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What's driving the Advanced Polymer Composites Market growth? Solvay S.A., Arkema S.A., Owens Corning Corporation, BASF SE, SGL Carbon 3B-Fibreglass sprl, TPI Composites Inc., Toray Industries Inc., Hexcel Corporation, Cytec Industries
Advanced Polymer Composites Market
Rapid rise in the aircraft production with reduction in airline fares will accelerate the product demand in the expected timeframe. Advanced polymer composites market size is also influencing the automotive market with light weight and strong vehicle parts. For instance, global vehicle manufacturing in 2013 was roughly around 87 million units and is expected to exceed 130 million units over the forecast period. Socio economic aspects such as improved lifestyles and increasing disposable income has considerably propelled the automotive sales across the globe.
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According to a new research report by Global Market Insights, Inc. Advanced Polymer Composites Market size is forecast to exceed USD 17 billion by 2025.
Sturdy growth in the aerospace industry, including commercial and civil airlines are the prime factors driving the advanced polymer composites market size in the coming years. The product delivers superior mechanical features including high abrasion resistance and strength, which makes it appropriate to find operations in aircraft parts production.
Rising urbanization and increasing consumer spending power will propel the number of airline passengers globally. For instance, in 2006, the overall revenue passenger kilometers (RPK) was more than 4 billion and is poised to exceed 15 billion RPK by 2033.
Resins accounted for more than 55% of the overall advanced polymer composite market volume in 2017. Major resins include epoxy resins, phenolic resins and polyester resins. The high tensile strength and the anti-abrasion properties of the product will augment the advanced polymer composites market in the near future. The increasing need of high performance composites is to make components such as auto parts, wind blades, aviation components, boat structures and electrical conductors.
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Advanced polymer composite market size for application in autoparts is projected to rise at a CAGR over 7.5% by 2025. In order to reduce GHG emissions from automobiles, various regulatory agencies such as Federal Highway Administration, U.S. EPA and EU Commission for Transportation have stipulated guidelines and legislations to reduce gross vehicular weight.
This trend has been instrumental in driving plastics and composites demand in automotive components as an alternative to metals & alloys. which will make noteworthy contribution to the overall advanced polymer composites industry share in the near future.
In 2017, North America advanced polymer composites market size was over USD 3 billion. Advancements in terms of product development coupled with presence of major multinational companies have provided North America with growth advantage over other regions in the recent years. Drifting regional trend towards wind energy generation will positively influence the product demand. Moreover, strong aerospace industry in the U.S. will complement regional growth in the coming years.
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Advanced polymer composites market share is exceedingly consolidated, with prominent players accounting for over half of the total business size in 2017. The major players include Solvay S.A., Arkema S.A., Owens Corning Corporation, BASF SE, Cristex Ltd, SGL Carbon 3B-Fibreglass sprl, Kemrock Industries, TPI Composites Inc., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., Hexcel Corporation, Koninklijke Ten Cate N.V. and Cytec Industries Inc.
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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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