Composites are used in a variety of markets, such as transportation, construction, marine, wind energy, aerospace, electrical and electronics, and pipe and tank. China has been the top market among the BRIC countries in terms of total composites consumption, whereas India depicted the highest growth rate in 2013 due to rapidly increasing demand from the end user industries.
The major growth drivers of composite materials in BRIC countries are the increasing penetration level and growth of the end use application industries. Composites consumption in the automotive industry has risen substantially, driven by fuel efficiency on account of lighter vehicles for mass produced models as well as performance benefits to high-end automotive models.
The BRIC composites market is expected to grow at a CAGR of 6.9% during 2013-2018. The pipe and tank segment will remain the largest market for composite materials among BRIC countries during the forecast period. The BRIC composites market is expected to be highly competitive in the future, and companies with innovative capabilities can thrive and gain market share.