The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Composite Tube Market.
It was estimated prior to this unanticipated outbreak that the Composite Tube Market was expected to grow at a CAGR of 4.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Composite tubes offer good structural properties and are used as an excellent alternative to steel, aluminum, and wood owing to their durability, resistive properties from corrosion and weather, and strength and stiffness. Composite tubes also offer features such as insulation (of fiberglass), and warm and smoothly finished surface.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the fiber type, the market is segmented as carbon fiber tubes, glass fiber tubes, and others. Glass fiber is expected to remain the largest market, whereas on the other hand, carbon fiber is estimated to witness the highest growth rate in the market during the forecast period owing to its low weight and excellent strength-to-weight ratio.
Based on the end-use industry type, the composite tube market is segmented as industrial, electrical, robotics and automation, sports and leisure, transportation, telecommunication, and others. The industrial segment is expected to remain the largest end-use industry by value, as the demand for lightweight composite materials is increasing for various industrial equipment such as tool handles, rollers, instrument connection, and others. Robotics and automation industry is estimated to drive the market, experiencing the highest growth, owing to the increased penetration of composites that offer features such as weight reduction, increase in part stiffness and improvised automation process.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing composite tube market during the forecast period, owing to rapid industrialization and urbanization in the region. The growth of the market is driven by the growth of various end-use industries, such as electrical, robotics and automation, sports and leisure, transportation, telecommunication, and others, which is generating huge demand for composite tubes. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the major composite tube manufacturers are Accurate Plastics, Inc., Composite Resources Inc, Containment Solutions Inc., Exel Composites Plc, Fiber Tech Composite Private Limited, Fibergrate Composite Structures, Inc., Foshan Zhihui Junzhang Advanced Composite Technology, Glasforms, Inc., Rock West Composites, Inc., and Strongwell Corporation.