Global composites industry to reach US$39.1 billion by 2022

The global composite materials market is expected to reach an estimated US$39.1 billion by 2022 and it is forecast to grow at a CAGR of 5.1% from 2017 to 2022, says a new report from Research and Markets.

The global composites end product market is expected to reach an estimated US$113.2 billion by 2022. The major drivers for growth in this market are increasing demand for lightweight materials in the aerospace and defense and automotive industry, corrosion and chemical resistance materials demand in construction and pipe and tank industry and electrical resistivity and low flame retardant materials demand in E&E industry.

This story is reprinted from material from Research and Marketswith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.