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Advanced Polymer Composites Market Size By Product (Resin [Epoxy Resins, Phenolic Resins, Polyester Resins], Fiber [Carbon, Glass, Aramid, Others], Others), By Application (Resin, Fiber, Others), Industry Analysis, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 - 2030

  • Report ID: GMI1175
  • Published Date: Aug 2022
  • Report Format: PDF

Industry Overview

Advanced Polymer Composites Market size was valued at over USD 10.5 billion in 2021 and is estimated to record around 5.9% CAGR during the forecast period 2022-2030.
 

Advanced Polymer Composites Market

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Advanced polymer composites are innovative materials that find wide applications in several domains, such as automotive, construction, aerospace, marine, and biomedicine. They are highly versatile and suited for use in distinct working conditions. Some of the benefits offered by these composites include great durability, high stiffness, superior strength-to-weight ratio, and resistance to corrosion, harsh chemicals & environmental elements. Advanced polymers can replace conventional materials such as wood and metal, depending on the end-use.
 

There is an increased demand for advanced composites from the automotive sector, as the materials can help reduce the weight of various components to enhance the fuel efficiency of vehicles. Most automakers are seeking new methods to develop lightweight parts for upcoming EV models. For example, in January 2021, automaker Jaguar Land Rover (JLR) joined U.K.’s Tucana consortium. The 4-year project will give the manufacturer an opportunity to explore the applications and benefits of advanced composite materials to produce more lightweight electric cars.
 

The high cost of product development and production, due to complex processes involved and raw material acquisition, could impede the advanced polymer composites market forecast. Manufacturing advanced composites can require a lot of time and increase the labor costs. However, the growing material demand from aerospace, automotive and wind energy sectors will help to tackle these market restraints over the next few years.

 

Large-scale applications of resins augment advanced polymer composite use

Advanced Polymer Composite Market, By Product

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Based on the product type, the advanced polymer composites market is divided into fiber, resin, and other materials. Resin segment is set to surpass USD 6 billion by 2030. Many resins are resistant to high flames & electricity and possess superior mechanical strength. They can be used in metal bonding as well as carbon and electrical materials. With these characteristic advantages, resin-based polymers are suitable for auto components and aviation parts. A consistent rise in air traffic across emerging economies over the next few years will fuel the demand for aircrafts, impacting advanced polymer composites development.
 

Carbon fiber composites play a vital role in sustainable power generation

The advanced polymer composites industry share from the carbon fiber segment will record a 6.6% CAGR through 2022-2030. Carbon fiber has excellent rigidity along with great tensile strength, which makes it useful in automotive, marine, and aerospace applications. Also, the material is highly suited for weight reduction of wind blades. Continuous government efforts to support renewable energy development will positively influence the market trends. For example, in May 2022 the authorities in Norway present an initiative to strengthen offshore wind power generation, which can enhance the regional access to renewables for private and commercial use.
 

Vehicle efficiency needs to boost advanced polymer composite demand

Advanced Polymer Composite Market, By Application

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Global advanced polymer composites market share from the auto parts application is predicted to exceed USD 3.2 billion by 2030. The growing disposable income, easy credit facility, and increasing demand for vehicles will fuel the production of auto components. Nearly 1.6 million new motor vehicles were registered in Canada during 2021, which was a 6.5% increase from 2020. This indicates the high demand for vehicles and a positive impact on advanced polymer composites application, as car manufacturers can produce lighter yet stronger auto parts. Gradual surge in EV adoption in developing regions will reinforce the need for polymer composites.
 

Automotive sector to expand Europe advanced polymer composites industry expansion

Advanced Polymer Composite Market, By Region

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Europe advanced polymer composites market share will surpass USD 5 billion in value by 2030. Increasing EV production and research activities by leading companies will be beneficial for the regional industry statistics. Government policies to support the production of electric vehicles (EVs) will also spur the demand for advanced polymer composites. For instance, the French government announced a USD 8.2 billion rescue plan for the country’s auto sector in May 2020. It also included giving individual grants to encourage the purchase of green vehicles, with more than USD 3,000 being offered as bonuses to people who buy lesser polluting automobiles.
 

Advanced polymer composite manufacturers adopt key expansion strategies

BASF SE, Arkema S.A., SGL Carbon SE, Kemrock Industries and Exports Limited, Solvay S.A., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., and many others, are among the leading companies in the global advanced polymer composites market. Strategic alliances, acquisitions, and mergers will help these organizations expand business opportunities, make effective use of advanced composites and bolster customer base across regions. For example, in July 2022, Arkema acquired Polimeros Especiales, a leading emulsion resins producer in Mexico. The planned acquisition will strengthen Arkema’s position in the fast-growing regional market.
 

The impact of COVID-19 on advanced polymer composites market

The COVID-19 pandemic had a negative influence on the development of global advanced polymer composites market. Several sectors, including automotive, construction, and aerospace witnessed a steep decline in production due to lockdowns & travel restrictions. The lack of adequate manpower and raw materials impacted the industry trends. However, as these sectors recover with decreasing coronavirus cases worldwide, the consumption of advanced polymer composites will increase. Consistent development of renewable energy projects to meet an increased power demand will drive wind blade production, influencing the demand for composite materials.
 

The Advanced Polymer Composites Market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2030, for the following segments:

By Product

  • Resin
    • Epoxy resins
    • Phenolic resins
    • Polyester resins
    • Others (PE, PP, PVC, PA etc.)
  • Fiber
    • Carbon
    • Glass
    • Aramid
    • Others (boron fibers, ceramic fibers, etc.)
  • Others (fillers, additives, modifiers, etc.)

By Application

  • Conductors
  • Autoparts
  • Tanks & pipes
  • Aviation parts
  • Boat building
  • Wind blades
  • Others

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Malaysia
    • Indonesia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • GCC

 

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Global market for advanced polymer composites was more than USD 10.5 billion in 2021 and is estimated to record around 5.9% CAGR during 2022-2030 forecast period.

The advanced polymer composites industry share from the carbon fiber segment will record a 6.6% CAGR through 2030, with key material properties such as excellent rigidity and great tensile strength, which make it suitable for applications in the automotive, marine, and aerospace sectors.

Europe advanced polymer composites industry value will exceed USD 5 billion by 2030, with increased vehicle manufacturing and introduction of supportive government policies to make electric vehicles (EVs).

BASF SE, Arkema S.A., Solvay S.A., SGL Carbon SE, Toray Industries Inc., Mitsubishi Rayon Co. Ltd., Kemrock Industries and Exports Limited, and many others, are among the leading companies in advanced polymer composites market.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 14
  • Tables & Figures: 661
  • Countries covered: 17
  • Pages: 200

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