Advanced Polymer Composites Market Size, Share & Industry Analysis, By Product (Epoxy, Resin), By Application (Aviation Parts, Boat Building, Tanks & Pipes, Wind Blades, Auto Parts, Conductors) And Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Advanced polymer composites are multi-phased material in which in which fillers are integrated with polymers. Advanced polymers have high stiffness, mechanical strength, and other properties. Advanced polymers are replacing the conventional materials such as metals, glass, and others attributed to the superior technical properties such as high strength, light weight, stiffness, abrasion resistance, excellent fatigue and sturdiness.
Increasing demand from aerospace and defense sector shall drive the market. High demand for advanced polymer composites for manufacturing high performance aircraft parts like engine nacellus, floor beams, elaborators, ailerons, wings, landing gear doors and others. Additionally, increasing adoption of advanced polymer composites by automotive sector shall significantly contribute to market growth.
However, reinforcement of polymers involves use of high-end technology which adds on to the production cost. High production cost is expected to hamper market growth.
Key Market Driver -
Growing demand from aerospace industry
Key Market Restraint -
High production cost
Market Segmentation:
Based on product, market is segmented into resin and fiber. Based on application, market is segmented into aviation parts, boat building, tanks & pipes, wind blades, auto parts, conductors, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The global advanced polymer composites market consists of global & regional players operating. Some of the key players in the market include Arkema S.A., TPI Composites Inc., Toray Industries Inc., Hexcel Corporation, BASF SE, Owens Corning Corporation, Solvay S.A., Mitsubishi Rayon Co. Ltd, and others.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Advanced Polymer Composites Market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Regional Analysis:
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market attributed to large consumer base of aerospace industry. Asia Pacific is expected to experience high growth attributed to the growing automotive manufacturing activities. Europe is expected to hold significant share attributed to the increasing demand from automotive sector. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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Segmentation
ATTRIBUTE | DETAILS |
By Product |
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By Application |
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By Geography |
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Advanced Polymer Composites Industry Developments
- In June 2020, Solvay and Leonardo signed 5-year supply agreement through which solvay is expected to supply wide range of market leading materials for Aerostructures, Aircraft, Helicopters and Electronics divisions of Leonardo.
- In August 2019, BASF and Toray Advanced Composites sign the supply agreement to bring innovative tape technology intended for automotive sector.
- Ongoing
- 2023
- 2019-2022
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