Global Advanced Polymer Composites Market is expected to grow owing to rising demand from wind energy and aerospace industries. Advanced polymer composites are increasingly finding application in wind blades manufacturing. Increasing importance for energy generation through renewable sources and growing requirement for high material strength in wind power installations is expected to be a major factor driving advanced polymer composites demand over the forecast period.
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The advanced polymer composites market is anticipated to grow in the forecast period owing to driving factors such as rapid industrialization coupled with thriving alternative energy sector. Growing demands from the aerospace industry for lighter and high performance aircraft units and applicability in wind energy generation further boost the advanced polymer composites market growth. However, high production costs of polymer composites particularly carbon fiber negatively influence the market growth. On the other hand, increasing automotive applications of the product is likely to witness growth opportunities for the advanced polymer composites market players during the forecast period.
The growth in global Advanced Polymer Composites market is also influenced by the presence of major players such as Solvay S.A., BASF SE, Mitsubishi Rayon Co. Ltd., TPI Composites Inc., 3B-Fibreglass sprl, Koninklijke Ten Cate N.V., Arkema S.A., Cytec Industries Inc., Toray Industries Inc., Cristex Ltd, SGL Carbon SE, Hexcel Corporation, Owens Corning Corporation
Most important types of Advanced Polymer Composites market products covered in this report are: Resin, Carbon Fiber, Glass Fiber, Other
Most widely used downstream fields of Advanced Polymer Composites market covered in this report are: Conductors, Autoparts, Tanks & Pipes, Construction, Others
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The global Advanced Polymer Composites market is segmented into six key regions, namely North America, South America, Europe, and Asia Pacific, Japan, China and the Middle East & Africa
North America led the total advanced composites market size and accounted for more than 35% of the global industry share in 2017. Prevalence of huge customer base for aerospace industry is the major factor contributing towards business growth. Air traffic in the region is the highest with escalating aircraft part manufacturing operations due to the growing product demand in autoparts, civil and military aerospace applications. The region has substantial wind energy generation which is projected to boost the product demand. Additionally, the region has substantial number of customer for entertainment boats such as yachts, which may further boost industry size in the region.
However, Asia Pacific is likely to observe highest growth with a CAGR over 7% by 2024. Increasing automotive sales in the region due to improved consumer spending power, elevating aerospace industry in China & India and robust growth in the boat building activities are the factors contributing regional growth over the forecast period.
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Global Advanced Polymer Composites Market is expected to grow owing to rising demand from wind energy and aerospace industries.
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