Press release
Advanced Polymer Composites Market growing at 7.5% CAGR up to 2024 with major key Players Arkema S.A., BASF SE, Owens Corning Corporation, Cristex Ltd, 3B-Fibreglass sprl, SGL Carbon SE, Solvay S.A., Kemrock Industries, Mitsubishi Rayon Co. Ltd., TPI Comp
Advanced Polymer Composites Market
Drifting focus towards renewable sources for power generation will positively boost product demand for manufacturing blades used in wind energy plants. In addition, the global installed wind capacity is likely to observe growth more than 12% between 2016 and 2024, particularly due to decreasing fossil fuel dependency for energy generation. However, the advanced polymer composites market size is negatively influenced in the recent years because high product cost in comparison with prevailing counterparts in the business. For instance, steel price in 2015 was roughly USD 1 per kilo, whereas, carbon fiber price was close to USD 35 per kilo.
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Advanced Polymer Composites Market size is poised to exceed USD 16 billion by 2024; according to a new research report by Global Market Insights, Inc.
Robust growth in the aerospace industry, including both civil and commercial are prime factors stimulating advanced polymer composites market share in recent years. The product offers superior properties including strength and abrasion resistance, which makes it suitable to find applications in aircraft part manufacturing.
Growth drivers are
• Increasing product demand from aerospace industry
• Product applications in wind energy generation
In 2006, the overall revenue passenger kilometers (RPK) was more than 4 billion and is poised to exceed 15 billion RPK by 2033. In addition, enormous backlogs in the aircraft manufacturing, reduced air fares and escalating air transportation industry will stimulate product demand by 2024.
In 2015, North America advanced polymer composites market size was close to USD 3 billion. Drifting regional trend towards wind energy generation will positively influence of the product demand. Additionally, robust aerospace industry in the U.S. will complement regional growth by 2024. Asia Pacific is analyzed to be the fastest growing region in the coming. The region accounts for more than 35% of the global new aircraft demand, which is the major factor propelling regional growth.
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Advanced Polymer Composites Market size was over USD 9 billion in 2017 and is projected to expand at over 7.5% CAGR over the forecast timeframe.
In 2015, resins accounted for the more than 35% of the global advanced polymer composites market share. Epoxy resins owing to high adhesive and water resistance properties are widely used in the boat building industry. In addition, high electric & flame resistance along with excellent mechanical strength makes them suitable to find widespread applications in electrical materials and metal bonding.
Fiber led the overall advanced polymer composites market size for 2015. Carbon fiber due to its outstanding tensile strength and modulus of rigidity is used in the automotive and aerospace industry. Glass fiber offers high characteristics such as transparency, chemical resistance, hardness and flexibility, which makes it for applications in tires & reinforced plastics, boat hulls & seats, furnishing fabrics, apparels, garments and exhaust nozzles.
In 2015, global advanced polymer composites market size for aviation parts was more than 3.5 billion. Strong growth in the aerospace industry across the globe will stimulate product demand in the coming years. In addition, autoparts are likely to observe growth more than 7% over the estimated period. Escalating commercial and personal vehicle demand across the globe will positively influence the overall advanced polymer composites market size.
Browse key industry insights spread across 486 pages with 635 market data tables & 26 figures & charts from the report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025” in detail along with the table of contents:
http://www.gminsights.com/industry-analysis/advanced-polymer-composites-market
In 2015, advanced polymer composites market share was fragmented with key industry contributors accounting for less than 20% of the business. Key companies participating in the advanced polymer composites market include BASF, Owens Corning, Arkema, Cristex, 3B-Fibreglass, Solvay, SGL Carbon, Toray Industries, Mitsubishi Rayon, Cytec, Hexcel and TPI Composites.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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