Advanced polymer composites are mainly used in applications that require high material strength capacities. Superior structural rigidity, high durability, good material strength, and better functional characteristics differentiate advanced polymer composites from regular composites. Rising demand for advanced polymer composites is mainly led by the growth of global aerospace sector and increasing wind turbine installations across the world. Increasing need for big commercial aircraft is also expected boost the market growth of advanced polymer composites in the coming years.
The global advanced polymer composites market stood at a valuation of US$7.47 bn in the recent past and is estimated to reach US$12.12 bn by 2020. This growth is expected to grow at a CAGR of 7.2% in the aforementioned forecast period.
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Aerospace Sector Leading Advanced Polymer Composites Market
Glass fibres accounted as the major product segment of the advanced polymer composites market. These glass fibres are excessively used in a wide range of applications such as wind turbines, aerospace, and automotive. It also accounted for the largest share in the global production of advanced polymer composites. This demand for glass fibres is expected to rise considerably because of increasing need for non-conventional energy resources such as wind. S-Glass and E-Glass fibres are primarily used in the production of blades of wind turbine. A switch to non-conventional energy resources such as wind energy and ensuing rise in number of installation of wind turbines are projected to be the major drivers for glass fibre based advanced polymer composites in the coming years.
Aerospace sector accounted for over 40% of market revenue of advanced polymer composites market making it the largest end-user sector in the recent past. Various aircraft parts such as elaborators, engine nacelles, floor beams, ailerons, main landing gears, and rudders are mainly made using advanced polymer composites. Properties such as high stiffness, specific strength, and excellent abrasion and fatigue resistance have boosted the application of advanced polymer composites in the aerospace sector. Because of rising environmental concerns, various aircraft manufacturers are manufacturing fuel efficient aircraft with the application of advanced polymer composites. These composites are highly functional, show good material properties, and are lightweight. Thus, use of such composites are preferred in the production of aircraft and its parts. Moreover, rising demand for big commercial aircrafts is expected to be the one of the major driving factors for the growth of advanced polymer composites market.
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North America and Europe were the major market contributors for advanced polymer composites in the recent years. North America accounted for market share of over 38.1% in the recent past. Moreover, leading players of market are now concentrating on expanding their business in Asia Pacific because of the rising demand for advanced polymer composites in the region. Also, expected growth of aerospace and automotive sector is also anticipated to boost the global advanced polymer market.
Key players in the advanced polymer composites market include SA, Arkema, BASF SE, Cytec Industries, Hexcel Corporation, Koninklijke Ten Cate nv, Solvay S.A., SGL Carbon SE, Owens Corning Corporation, and TPI Composites.