Composite Repair Market Growing at 12.50% CAGR to Hit USD 52.24 Billion by 2032 | MRFR
Research Reports
Sep 12, 2023
According to a Comprehensive Research Study by Market Research Future (MRFR), Composite Repair Market Information by Type, Process, End-User, and Region – Forecast till 2032”, The Composite Repair market will be rising from USD 20.36 Billion in 2023 to USD 52.24 Billion by 2032, at a 12.50% rate between 2023 and 2032.
Composite materials, which are better or more durable for a particular application, are made by strengthening or combining two separate material kinds.
These materials are used in many other areas, such as the manufacturing, aerospace, and car industries. These materials are widely used in many important industries; hence it is inevitable that such composites would sustain damage that is not evident to the naked eye. In order to fix such composite materials, composite repair is essential.
Repairing composites is done to correct flaws in composites that are used in a variety of equipment, including large-diameter pipelines for fluid transportation, high-pressure piping systems, bends, flanges, valves, gaskets, fittings, pressurized vessels and tanks, saddles, main body connections, supports, etc.
Market Competitive Landscape:
- 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)
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Market Drivers:
As more financing is allocated for the restoration of ageing structures, the size of the composite repair market will grow. The United States would need to spend USD 3.3 trillion on infrastructure repairs by 2020, according to the American Society of Civil Engineers’ 2018 Report Card. One out of every nine of the 607,380 bridges has structural faults, and their average age is 42 years old, according to the survey. According to the Federal Highway Administration, the country will need to make an additional USD 20.5 billion in annual investments by 2028 in addition to its current USD 12.8 billion.
The Grow America Act will increase investment on deteriorating bridges. According to the U.S. Department of Transportation, there is a backlog of USD 808.2 billion in roadway and bridge investment needs, including USD 479.1 billion for critical repairs. In addition, 11% of the bridges are considered to be structurally unsound. In the 2016 fiscal year, it is suggested that the transport and infrastructure systems get USD 478 billion over six years. This includes maintenance and repair work on bridges. As part of the U.S. President’s Fix-it-First plan, 25% of the USD 29.4 billion funds will be utilized to upgrade interstate bridges that have structural issues.
A few methods, such as copper foils and meshes in the outer piling, insulation caps on collars, nuts, and fasteners, conductive paints, nickel-coated carbon fibers, and aluminum foil strips for shielding, among others, can already shield aeroplanes from lightning damage. Another recent innovation is the woven SMA/carbon fiber preform produced by the MAST Consortium (a U.K. MoD program). This program provides lightning protection and increases lightning resistance. A coating constructed of carbon nanotubes (CNT) is one of the most recent innovations in lightning protection.
Although these technologies are still in the research stage, it’s feasible that once they are commercialized, they will eventually replace composite repair approaches, rendering them ineffective.
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Market Restraints:
When it comes to the building materials, repair supplies, and repair procedures utilized in composite structures, the market is not uniform. Between the repair procedures for Boeing and Airbus aeroplanes, for instance, there are notable variances.
Market Segmentation
Type-based segments in the Composite Repair Market include structural, semi-structural, and cosmetic segments. This segment dominated the market, accounting for 46% of total sales.
The Composite Repair Market, with respect to process, can be split into manual lay-up, vacuum infusion, autoclave, and more.
The end-user sectors of the composite repair market include pipes & tanks, automotive & transportation, wind energy, aerospace & defense, automotive & marine, and others.
Regional Insights
The North American market has held the top position since 2022 (45.80%). This is a result of the growth of industries that significantly rely on composite repairs in countries like the United States and Canada, including aerospace, automotive, shipbuilding, etc.
In the near future, it is projected that Asia-Pacific will have a sizable market share for composites. Because of rising investments in the aerospace sector, demand is increasing. In addition, China and India, two of the most populous nations in the Asia-Pacific, are making significant investments in wind energy.
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