Global Advanced Polymer Composites Market to Reach US$12.12 bn by 2020 due to Rising Demand from Aerospace Industry
A new Transparency Market Research report states that the global advanced polymer composites market stood at US$7.47 bn in 2013 and is predicted to touch US$12.12 bn by 2020, by rising at a 7.20% CAGR between 2014 and 2020. The title of the report is “Advanced Polymer Composites Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”
Composites are a combination of multiple materials having different properties combined together to present unique characteristics. Advanced polymer composites are composed of two key components, namely, a reinforcing fiber material and a polymer matrix. For the manufacturing of advanced polymer composites, a number of fibers such as aramid and carbon as well as glass and polymer resins such as polyester, epoxy, poly acrylic, and phenol are utilized. Advanced polymer composites are employed in the automotive, aviation, aerospace, marine, and energy applications.
As per the report, the rising demand from the aerospace industry is a major factor propelling the growth of the advanced polymer composites market. In addition, the growing usage of these polymer composites within wind energy applications will also positively influence the growth of the market. The rising application areas of advanced polymer composites are the key growth opportunities seen in the market. On the other hand, the soaring costs of production of advanced polymer composites are amongst the major factors restraining the growth of the market.
advanced-polymer-composites-marketOn the basis of raw material, the market for global advanced polymer composites is segmented into resins and fibers. Resins are further categorized into epoxy resins, phenolic resins, polyester resins, and others such as polyacrylic resins. Advanced polymer composites are majorly utilized in conductors, tanks and pipes, auto parts, aviation parts, wind blades, boat building, and others including sports goods.
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By product, the report segments the market into glass fiber, carbon fiber, aramid fiber, and others. Amongst these, glass fibers led the market for advanced polymer composites by the end of 2013 owing to their extensive utilization in various applications such as wind turbines, aerospace, and automotive. The rising utilization of non-conventional sources of energy such as wind energy, where lightweight yet sturdy components are needed, will also boost the demand for glass fibers.
By end user, the report segments the market into electrical and electronics, automotive, energy, aerospace and aviation, consumer goods, marine, and others such as building and construction and industrial sector. Amongst these, aerospace emerged as the largest industry in 2013. This is owing to the increasing use of advanced polymer composites in the construction of numerous aircraft parts such as elaborators, engine nacelles, ailerons, and floor beams, among others.
Geographically, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, North America held the largest share of 38.1% in the advanced polymer composites market in 2013. Europe also emerged as a key market in the same year. On the other hand, in Asia Pacific, the increasing development of the aerospace and automotive industries will also boost the growth of the market here.
As per the report, the key players dominant in the market are BASF SE, Arkema SA, Hexcel Corporation, Koninklijke Ten Cate nv, Cytec Industries Inc., Solvay S.A., SGL Carbon SE, and TPI Composites Inc., among others.
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