The demand within the global market for advanced polymer composites has been rising on account of the stellar need for improved polymer composites across multiple industries, finds Transparency Market Research (TMR). The competitive dynamics of the global advanced polymer composites market are such that each player has the opportunity to earn respectable revenues. This has in turn created a plethora of lucrative opportunities for the leading vendors in the global advanced polymer composites market. The leading vendors can capitalise on forming bonds and supply agreements with prominent companies and manufacturing units. Moreover, the leading vendors in the global advanced polymer composites market can use their accumulated revenues to further improve their production standards.
The medium-sized vendors in the global advanced polymer composites market are concentrating on consolidating their position in the regional or local markets. Furthermore, these vendors are scanning new markets to uniquely position their products. Strategic alliances are a viable option for advanced polymer composites to establish themselves in the global advanced polymer composites market. Furthermore, these vendors have also struck strategic collaborations with other entities that consume polymer composites. Some of the key vendors in the global market for advanced polymer composites are SGL Carbon, Owens Corning, Cristex, Toray Industries, Solvay, Mitsubishi Rayon, and Hexcel.
Transparency Market Research (TMR) finds that the global market for advanced polymer composites would expand at a CAGR of 7.20% over the period between 2014 and 2020. Furthermore, the global advanced polymer composites market would accumulate revenues worth US$12.1 bn by 2020-end, rising up from a value of US$7.4 bn in 2013. On the basis of end-use, the demand for advanced polymer composites in the marine industry is projected to increase at a starry rate. Based on geography, the demand for advanced polymer composites in Asia Pacific has been rising at a stellar pace.
Growth of Electronics Industry to Propel Demand
The use of polymer composites in the electronics and semiconductor industry has created tremendous growth opportunities within the global advanced polymer composites market. Furthermore, the need for advanced polymer composites for manufacturing strong fibers in the chemicals industry has also aided market growth. The marine industry and the aerospace sector has also emerged as a key consumer for the global advanced polymer composites market. Consumer goods and consumer electronics have gathered immense popularity across the globe. The use of advanced polymer composites in the manufacture of consumer electronics has also aided market growth.
Increased Cost of Production could Hamper Market Growth
The growth of the global advanced polymer composites market largely relies on the automotive industry. However, the high cost of advanced polymer composites is expected to hamper the growth of the global market. On the other hand, the need for fortifying the energy industry has also created commendable demand within the global market for advanced polymer composites. Besides this, industrial applications of advanced polymer composites in the manufacture of boats, auto parts, tanks, pipes, aviation parts, sports goods, and wind blades has also brought in key revenues in the global market.
The review is based on TMR;s report titled, “Advanced Polymer Composites Market (Raw Material - Resin (Epoxy Resin, Phenolic Resin, Polyester Resin, and Polyacrylic Resin) and Fiber (Glass Fiber, Carbon Fiber, Aramid Fiber, and Boron Fiber and Kevlar Fiber) End User - Electrical and Electronics, Automotive, Energy, Aerospace and Aviation, Consumer Goods, Marine, and Building and Construction and Industrial Application - Auto Parts, Conductors, Tanks and Pipes, Boat Building, Aviation Parts, Wind Blades, and Sports Goods) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020”.
The global advanced polymer composites market is segmented as:
Global Advanced Polymer Composites Market – Raw Material Analysis
- Epoxy resin
- Phenolic resin
- Polyester resin
- Others (including polyacrylic resin)
- Others (including boron and Kevlar)
Global Advanced Polymer Composites Market – Application Analysis
- Auto parts
- Tanks & pipes
- Aviation parts
- Boat building
- Wind blades
- Others (including sports goods)
Global Advanced Polymer Composites Market – End-user Analysis
- Electrical & electronics
- Aerospace & aviation
- Consumer goods
- Others (including building & construction and industrial)
Global Advanced Polymer Composites Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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