Composite films are used in a variety of end-use industries, including aerospace & defense, and automotive, among others. Led by strong end-user demand, the composite film industry is growing at a rapid pace. The global composite film market size is expected to grow from ~USD 245 million in 2020 to ~USD 328 million by 2025, at a Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period.
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North America accounts for the largest market share in the composite film industry owing to the growing economies of the US, and Canada, the presence of prominent players, and expanding aerospace & defense, and automotive industries. In North America, the US is projected to grow at the fastest rate during the forecast period. It is the largest market for composite films in North America. The economic growth of the nation is the main factor for the high consumption of composite films. The automotive and other industries are rapidly expanding, thereby driving the demand for composite films in the region. Key players in the market include 3M(US), Henkel AG Co. KGaA(Germany), Hexcel Corporation(US), Gurit (Switzerland), Solvay(Belgium), Toray Industries, Inc. (Japan), Socomore(France), Park Aerospace Corp.(US), and Axiom Materials Inc.(US), among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composite film market. Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=232995579
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