Composite Materials as Competitive Threat to Metal Fabrication Industry
To determine composite materials as a competitive threat to the traditional metal fabrication industry in the US. To determine composite materials' promising/unpromising markets and growth drivers as well as the response of metal fabricator players.
Composite Materials as Competitor
- IBISWorld reported that the fabricated structural metal manufacturing industry in the US grew at a CAGR of 2.1% from 2013 to 2018.
- In comparison, the composites materials market is expected to grow at a CAGR of 8.13% from 2017 to 2022 globally with US as one of the primary markets.
- Metal replacements in North America led by the US are also predicted to grow at a CAGR of 7% from 2019 to 2024.
- On the other hand, the metal fabrication market in North America is expected to grow at CAGR of only 4.8% from 2017 to 2025.
- The metal fabrication equipment industry in North America and Europe experienced stagnation from 2009 to 2015 due to the recession.
- Fiberglass composites are increasingly used in transportation, construction and infrastructure among other markets.
- Fiberglass composites also had the highest global shipment volume in 2018 compared to carbon and aramid composites.
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