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Advanced Polymer Composite Market size to cross $17 Billion by 2030

  • Published Date: August 18, 2022

The Advanced Polymer Composite Market size is projected to exceed USD 17 billion by 2030, according to a new report published by Global Market Insights Inc.

As per the new study, a robust expansion of the aerospace sector will foster the production of advanced polymer composites. While the COVID-19 crisis dampened the travel and tourism sector, air traffic has picked up pace as the impact of the pandemic decreases. According to the International Air Transport Association (IATA), in April 2022, the overall demand for air travel grew by more than 78% as compared to April 2021. It indicates a growing need for new aircraft, which could increase the use of suitable composite materials to manufacture lightweight components.

Advanced composite suppliers are partnering with aerospace companies and agencies to help them improve the aircraft quality and safety. For example, in June 2022, Toray was selected as one of the advanced composite suppliers for NASA’s HiCAM project. The aim of the deal is to boost the manufacturing of composite airframes for aircraft produced in the U.S.

Robust characteristics boost advanced fiber composite applications

Based on the types of products, the global advanced polymer composite market share from the fiber segment will observe around 6% CAGR through 2030. Considerable development has been made in the production of advanced fiber composites such as glass, carbon, and aramid fibers. Carbon fibers, for instance, are suitable across various applications due to properties such as high tensile strength, lightweight, great dimensional stability, and low abrasion. Glass fiber or fiberglass is used in industries such as textile and plastics, which showcases its versatility. It is also widely used in boats, bathtubs, aircraft, and roofing applications due to its durability and strength.

Epoxy resin widely used in shipbuilding activities

The report estimates that the advanced polymer composite market share from the epoxy resin segment will record nearly 6% CAGR through 2030. Epoxy is a high-performance resin with superior adhesive properties and high-water resistance. It is used for ship building operations, with widespread applications in the production of boat parts. The material is also applicable in the manufacturing of certain aviation components.

According to the U.S. National Marine Manufacturers Association (NMMA), the total sales of boats, marines services and products in the country was over USD 49 billion during 2021. This indicates the high demand for boat building for commercial as well as private users.

Advanced polymer composites witness extensive use in aviation parts

In terms of the applications, advanced polymer composite industry share from the aviation parts segment will be more than USD 9 billion by 2030. Gradual increase in aircraft manufacturing, rising investments in space exploration, and high expenditures in the defense sector will influence the market growth. The aviation industry is experiencing gradual recovery post the COVID-19 pandemic, as more people are opting to travel by air.

Aircraft purchase deals have also picked up notable pace during this period. For instance, in July 2022, three Chinese state airlines announced plans to buy around 300 Airbus jets. It represents significant opportunities for the use of advanced composites in production to build lighter and more efficient aircraft.

Growing aerospace sector strengthens North America advanced polymer composite market demand

North America advanced polymer composite industry share will surpass USD 6.4 billion in value by 2030. The aerospace and defense sector growth in the U.S. will drive the market developments over the forecast timeframe. The U.S. and Canada have the presence of key aircraft and component manufacturers.

A few of the leading organizations operating in the advanced polymer composite market include Mitsubishi Rayon Co. Ltd., BASF SE, Arkema S.A., SGL Carbon SE, Kemrock Industries and Exports Limited, Solvay S.A., and Toray Industries Inc., among others. Partnerships, mergers & acquisitions, and other investment strategies will help these companies widen their product portfolio. For instance, in July 2022, BASF committed USD 780 million to complete the chemical plant expansion process in Geismar, Louisiana, indicating a robust demand for advanced polymer composite production.

Authors: Kiran Pulidindi, Akshay Prakash

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