Market Research Future (MRFR) has published on the “Global Composite Repair Market”.
The composite repair market is estimated to register a CAGR of 12.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global composite repair market— Heatcon Composite Systems (U.S.), Sherwin-Williams (U.S.), WichiTech Industries Inc. (U.S.), KGaA (Germany), Henkel AG & Co., Hexcel (U.S.), The 3M Company (U.S.), Gurit (Switzerland)
The global composite repair market is accounted to register a CAGR of 12.50% during the forecast period and is estimated to reach USD 52.24 Billion by 2032.
The need for composite repair products from numerous industries, such as aerospace, automotive, and wind energy, has been rising steadily. Due to their low cost and capacity to increase the lifespan of components and structures, composite repair methods were becoming more and more popular. Please keep in mind that since then, market conditions can have altered, thus it's advised to consult current sources for the most recent information.
The global composite repair market has been segmented based type, process and end user.
On the basis of type, the market is segmented into structural, semi-structural, and cosmetic. The Structural segment dominated the market, accounting for 46% of market revenue. In industries like aerospace, where composite materials are vital to aircraft design, structural repairs are necessary to ensure airworthiness and compliance with strict safety regulations.
Based on process, the global composite repair market has been segmented into hand lay-up, vacuum infusion, autoclave, others. The vacuum infusion category generated the most income (44.23%). Because of improved resin impregnation control, increased layer consolidation, and a lower chance of defects such voids or resin-rich areas, vacuum indfusion dominates the market.
Based on end user, the global composite repair market has been segmented into aerospace & defense, wind energy, automotive & transportation, marine, construction, pipes & tanks, others. The aerospace & defense segment dominated the market, accounting for 36.14% of market revenue. As composites are utilized more commonly in aerospace applications, there is a major growth in the demand for composite repair services. Continual safety and airworthiness of aircraft and defense equipment are ensured via composite repair, which is essential in this industry.
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The global composite repair market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Composite Repair market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Composite Repair market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Composite Repair market comprises of Middle East, Africa, and Latin America.
The North America composite repair market dominated this market in 2022 (45.80%). A sizable market share is anticipated due to the presence of significant aerospace, automotive, and construction sectors in this region.
Moreover, the second-largest market share belongs to the Europe composite repair market. The demand for composite repair services in these countries is influenced by how well-known the aerospace industry is there.
Additionally, the Asia-Pacific composite repair market is expected to grow at the fastest CAGR from 2023 to 2032. The composite repair market is predicted to have considerable growth due to the region's countries' growing industrialisation and infrastructural development.
Furthermore, due to increasing demand in the aerospace, automotive, and wind energy sectors, the Latin American composite repair industry was growing at a promising rate. The market was growing as a result of the region's emphasis on finding cost-effective solutions and increasing the lifespan of buildings and individual parts. Consult up-to-date sources and industry studies for the most recent insights.
Key Findings of the Study