Advanced Polymer Composites Market worth over USD 16 Billion by 2024
Published Date: March 9, 2017 Author: Global Market Insights, Inc.
Advanced Polymer Composites Market size is poised to exceed USD 16 billion by 2024; according to a new research report by Global Market Insights, Inc.
Robust growth in the aerospace industry, including both civil and commercial are prime factors stimulating advanced polymer composites market share in recent years. The product offers superior properties including strength and abrasion resistance, which makes it suitable to find applications in aircraft part manufacturing. In 2006, the overall revenue passenger kilometers (RPK) was more than 4 billion and is poised to exceed 15 billion RPK by 2033. In addition, enormous backlogs in the aircraft manufacturing, reduced air fares and escalating air transportation industry will stimulate product demand by 2024.
Global advanced polymer composites market size is also influenced by positive growth indicators from the end-user industries. Global vehicle manufacturing in 2013 was roughly around 87 million units and likely to surpass 130 million units over the projected timeframe. Socio economic factors such as improved lifestyles and increasing disposable income has substantially propelled the automotive sales across the globe. The product is widely used in autoparts manufacturing owing to its high mechanical strength accompanied with low weight and flexibility. It is used in manufacturing tires, body panels and windows.
Drifting focus towards renewable sources for power generation will positively boost product demand for manufacturing blades used in wind energy plants. In addition, the global installed wind capacity is likely to observe growth more than 12% between 2016 and 2024, particularly due to decreasing fossil fuel dependency for energy generation. However, the advanced polymer composites market size is negatively influenced in the recent years on account of high product cost in comparison with prevailing counterparts in the business. For instance, steel price in 2015 was roughly USD 1 per kilo, whereas, carbon fiber price was close to USD 35 per kilo.
In 2015, North America advanced polymer composites market size was close to USD 3 billion. Drifting regional trend towards wind energy generation will positively influence of the product demand. Additionally, robust aerospace industry in the U.S. will complement regional growth by 2024. Asia Pacific is analyzed to be the fastest growing region in the coming. The region accounts for more than 35% of the global new aircraft demand, which is the major factor propelling regional growth.
Browse key industry insights spread across 154 pages with 110 market data tables & 13 figures & charts from the report, “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” in detail along with the table of contents:
In 2015, resins accounted for the more than 35% of the global advanced polymer composites market share. Epoxy resins owing to high adhesive and water resistance properties are widely used in the boat building industry. In addition, high electric & flame resistance along with excellent mechanical strength makes them suitable to find widespread applications in electrical materials and metal bonding.
Fiber led the overall advanced polymer composites market size for 2015. Carbon fiber due to its outstanding tensile strength and modulus of rigidity is used in the automotive and aerospace industry. Glass fiber offers high characteristics such as transparency, chemical resistance, hardness and flexibility, which makes it for applications in tires & reinforced plastics, boat hulls & seats, furnishing fabrics, apparels, garments and exhaust nozzles.
In 2015, global advanced polymer composites market size for aviation parts was more than 3.5 billion. Strong growth in the aerospace industry across the globe will stimulate product demand in the coming years. In addition, autoparts are likely to observe growth more than 7% over the estimated period. Escalating commercial and personal vehicle demand across the globe will positively influence the overall advanced polymer composites market size.
In 2015, advanced polymer composites market share was fragmented with key industry contributors accounting for less than 20% of the business. Key companies participating in the advanced polymer composites market include BASF, Owens Corning, Arkema, Cristex, 3B-Fibreglass, Solvay, SGL Carbon, Toray Industries, Mitsubishi Rayon, Cytec, Hexcel and TPI Composites.
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 2013 to 2024, for the following segments:
Advanced Polymer Composites Market By Product
- Epoxy resins
- Phenolic resins
- Polyester resins
Advanced Polymer Composites Market By Application
- Tanks & pipes
- Aviation parts
- Boat building
- Wind blades
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa