Advanced Polymer Composites Market to Reach $17 Billion by 2025
Selbyville, Delaware, United States, September 16 2020 (Wiredrelease) Global Market Insights, Inc –:Global advanced polymer composites market size is slated to surpass a valuation of US$ 17 billion by 2025, with rapidly changing scene of advanced composite materials in aerospace and wind applications.
Top Key Players – BASF SE, Arkema S.A., Owens Corning Corporation, B-Fibreglass sprl, Cristex Ltd, SGL Carbon SE, Kemrock Industries and Exports Limited, Solvay S.A., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., TPI Composites Inc., Koninklijke Ten Cate N.V., Cytec Industries Inc., Hexcel Corporation.
Advanced polymer composites market has emerged as an attractive choice of material in automotive and aviation parts and structural elements. These materials are widely gaining traction as automakers and aircraft manufacturers seek ways to implement lightweight, fuel-efficient, and sustainable designs. Speaking of sustainability, advanced polymer composites are key materials used in the production of wind blades.
Carbon fiber composites to gain traction
Advanced polymer composite materials are available as resins and fibers. In terms of the product, fibers captured almost 35% of overall industry share in 2017. Carbon fiber, aramid fiber, and glass fiber are among the different types of fiber composites. Advanced polymer composite fibers possess high tensile strength and thickness, which is why they are increasingly preferred in auto parts, aviation components, wind blades, boat structures, and electrical conductors.
Carbon fibers are most commonly preferred to reinforce advanced composite materials. Since their introduction, carbon fiber composites have been increasingly used as an effective alternative to aluminum in aerospace applications, as aluminum is susceptible to galvanic corrosion. Carbon fiber composites, on the other hand, offer excellent corrosion resistance and high sturdiness.
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Growing need for lighter aircrafts
The aviation industry has experienced dramatic growth in recent years, especially in emerging economies. With increased disposable incomes and lower air fares, the number of air travels has surged rapidly. In 2017, the Centre for Asia Pacific Aviation (CAPA) reported that passenger traffic at the Delhi airport increased by over 14% compared to the previous year, making it one of the fastest growing airports in the world.
Greater fuel-efficiency of aircrafts has allowed aircraft manufacturers to reduce air fares, which has been a major reason for the recent upsurge in the number of air passengers. The demand for advanced polymer composites market in aviation parts application will grow at 7.5% through 2025. Advanced polymer composites are used in aircraft components such as turbine blades, heat exchangers, and chemical reaction vessels since they help reduce component weight and offer superior resistance against chemical corrosion.
It is imperative to mention however, that the ongoing COVID-19 pandemic has brought about a major disruption in the aerospace sector, given the ban in domestic and international flights, which is likely to hamper the growth of advanced polymer composites market from aerospace applications. However, experts claim that post the stabilization of the global economy, these composites will continue to find massive deployment in the aviation industry.
Major wind projects in North America
From a regional standpoint, North America advanced polymer composites industry was estimated to be worth US$3 billion in 2017. Regional manufacturers have invested significantly in R&D to develop innovative, more advanced products. North America is home to some of the world’s largest wind power projects. A well-established aerospace industry as well as the presence of major multinational players in the U.S. will positively influence the regional outlook.
Regulatory agencies such as the U.S. Environmental Protection Agency (EPA) and the Federal Highway Administration have introduced several guidelines for automakers and aircraft manufacturers to minimize component weight and enhance fuel-efficiency. With the presence of some of the worlds most renowned carmakers and aerospace giants, regional manufacturers will witness substantial opportunities in the future.
Potential factors likely to affect the product demand
The manufacturing of advanced polymer composites market is a complex process. High costs associated with the production of these materials will be a major factor impacting the product adoption. However, the ongoing research and development in terms of the technology, analysis, and design of advance polymer composites will expand the scope of these materials myriad new applications.
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