Global Composite Process Material Kits Market Anticipated to Garner $196.5 Million, Growing with 6.3% CAGR in the 2022-2031 Timeframe [280-Pages] | Initiative by Research Dive
The global composite process material kits market is predicted to witness noteworthy growth in the forecast period, 2022-2031. The increasing demand for composite process material kits is boosting the growth of the market. The pre-cut shape sub-segment, infusion process sub-segment, and aerospace and defense sub-segment are estimated to dominate the market. The North America market is predicted to be in the leading position in the forecast period.
New York, USA, Feb. 27, 2023 (GLOBE NEWSWIRE) — Research Dive has published a new report on the global composite process material kits market. According to the report, the global market is projected to surpass $196.5 million and grow with a CAGR of 6.3% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the composite process material kits market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Composite Process Material Kits Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global composite process material kits market. During the pandemic, disruptions in supply chain, closure of manufacturing plants, reduction in construction activities, and slowdown of the automotive sector ultimately lowered the demand for composite process material kits. In addition, the import-export restrictions were laid down on major composite process material kits producing countries such as the U.S. and China. All these factors hindered the market growth amidst the pandemic.
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Factors Impacting the Composite Process Material Kits Market Growth
The key factor boosting the growth of the global composite process material kits market is a significant rise in the need for composite process material kits in the automotive sector. Furthermore, the growing continuous efforts form the automotive industry for lightweight materials is estimated to unlock lucrative opportunities for the market growth in the forecast period. However, a lack of standardization in manufacturing technologies over composite process material kits is anticipated to deter the market’s growth.
The report segments the global composite process material kits market into kit type, process type, end-use industry, and region.
Pre-Cut Shapes Sub-Segment to Grab a Foremost Share of the Market
The pre-cut shapes sub-segment of the kit type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because it reduces the need for mechanical lifting equipment and eventually lowers costs.
Infusion Process Sub-Segment to Witness Massive Growth
The infusion process sub-segment of the process type segment is predicted to grow enormously in the forecast period. This growth is mainly because infusion molding is a cutting-edge technique for producing composite materials.
Aerospace and Defense Sub-Segment to Dominate the Market
The aerospace and defense sub-segment of the end-use industry segment is projected to grow enormously in the forecast period. This growth is mainly because companies that specialize in aerospace and defense (A&D) produce weapons systems, ships, spacecraft, and defense hardware.
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North America Region to Perceive Maximum Growth
The report analyzes the global Composite Process Material Kits market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to the presence of various small to large-sized OEMs, process material suppliers, molders, and raw material suppliers in this region.
Key Players of the Market
The report states some of the foremost players operating in the global composite process material kits market including
- Airtech Advanced Materials Group
- Aerovac Composites One
- Shanghai Leadgo-Tech Co. Ltd.
- Diatex SAS
- InCom Group
- Pro-Vac Vacuum Consumables
- Metyx Composites
- Velocity Composites plc
- Solvay S.A.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in May 2022, Solvay, a leading supplier of composite materials to aerospace and automobile industries, added a novel product, SolvaLite® to its extensive product line with prepregs for automotive body panels and also invests in Xencor™ LFT production facilities.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Composite Process Material Kits Market:
- Exploring the Scope of Composite Process Material Kits in Aviation Industry
- Global Composite Process Material Kits Market to Undergo Significant Growth by 2031 with the Rising Demand for Composite Process Material Kits in Various Industries
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