Global Advanced Polymer Composites Market: Snapshot
The global advanced polymer composites market is projected to grow at a rapid pace in the coming years due to widening applications of these materials. Booming industrialization and flourishing alternative energy sector are expected to give the advanced polymer composites a definite boost. The aerospace industry is projected to be the key consumer in the coming years as advanced polymer composites are used for making aircraft parts such as engine nacelles, elaborators, wings, ailerons, floor beams, landing gear doors, rudders, and other components as these ensure remarkable operational efficiency.
According to Transparency Market Research, the global advanced polymer composites market is expected to be worth US$12.1 bn by the end of year 2020 from US$7.4 bn in 2013. Analysts anticipate that between 2014 and 2020, the global advanced polymer composites market is expected to exhibit a CAGR of 7.20%.
Aerospace Industry Makes a Heavy Impact on the Global Advanced Polymer Composites Market
The end-user industries in the global advanced polymer composites market are marine, electrical and electronics, aerospace and aviation, consumer goods, automotive, and energy amongst others. Out of these, the aerospace industry is expected to lead the global market in the coming years. As of 2013, the industry held a 40% share in the global market and the trend is expected to continue as industry continues to invest in research and development, overhauling of existing machines, and building new ones as air travel becomes an indispensable part of modern living. The soaring demand for aircraft carriers from a defense and logistics side will also boost the uptake of advanced polymer composites in the aerospace industry.
Accelerating Adoption of Advanced Polymer Composites across North America and Europe to Remain a Key Trend
On the basis of geography, the global advanced polymer composites market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Analysts anticipate that North America and Europe will hold a significant share in the global market for advanced polymer composites market in the coming years. An ever-growing consumer base due to a well-established automotive sector is expected to fuel the progress of these regional markets.
The report predicts that increasing efforts to curb the usage of fossil fuels across developed regions has augmented the installations of wind power generation plants. This move is expected to give the North America and Europe advanced polymer composites market a shot in the arm. Composite materials are extensively used for making windmill or turbine blades as they offer excellent durability and strength. In addition to this factor, the advanced polymer composites market in these regions will also be fueled by growing sales of luxury boats, such as yachts. Given the list of factors that are driven by changing consumer preferences dictated by rising disposable income to government initiatives, the advanced polymer composites market in North America and Europe has a wide spectrum of reasons for growth in the coming years.
Vendors operating in the global advanced polymer composites market are expected to rise the wave of the excellent opportunities being provided by the booming automotive sector. The leading players making their mark in the global market for advanced polymer composites are Owens Corning, SGL Carbon, Cristex, Solvay, Toray Industries, Mitsubishi Rayon, Hexcel, Cytec Industries, Arkema, and BASF.
- Epoxy resin
- Phenolic resin
- Polyester resin
- Others (including polyacrylic resin)
- Others (including boron and Kevlar)
- Auto parts
- Tanks & pipes
- Aviation parts
- Boat building
- Wind blades
- Others (including sports goods)
- Electrical & electronics
- Aerospace & aviation
- Consumer goods
- Others (including building & construction and industrial)
- North America
- Asia Pacific
- Rest of the World