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Advanced polymer composite market for application in autoparts will grow at 7.5% by 2025

Author : Rahul Varpe | Published Date : 2019-04-11 

In the last few years, advanced polymer composites market has witnessed a remarkable growth graph with the increasing requirement for composite materials across the aerospace, automotive, and construction sectors. With the favorable advancements in the material science technology, researchers have successfully come up with a new range of products that have become alternatives for already existing metallic materials. These composite materials have nearly similar properties to that of metallic materials, but have far less weight density as compared to metal composites.

Speaking along the same line, Mitsui Chemicals will start its commercial operation by October 2019 with the production capacity of 3500 tons per year that will turn out to be rather beneficial for leading automakers. Owing to the excellent impact resistance, lightweight, better appearance, and hardness, LGFPP is preferred for automotive applications.

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In the last few years, with the increasing popularity of electric vehicles along with the deployment of strict environmental norms, the demand for LGFPP has increased remarkably. Reportedly, in line with the surging demand for automobiles across India and China, APAC advanced polymer composites market will register a CAGR of more than 8% over 2018-2025.

In addition to capacity expansions, several other contributors in the advanced polymer composites industry have been looking forward to enhancing their product portfolio with the strategic mergers and acquisitions. For instance, in June 2018, global provider of specialized polymer material, PolyOne has acquired leading manufacturer of high-performance and advanced composites, PlastiComp. 

This deal will become fruitful for PolyOne to improve its existing portfolio, aided by PlastiComp’s expertise in the long fiber technology. In the future, PolyOne is planning to launch unique and long fiber technology composite formulations to expand its customer base. The strategies adopted by the players in the advanced polymer composites market to focus on the diverse application scope is poised to boost the industry growth over the years ahead.

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As of now, numerous companies have been replacing metals with polymer composites for reducing the overall weight of the product assembly. In line with the increasing demand for polymer composites, polymer manufacturers have been focusing on new product developments, capacity expansions, and mergers & acquisitions. Validating the aforementioned fact, in the middle of 2018, Mitsui Chemicals Inc. decided to establish its long glass fiber reinforced polypropylene (LGFPP) production facility in the U.S. pertaining to the growing demand for fiber-reinforced resins across North America. This would considerably augment the commercialization potential of North America advanced polymer composites industry, which as per estimates, held 35% of the overall market share in 2017.

In this regard, the aircraft and automotive manufacturers have been giving preference for these materials for achieving higher fuel efficiency. Taking into account the demand for advanced polymer composites, key industry players have been looking forward to extending their product portfolio and regional reach. Tried-and-tested as well as out0of-the-box tactics adopted by companies to consolidate their position in the market is slated to expedite the advanced polymer composites industry size.

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The collaborative approach undertaken between the OEMs and product suppliers in line with the on-going product innovation and design changes is likely to impel advanced polymer composites industry trends. The shifting trends toward the development of lightweight components for improving the fuel efficiency and curbing emission also will have a positive impact on the product demand. Reportedly, advanced polymer composites market will surpass a revenue collection of USD 17 billion by the end of 2025.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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