Composite Process Material Kits Market Expected to Reach $196.5 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Composite Process Material Kits Market," The composite process material kits market was valued at $109.40 million in 2021, and is estimated to reach $196.5 million by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

The two methods employed in the lay-up process are open mold and closed mold. The production of boats, RV components, tubs, showers, truck cabs, and fenders all use effective, affordable open mold technology. The first fibre-reinforced plastic (FRP) molding method utilized to produce FRP GRP composite goods is the hand lay-up method. Equipment and technical know-how are not necessary. It is a labor-intensive, low-volume process that is best suited for big pieces like FRP vessels. Typically, only half of the mold is utilized throughout the composite layup process. Lay-up is gaining popularity in the market for composite process material kits despite its low volume and labor-intensive character.    

However, the capacity to break composite materials is the core problem. It may appear counterintuitive, but this indicates that determining if an aircraft's interior structure has been affected is complicated. Aluminum bends and dents more quickly than other materials, making maintenance needs more obvious. Even while it may be argued that using a more durable material will ultimately cost less money, composite materials are also more difficult and expensive to repair than metals. This is expected hamper the demand for composite process material kits market in the next few years. . 

Thermoplastic composites are used in the manufacture of several automobile parts, rail coaches, and substantial vehicles. These materials' light weight contributes to a reduction in vehicle weight, which enhances fuel efficiency and reduces CO2 emissions. Additionally, it helps automakers to meet additional fuel requirements set by environmental groups and CAFÉ emission regulations (54.5 mpg by 2025). The rise in the use of these materials in racing and high-performance vehicle components, such as instrumental panels, front-end modules, door modules, roof components, appearance grade components, and under-hood components, is one of the factors driving the thermoplastic composites market in the transportation industry. These factors are anticipated to boost the composite process material kits market size in the upcoming years. 

The global composite process material kits market share is segmented based on kit type, process type, end-use industry, and region. By kit type, it is classified into pre-cut shapes, combination kits, welded products, and others. By process-type, it is classified into prepreg layup, infusion process, and others. By end-use industry, it is classified into aerospace & defense, wind energy, marine, transportation, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players profiled in the composite process material kits market report include Airtech Advanced Materials Group, Aerovac Composites One, Shanghai Leadgo-Tech Co., Ltd., Diatex SAS, InCom Group, Metyx Composites, GEFiM, Pro-Vac Vacuum Consumables, Velocity Composites plc, and Solvay S.A. 

The composite process material kits market growth report offers a comprehensive analysis of the global composite process material kits market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. The composite process material kits market forecast report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market. 

Impact of Covid-19 on the Global Composite Process Material Kits Industry 

• Various sectors such as transportation, aerospace, defense, and automotive were negatively impacted by the COVID-19 pandemic that has affected the production and demand for composite process material kits market due to disrupted supply chain. 

• COVID-19 impacted almost all industries and the composite process material kits producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, shortage of labor; the fear of contracting the novel coronavirus led to sluggish demand in the market.  

• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.  

Key Findings of the Study 

• Based on kit type, the pre-cut shapes sub-segment emerged as the global leader in 2021 and it is anticipated to be the fastest growing sub-segment during the forecast period. 

• Based on process type, the infusion process sub-segment emerged as the global leader in 2021 and prepreg layup sub-segment is predicted to show the fastest growth in the upcoming years. 

• Based on end-use industry, the aerospace and defense sub-segment emerged as the global leader in 2021 and transportation sub-segment is predicted to show the fastest growth in the upcoming years. 

• Based on region, the North America market registered the highest market share in 2021 and Asia-Pacific region is projected to maintain the position during the forecast period