New Report Published for KTN Composites Global Expert Mission to USA
Posted on 16/04/2019
Innovate UK’s Global Missions Programme is one of its most important tools to support the UK’s Industrial Strategy’s ambition for the UK to be the international partner of choice for science and innovation. Global collaborations are crucial in meeting the Industrial Strategy’s Grand Challenges and will be further supported by the launch of a new International Research and Innovation Strategy. The Global Expert Missions, led by the Knowledge Transfer Network (KTN), play an important role in building strategic partnerships, providing deep insight into the opportunities for UK innovation and shaping future programmes.
Focusing in on the US market initially, it can be seen that in 2016 the market was worth $24.8 billion and will grow to $32.9 billion by 2022, providing an overall compound annual growth rate of 4.8%. ACMA states that glass fibre is the reinforcement most commonly used, but they do not yet have all the data for the market broken down by material types. Although the wind sector has the largest compound annual growth rate (CAGR) of all the industry sectors, it can be seen that the value of the sector is tiny. The US dominates the global aerospace composites market and will also claim a large share of future growth. The US will also do well in the global marine market, although the size is relatively small. However, the transportation market is also of interest as this is large and the US will also capture a large share of global growth.