The Market

The Composite material industry is valued at $21.2 billion in 2014 and is expected to grow to $98 billion by 2020, a CAGR of 40%. Composites are used in a variety of markets such as automotive, aerospace, construction, marine, electrical, consumer goods and more. As a competitor to traditional materials such as iron, steel, aluminum, plastic, wood, composites over the years gained favor among OEMs and fabricators for its superior performance. The value of products made of composite materials was $50.2 billion in 2010 and is expected to reach $84 billion in 2017. The carbon fabric (CF) market segment was valued at $1.23B in 2010 and is expected to reach $2.7B by 2017. This relates to the fact that carbon fabric has become a critical component in high-end strength-to-weight industries such as aerospace, transportation and professional sports equipment – among the most competitive and demanding markets in the world.