The composites industry is on a steady road to recovery, said Chuck Kazmierski, program manager at Lucintel, during ACMA’s premier event, COMPOSITES 2013 in Orlando, Fla. At the close of 2012, the industry reached $7.3 billion, up 9.5 percent from 2011. Increasing demand from the wind energy, aerospace, transportation and construction markets were the main driving forces stimulating the growth of the U.S. market for composites.
During the recession, the composites market as a whole was down 25-30 percent; however, the aerospace and wind energy composites markets continued to increase. Both markets demonstrated a compound annual growth rate (CAGR) of more than 10 percent. The escalating demand for military and commercial aircraft, and government support for renewable energy, helped these sectors, Lucintel reports.
Kazmierski also said that a recent Lucintel report indicates the U.S. composites market will be completely recovered from the economic recession by 2014, with strong improvements in the transportation and construction markets. The double-digit boost in the wind energy and aerospace markets should show continued success. The composites industry growth in 2012 outpaced U.S. GDP, which increased an estimated 2.1 percent in 2012 from 2011.
Lucintel points out that although the U.S. has the highest composites consumption per capita in the world, there are still many application areas, including transportation and construction, where composites penetration is less than 2 percent and there are significant opportunities for more progress.
Learn more about the state of the industry from Chuck Kazmierski and Dr. Sanjay Mazumdar inComposites Manufacturing magazine. If you aren’t getting CM, subscribe today! If you already receive CM, renew your subscription.