USD 10.5 billion
Global Advanced Polymer Composites Market Size, Share, Growth Analysis, By Product(Resin and fiber), By Application(Aviation parts, boat building) - Industry Forecast 2024-2031
Report ID:
SQMIG15B2105 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
65 |
Figures:
75
Global Advanced Polymer Composites Market Insights
Advanced Polymer Composites Market size was valued at USD 10.5 billion in 2021 and is poised to grow from USD 11.12 billion in 2022 to USD 17.59 billion by 2030, at a CAGR of 5.9% during the forecast period (2023-2030)
These advanced polymers are increasingly replacing conventional materials like metals and glass due to their lightweight nature and excellent fatigue resistance. The market for advanced polymer composites is driven by the growing demand from the aerospace and defense sectors.
The aerospace industry requires high-performance aircraft parts, including engine nacelles, floor beams, ailerons, wings, and landing gear doors, which can be efficiently manufactured using advanced polymer composites.
Furthermore, the automotive sector is also adopting advanced polymer composites, contributing significantly to market growth. However, one of the challenges faced by the industry is the high production cost associated with the reinforcement of polymers using advanced technology. This factor may hinder the growth of the market to some extent.
Overall, the increasing demand for advanced polymer composites in aerospace, defense, and automotive industries is expected to drive market growth. While the production cost remains a challenge, the advantages offered by these materials in terms of strength, lightweight, and durability make them an attractive choice for various applications.
US Advanced Polymer Composites Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
resin
Growth Rate
5.9% CAGR
Global Advanced Polymer Composites Market ($ Bn)
Country Share for Europe Region (%)
Global Advanced Polymer Composites Market By Product type ($ Bn)
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Global Advanced Polymer Composites Market Segmental Analysis
The global advanced polymer composites market is segmented on the basis of product, application, and region. Based on product, the market is segmented into resin and fiber. Based on application, market is segmented into aviation parts, boat building, tanks & pipes, wind blades, auto parts, conductors, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Advanced Polymer Composites Market Analysis By Product
Resin is the largest segment in the advanced polymer composites market, primarily due to its vital role as the matrix material in composite structures. The versatility and wide range of resin options available, including epoxy, polyester, vinyl ester, and others, contribute to the dominance of the resin segment.
On the other hand, the fiber segment is the fastest-growing segment in the advanced polymer composites market. These fibers are witnessing increasing adoption across various industries, including aerospace, automotive, and wind energy, where high-performance and lightweight materials are in high demand. The aerospace industry is increasingly utilizing carbon fiber composites for manufacturing lightweight aircraft components, leading to the surge in demand for carbon fiber.
Advanced Polymer Composites Market Analysis By Application
Aviation parts represent the largest segment in the advanced polymer composites market, driven by the aerospace industry's demand for lightweight, high-strength materials. With the increasing focus on fuel efficiency and performance optimization in the aerospace sector, the demand for Advanced Polymer Composites in aviation parts continues to rise.
On the other hand, the wind blades segment is the fastest-growing segment in the advanced polymer composites market . The renewable energy sector, particularly wind energy, is experiencing substantial growth globally. Advanced Polymer Composites offer excellent durability, fatigue resistance, and lightweight properties, making them the preferred choice for wind blade construction. As the demand for clean energy sources expands, the wind energy sector drives the rapid growth of the advanced polymer composites market in the wind blades segment.
Global Advanced Polymer Composites Market By product type, 2023 (%)
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Global Advanced Polymer Composites Market Regional Insights
Europe, as the dominating region in the global advanced polymer composites market, showcases a strong foothold in the aerospace, automotive, and wind energy sectors. The region's emphasis on technological advancements, stringent regulations, and sustainability drives the demand for high-performance composites. Europe is home to major aircraft manufacturers and suppliers, leading to a robust market for advanced polymer composites used in aviation applications. Additionally, European automakers are increasingly adopting lightweight composites to improve fuel efficiency and reduce emissions, further bolstering the demand for advanced polymer composites. Countries like Germany, France, and the United Kingdom are key players in the region, driving market growth through their technological expertise and investments in research and development.
On the other hand, Asia Pacific takes the lead as the fastest-growing region in the global advanced polymer composites market. The region's booming industrialization, urbanization, and infrastructure development contribute to the rising demand for advanced polymer composites across various sectors. In particular, countries like China, India, and Japan are witnessing significant growth in the aerospace, automotive, and wind energy industries. These countries are investing in advanced technologies, manufacturing capabilities, and research activities, fostering the adoption of advanced polymer composites. For example, China's increasing focus on aerospace and wind energy projects, coupled with its expanding automotive industry, fuels the growth of the advanced polymer composites market in the region.
Global Advanced Polymer Composites Market By Geography, 2024-2031
- Largest
- Fastest
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Global Advanced Polymer Composites Market Dynamics
Advanced Polymer Composites Market Drivers
Growing Popularity of Automobiles
- With rising concerns about climate change, there is a strong emphasis on the need for fuel-efficient vehicles to reduce carbon emissions from the transportation sector. Climate-conscious consumers are actively seeking fuel-efficient vehicles worldwide. To meet this demand, vehicle manufacturers are utilizing advanced composite polymers to reduce the weight of vehicles while ensuring safety standards are maintained. By reducing the weight of vehicles, engine efficiency is increased, leading to a reduction in unnecessary energy waste and contributing to environmental conservation efforts.
