Global advanced polymer composites market has gained considerable traction, owing to increasing product demand from the aerospace industry for manufacturing wings, rudders, engine nacelles, elaborators, etc. The aerospace and the defense industries have always been at the forefront of technology development for carbon fiber or CFRP based parts. Use of advanced polymer composites for achieving enhanced properties such as excellent fatigue, stiffness, abrasion resistance and strength is expected to promote the industry trends over the coming years. Besides, rising product demand in wind energy farms, auto parts, and boat parts will also elevate advanced polymer composites industry share. According to Global Market Insights, Inc., “Advanced Polymer Composites Market size is estimated to register a CAGR of 7% over the period of 2016-2024.”
Taking into account the application landscape, advanced polymer composites market is mainly divided into aviation parts, conductors, boat building, autoparts, wind blades, and tank & pipes. The autoparts application will record an annual growth rate of more than 7% over the coming seven years, primarily driven by its growing demand across the automotive sector.
U.S. Advanced Polymer Composites Market Size, By Application, 2013 - 2024 (USD Million)
The aviation parts dominated the application landscape by accounting for more than 40% of the overall market share in 2015 and is predicted to generate a notable revenue, owing to the lucratively expanding aerospace industry.
Resin and fiber are the two prominent products of advanced polymer composites industry. Fiber based advanced polymer composites dominated the product landscape in 2015 and is predicted to exhibit considerable growth prospects. Glass-based fiber is prominently used for boat hulls & seats, home furnishing fabrics, exhaust nozzles, tires & reinforced plastics, heat sheath of aeronautical equipment and apparels & garments, owing to its favoring properties such as hardness, chemical resistance, stability, stiffness, flexibility, and transparency.
Resin advanced polymer composites market was worth USD 3 billion 2015 and will grow significantly over the period of 2016 to 2024. Epoxy will be the most prominently used resin because of its high-water resistance capability and superior adhesiveness, which are primarily used in boat building and aircraft parts production.
Asia Pacific advanced polymer composites market is foreseen to register highest growth rate, owing to its increasing demand across the aerospace industry. APAC contributed for over 35% of the worldwide demand for the aircraft. Additionally, enhanced per capita income will also favor industry growth. India and China will be the major revenue contributors in APAC advanced polymer composites industry.
North America advanced polymer composites market collected a revenue of around 3 billion in 2015 and is predicted to grow noticeably over the timeframe. The presence of a large aerospace and automotive industry base will augment the market growth. In addition, growing investments in wind energy generation projects is anticipated to boost the demand for advanced polymer composites, which will favorably influence the overall market share. U.S. will be the prominent region contributing significantly toward the regional development.
The notable industry players in advanced polymer composites market are Arkema S.A., BASF SE, 3B-Fibreglass sprl, SGL Carbon SE, Cristex Ltd, Mitsubishi Rayon Co. Ltd., Kemrock Industries, TPI Composites Inc., Hexcel Corporation, Koninklijke Ten Cate N.V., Cytec Industries Inc.