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.

Promising Markets

• Demand for composite materials are increasing in the wind energy and marine markets.
• Demand is also high in the transportation, construction and infrastructure industries.
• In the US, metal replacements including composites and thermoplastics are gaining traction in the construction sector.

Growth Drivers

• Composite materials are gaining popularity thanks to their lighter weight and higher strength.
• They also offer heat and electrical conductivity as well as corrosion resistance as component materials.
• Manufacturers of composites are also securing supply agreements with different end-use industries to establish their market presence.