The demand within the global composite materials market has been rising on account of advancements in the field of electronic manufacturing. The past decade has witnessed the development of seamless composite materials that can be used by the several industries and sectors. The unique chemical and physical properties of composite materials are behind the growing popularity of composite materials. It is expected that the global market for composite materials would expand at a stellar rate in the forthcoming years. Moreover, resistance to corrosion offered by these materials has also popularised them across the industrial sector. It can be safely asserted that the global composite materials market would accumulate voluminous revenues in the years to come.
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Use in the Automotive Sector
The automotive sector has been attracting huge-scale investments in recent times. Hence, the use of composite materials in this sector is prognosticated to reek of growth within the global composite materials market. Furthermore, the aerospace industry is also a lucrative haven for investment, and composite materials find their usage in this industry as well. Other than these, the medical and consumer electronics sectors have also emerged as key consumers of composite materials in recent times.
Increased Demand in Asia Pacific
The commencement of several urbanisation projects in India and China has given an impetus to the growth of the market for composite materials in Asia Pacific. The constructions industry is a key consumer of composite materials, and the matured constructions sector of India has propelled demand in Asia Pacific. Other regional segments within the global composite materials market are North America and Latin America.
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