Global Advanced Polymer Composites Market: Snapshot
Advanced polymer composites could be mainly used in applications that require high material strength capacities. Superior structural rigidity, high durability, good material strength, and better functional characteristics differentiate advanced polymer composites from regular composites. The rising demand for advanced polymer composites is expected to be mainly led by the growth of the global aerospace sector and increasing wind turbine installations across the world. The increasing need for large commercial aircrafts is also expected to boost the market growth of advanced polymer composites in the coming years.
The global advanced polymer composites market is estimated to reach a US$12.12 bn by 2020.
Varied Properties of Advanced Polymer Composites to Escalate Application in Aerospace
Glass fibers are prognosticated to account as a major product segment of the world advanced polymer composites market. These fibers are excessively used in a wide range of applications such as wind turbine, aerospace, and automotive. They could also account for a larger share in the global production of advanced polymer composites. This demand for glass fibers is predicted to rise considerably because of the elevating need for non-conventional energy resources such as wind. S-glass and E-glass fibers are primarily used in the production of wind blades of wind turbines. A switch to non-conventional energy resources such as wind energy and ensuing rise in the number of the installations of wind turbines are projected to be crucial drivers for glass fiber-based advanced polymer composites in the foreseeable future.
The aerospace sector had accounted for an impressive share of the market revenue for advanced polymer composites in the past that helped it to shape as a larger end-use sector. Various aircraft parts such as elaborators, engine nacelles, floor beams, ailerons, main landing gears, and rudders are usually made using advanced polymer composites. Properties such as high stiffness, specific strength, and excellent abrasion and fatigue resistance are envisaged to boost the application of advanced polymer composites in the aerospace sector.
Due to surging environmental concerns, various aircraft manufacturers are manufacturing fuel-efficient aircrafts with the application of advanced polymer composites. These composites are highly functional, showcase favorable material properties, and are lightweight. Thus, the use of such composites could be preferred in the production of aircrafts and their different parts.
Expected Aerospace and Automotive Growth to Propel Development in Asia Pacific
North America and Europe are prophesied to be important market contributors for advanced polymer composites in the near future. North America had accounted for a considerable market share in the recent past. This growth is envisaged to be mainly down to the fact that the customer base for automotive was substantial, which could significantly contribute to market development. North America also has considerable wind power generation setups, which could help in boosting the growth of the market. In addition to this, there is an increasing prevalence of customers opting for luxury boats such as yachts, which may lend a helping hand to the growth of the global advanced polymer composites market.
However, leading players of the advanced polymer composites market are foreseen to concentrate on expanding their business in Asia Pacific because of the rising demand for advanced polymer composites in the region. Besides this, the expected growth of the aerospace and automotive sector is anticipated to boost the world advanced polymer composites market.
Key players of the worldwide advanced polymer composites market could include Arkema SA, BASF SE, Cytec Industries, Hexcel Corporation, and Koninklijke Ten Cate NV. Some of these players could be involved in strategic business activities such as mergers and acquisitions in order to enhance their global presence.
- 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