Advanced Polymer Composites Market Size By Product (Resin [Epoxy, Phenolic, Polyester], Fiber [Carbon, Glass, Aramid]), By Application (Conductors, Autoparts, Tanks & Pipes, Aviation Parts, Boat Building, Wind Blades), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: February 2017 | 154 Pages | Report ID: GMI1175 Report Format: PDF
Advanced Polymer Composites Market size exceeded USD 8 billion in 2015, with estimated gains of more than 7% over the forecast timeframe.
U.S. Advanced Polymer Composites Market Size, By Application, 2013 - 2024 (USD Million)
Global advanced polymer composites market size is primarily driven by increasing product demand from the aerospace industry. Superior mechanical properties such as stiffness, strength, abrasion resistance and excellent fatigue, of the product make it suitable to find applications in the aerospace industry. The product is majorly used in manufacturing wings, engine nacelles, elaborators, ailerons, floor beams, rudders, landing gear doors and other interior components of the aircraft due to its excellent strength along with reduced weight, which helps in improving the aircraft operational efficiency. Robust growth in the passenger and commercial aviation industry, particularly due to improving consumer lifestyles dynamics along with reduced air fares. For instance, the global passenger air traffic is projected to witness growth more than 5% over the projected timeframe. In addition, the overall large commercial aircraft delivered in 2013 were approximately 1200 units and is likely to exceed 1500 units by the end of 2024. These abovementioned trends shall positively boost the global advanced polymer composites market size in the coming years.
Increasing product usage in the wind energy farms is one amongst the prime factor stimulating the overall advanced polymer composite market size in the recent years. Depleting fossil fuel reserves along with its reducing dependency for energy generation and increasing awareness towards associated adverse effects has substantially propelled renewable energy sources demand over the past few years. For instance, the global installed wind capacity in 2013 was close to 300,000 MW and is likely to reach 750,000 MW by 2024. The product due to its high stiffness and strength is majorly used in manufacturing wind blades. In addition, energy generated via wind contributes roughly around 5% of the total power generation, this share is likely to increase over the coming years. Thus, elevating renewable wind energy demand will positively impact on the overall advanced polymer composites market share by 2024. However, high product cost as compared to existing counterparts in the industry may hamper the business growth by 2024.
Advanced Polymer Composites Market, By Product
The global resin advanced polymer composites market size was over USD 3 billion in 2015. Epoxy, phenolic and polyester are the major resins type used in the industry. Epoxy is high performance resins and thus have widespread application such as aviation parts and boat building. For instance, superior adhesive properties and high water resistance of the product makes it desirable for boat building applications. Phenolic resins possess high flame & electric resistance and superior mechanical strength and are thus used in metal bonding, carbon and electrical materials.
Fiber advanced polymer composites market share led the overall industry in 2015. The segment is further classified into carbon, glass and aramid. Carbon fiber has excellent modulus of rigidity and high tensile strength. Therefore, these are widely used in the aerospace, automotive and Marie industry. Glass fiber has value added traits such as chemical resistance, hardness, transparency, stiffness, stability and decent flexibility. Thus, these are widely used in home furnishing fabrics, apparels & garments, tires & reinforced plastics, exhaust nozzles, boat hulls & seats, production of heat sheath for aeronautical equipment and for wall paneling.
Advanced Polymer Composites Market, By Application
The overall advanced polymer composites market share for aviation part led the business and accounted for more than 40% of the total share in 2015. Superior mechanical characteristics of the product makes it suitable to find applications in the aerospace industry. The global aviation industry, including both civil and commercial, is forecast to experience strong gains over the projected timeframe on account of improving consumer lifestyles, which is resulting in improved air traffic in the recent years. Furthermore, increasing air transportation mode in order to reduce time required for good delivery will complement industry growth by 2024.
The global advanced polymer composites market size for autoparts will expand at over 7% CAGR between 2016 and 2024. Increasing automotive manufacturing and sales across the globe will subsequently boost the industry growth by 2024. The product is broadly used in the autoparts such as windows, tires, body panels, engines and instrument panels due to its low weight, flexibility and fabrication ease.
Advanced Polymer Composites Market, By Region
North America led the overall advanced polymer composites market share and accounted for more than 35% of the global business share in 2015. Prevalence of massive customer base for automotive is the major factor contributing towards business growth. The region has substantial wind energy generation which is analyzed to boost product. In addition, the region has substantial number of customer for entertainment boats such as yachts, which may further boost industry growth in the region.
Asia Pacific is likely to observe highest growth between 2016 and 2024. Increasing automotive sales in the region due to improved consumer spending power, elevating aerospace industry in China & India and robust growth in the construction business are the factors contributing regional growth over the past few years.
Competitive Market Share
The global advanced polymer composites market share was highly fragmented due to presence several small industry share contributors. In addition, the key product manufacturers held for less than 20% of global business share in 2015. Some of the key industry participants are BASF SE, Arkema S.A., Owens Corning Corporation, 3B-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. and Hexcel Corporation. Advanced polymer composites market share contributors are involved in strategic mergers and acquisitions in order to upscale their global presence. For instance, in 2014, Toray Industries acquired Zoltek Companies, which is a major carbon fiber manufacturer.
Advanced Polymer Composites Industry Background
Advanced polymer composites are manufactured by combination of two or more different materials for achieving improved functional properties and high structural rigidness. Increasing product demand in manufacturing blades used in wind energy farms, aircrafts parts, autoparts and boat parts will stimulate business growth in the coming years. North America led the overall advanced polymer composites market in 2015 on account of robust product demand in aircraft manufacturing.
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