- In addition to fuel-efficient vehicles, the increasing demand for electric vehicles (EVs) is also driving the global advanced polymer composite market. With the energy crisis and growing climate change concerns, there is a significant rise in the demand for EVs as a sustainable alternative to traditional combustion engine vehicles. Advanced polymer composites play a crucial role in the manufacturing of electric vehicles, offering lightweight and durable components that contribute to the overall efficiency and performance of EVs. Therefore, the combination of the demand for fuel-efficient vehicles and the rising popularity of EVs is expected to drive the growth of the global advanced polymer composite market.
Advanced Polymer Composites Market Restraints
High Cost Of Production
- The process involved in manufacturing advanced polymer composites is complex and demanding, leading to increased expenses. Manufacturers of advanced polymer composites invest heavily in research and development to enhance the material's properties and expand its applications. These expenditures contribute to the high market prices associated with advanced polymer composites. Furthermore, the acquisition of necessary raw materials for advanced polymer composite production can be challenging, further adding to the cost. The raw materials used in these composites may have limited availability or require specialized processing methods, driving up their prices. Additionally, the labor and other production costs associated with the manufacturing process of advanced polymer composites can be significant.
- Consequently, the high production costs of advanced polymer composites act as a limiting factor for market growth. The elevated prices make these materials less accessible and competitive compared to alternative materials, thereby impacting their adoption and market penetration.
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Global Advanced Polymer Composites Market Competitive Landscape
The competitive landscape of the advanced polymer composite market is characterized by the presence of several key players striving for market dominance and technological advancements. These companies actively engage in strategic initiatives such as mergers, acquisitions, partnerships, and collaborations to expand their product portfolios and strengthen their market position. Moreover, they focus on continuous research and development activities to enhance the performance characteristics of advanced polymer composites and develop innovative applications. With a strong emphasis on sustainability and eco-friendly solutions, these companies also invest in the development of bio-based and recycled advanced polymer composites to meet the increasing demand for environmentally conscious materials.
Advanced Polymer Composites Market Top Player’s Company Profiles
- Toray Industries Inc. (Japan)
- Hexcel Corporation (United States)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Solvay S.A. (Belgium)
- Owens Corning (United States)
- Teijin Limited (Japan)
- SGL Carbon SE (Germany)
- BASF SE (Germany)
- Covestro AG (Germany)
- Gurit Holding AG (Switzerland)
- Cytec Industries Inc. (United States)
- TPI Composites Inc. (United States)
- Nippon Electric Glass Co., Ltd. (Japan)
- Huntsman International LLC (United States)
- Evonik Industries AG (Germany)
- Ashland Global Holdings Inc. (United States)
- DSM Engineering Plastics BV (Netherlands)
- AOC, LLC (United States)
- SABIC (Saudi Arabia)
- Royal Ten Cate (Netherlands)
Advanced Polymer Composites Market Recent Developments
- In November 2022, Insight Polymers & Compounding expanded its advanced compounding facilities in Kingsport, Tennessee with the installation of a new twin-screw extrusion line. This latest addition enhances the capabilities of the facility by enabling high-temperature processing and reactive extrusion techniques.
- In November 2022, the Bioproduct Chemistry team at Aalto University achieved a significant milestone by developing an eco-friendly process to produce robust and flexible cellulosic films that maintain their strength even in wet conditions.
Global Advanced Polymer Composites Key Market Trends
- One of the key market trends in the advanced polymer composite industry is the increasing focus on sustainable and eco-friendly solutions. As environmental concerns continue to rise, there is a growing demand for materials that have a reduced carbon footprint and minimize environmental impact. This trend has prompted companies in the advanced polymer composite market to invest in the development of bio-based composites and explore recycled materials. Manufacturers are actively seeking ways to reduce the reliance on fossil fuels, incorporate renewable resources, and improve the recyclability of their products. Additionally, there is a shift towards adopting circular economy principles, where end-of-life products are recycled or repurposed rather than discarded. This trend aligns with the broader sustainability goals of industries across sectors and reflects the changing preferences of environmentally conscious consumers who are actively seeking greener alternatives.
Global Advanced Polymer Composites Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Deployment mode team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The advanced polymer composite industry reveals a promising outlook with steady growth prospects. The increasing demand for lightweight, high-performance materials across various sectors such as automotive, aerospace, construction, and consumer goods is a key driver for market expansion. The focus on fuel efficiency, emission reduction, and sustainability further boosts the adoption of advanced polymer composites in these industries. Moreover, technological advancements, research and development initiatives, and product innovations by key players contribute to market growth. The competitive landscape is driven by a combination of technological advancements, product innovation, and a focus on meeting customer demands for lightweight, durable, and high-performance materials across various industries, including automotive, aerospace, construction, and consumer goods.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.5 billion |
| Market size value in 2031 | USD 17.59 billion |
| Growth Rate | 5.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Advanced Polymer Composites Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Advanced Polymer Composites Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Advanced Polymer Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Advanced Polymer Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Advanced Polymer Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Advanced Polymer Composites Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Advanced Polymer Composites Market Report Snapshots
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