moderate growth over the last five years, Lucintel anticipate growth with the industry reaching approximately $6 billion in the fourth quarter of 2012 with a CAGR of 6% over the next six quarters.
Lucintel, a leading global management consulting and market research firm, has analyzed the global composites industry and presents its findings in “Global Composites Quarterly Market Analysis Q4 2009–Q4 2012: Market Trends, Profit Outlook, and Forecasts.”
According to Lucintel, the global composites industry is extremely fragmented, comprising raw material suppliers, compound makers, moulders, fabricators, and composite materials end users. Lucintel’s study indicates that the Asia Pacific region is driving the global composites industry both in production and consumption volumes. In addition, many types of composite materials are increasing in market penetration across various segments in the region. Wind energy, aerospace, and transportation markets all are projected to thrive in APAC due to Chinese and Indian government initiatives in support of those industries. They say China is expected to drive the composites market and will represent more than half of the market for new wind turbines in the near future.
Lucintel’s research further reveals that composite materials demand in the aerospace sector is expected to yield the strongest growth rate. APAC and North America are projected to drive the future growth of composite materials until 2016; Europe is expected to grow moderately in all applications, with aerospace being a stronger segment. Population growth, new infrastructural projects, urbanization, increase in the middle class population, and the green movement are anticipated to be growth drivers for the industry.
The Global Composites Quarterly analysis by Lucintel provides an overview of the global composites market, tracking eight market segments for four regions – 32 segments of the global composites market. Lucintel say the scope of this study is limited to annual trends for past five years and forecasts for next five years – helping executives plan for their inventory and resources.
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