Composite Film Market:
Growth opportunities in the Composite Film Market look promising over the next six years. This is mainly due to the increasing demand for fuel-efficient and lightweight materials and their potential to withstand lightning strikes.
Composite Film Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The key drivers responsible for the growth of the global composite film market include the stimulating demand for cost-effective, lightweight materials along with their augmenting application across the aerospace and defense industry. Also, the strength-to-weight proportion is higher in the composite film than steel or aluminum, which has raised their demand in enormous end-use industries. Moreover, weight reduction has proved to be an important aspect for the production sector, such as aviation and automobiles. In addition, numerous companies have endorsed these films to reduce complete weight and fuel the efficiency of the final product. These films can resist lightning strikes, which further promotes their adoption in commercial aircraft, including Boeing 787 and Airbus 350. Approximately 50 percent of this aircraft boy is composed of these films. Hence, all these factors supplement the market growth. However, excessive risks concerned with the production process and the development of economical technologies will hinder composite film market share.
Function Segment Drivers
Based on the Function, Lightning Strike Protection is projected to witness a higher CAGR during the forecast period. The aerospace & defense industry is their largest consumer. As per Lightning Technologies Inc., every airplane in the US commercial fleet gets smacked by lightning more than once a year, which fuels the requirement of these films on composite panels. Moreover, Airbus and Boeing’s prediction for the coming decades has clearly stated that passenger traffic would increase, resulting in the production of new aircraft, which would require a huge amount of composite film.
Regional Drivers
Based on the regional coverage, North America is predicted to lead the market during the forecast period. This is primarily attributed to their mounting demand in the aerospace & defense sector. Also, the ongoing product expansion and modernization in the technological field have propelled the market growth. According to the 24/7 Wall St., LLC, in the US, parts of Florida witnessed an average of 100 thunderstorm days in a year, making the region most likely for lightning strikes. Additionally, approximately 10 thunderstorms struck along the US West Coast per year, which is driving the market growth.
Composite Film Market’s leading Manufacturers:
- Northern Composites
- PARK AEROSPACE CORP.
- TORAY INDUSTRIES, INC.
- Gurit
- Henkel AG & Co. KGaA
- Axiom Materials, Inc
- SOCOMOR
- Solvay
- Hexcel Corporation
- 3M
Composite Film Market Segmentation:
Segmentation by Resin Film Type
- Epoxy
- Other
Segmentation by Curing Type
- Autoclave
- Out-of-autoclave
Segmentation by Function
- Lightning Strike Protection
- Surface Protection
- Other
Segmentation by End-User Industry
- Aerospace & defense
- Automotive
- Other
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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