US$112 billion!

Article source: New chemical materials? According to the latest market analysis report "Composites Market Size, Share and Global Trend By Matrix, by Polymer matrix and Resin and by Application and Regional Forecast, 2020-2027" released on March 9 by Fortune Business Insights?, In 2019, the global composite materials market was worth US$99.
91 billion.
By 2027, the global composite materials market is expected to reach US$112 billion, with a compound annual growth rate of 6.
88% during the forecast period
.
? The rising demand for electric vehicles has led to a surge in the application of composite materials? As consumers actively seek to reduce gasoline expenditures and reduce emissions, the demand for electric vehicles (EV) is soaring
.
According to data from the International Energy Agency (IEA), electric vehicle sales in 2019 were 2.
1 million units
.
The key to improving the energy efficiency of these cars is to reduce their weight.
Composite materials will play an important role in meeting these requirements, and more than a decade of research has been conducted in this field
.
?? In 2010, Imperial College London and its European partners designed a carbon fiber composite material for the manufacture of lightweight and high-strength body panels and structural components for hybrid electric vehicles
.
The Fraunhofer Institute for Structural Durability and System Reliability in Germany launched a project to optimize energy management and use in 2015
.
With funding from the European Union, the project developed a composite material that can be used as a phase change material to effectively manage the temperature and stroke of electric vehicles
.
Therefore, it is expected that the huge potential of composite materials in the electric vehicle manufacturing industry will drive the global market in the next few years
.
? Japan's Toray, Mitsubishi and other advantages are conducive to the growth of the Asia-Pacific market? Due to the strong position and stable operations of some of the largest players in the composite materials industry such as Japan's Toray and Mitsubishi, the Asia-Pacific region will be worth 43.
76 billion in 2019.
The size of the dollar occupies a dominant position in the composite material market
.
These companies have been injecting large amounts of capital into R&D to create new composite material solutions and meet the rapidly growing demand for these materials in different industries in the region
.
? The North American market benefits more from the extensive use of composite materials by the mature aerospace and defense industries in the region
.
In Europe, the market dynamics will be mainly determined by the region's huge automobile industry, the increasing popularity of electric vehicles, and the government's preferential policies to promote the use of lightweight materials in the automobile manufacturing industry
.
In January 2020, Teijin Corporation of Japan announced the establishment of Teijin Europe Automotive Center Co.
, Ltd.
in Germany, which will become a new base for the company's automotive composite business technology operations
.