CLEVELAND (July 11, 2 p.m. ET) — The U.S. commercial airliner and wind energy sectors are expected to be key growth areas for high-performance composite materials in the coming years, according to a new report.
Research group Freedonia Group Inc. predicts that in the United States, demand for high-performance composites will rise more than 15 percent a year between now and 2016 and break the $10 billion barrier in four years.
The researchers believe the increased production schedule for Boeing's new 787 Dreamliner will drive the bulk of the growth in demand, with what it calls “the burgeoning wind energy market” being another strong growth area.
Much slower growth is expected in defense and safety applications, as well as what Cleveland-based Freedonia calls the “highly mature” sporting goods market.
The automotive sector will see “only moderate gains in demand, as wide-scale, large-volume use of automotive composites will continue to restrained by high cost and slow production speeds”.
Carbon fiber composites will take the lion's share among product types, with 83 percent of the high-performance market by 2016, according to Freedonia.