According to a report from Future Market Insights (FMI), the global advanced polymer composites market is expected to experience a moderate compound annual growth rate (CAGR) of 5.9% over the forecast period. In 2022, the market was valued at US$ 11.12 billion, and it is projected to exceed US$ 19.73 billion by 2032, with a historical market value of US$ 10.5 billion recorded during the base year.
FMI has analyzed that the rise in the production of electronic vehicles is leading to numerous research and development activities in the advanced polymer composites market. Beneficial avenues are getting unraveled for the leading companies.
In addition to that, the government support received by the aerospace and automotive industry is expected to spur the demand for composites. Recently, the French government announced a US$ 8.2 Billion rescue plan for the country’s automobile sector in the base year.
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In order to reduce the weight of vehicles, advanced polymer composite materials are being heavily used in the aerospace and automotive sector. It is also resulting in the attainment of fuel efficiency of the vehicles due to reduced weight.
Additionally, the corrosion-resistant properties of advanced polymer composites are keeping them in tandem with the end-use industry demands. They are further estimated to contribute to the market growth of the product during the forecast period.
However, high production cost and procurement of raw material is still a challenge, that is likely to pose threat to the market. Furthermore, the manufacturing process can take up a lot of time and is estimated to impede the growth of the market in the forthcoming years.
Key Takeaways from the Advanced Polymer Composites Market
- The advanced polymer composites market is estimated to move forward at an average pace, recording a CAGR of 5.9% through 2032.
- The carbon fiber composites segment by product type category is anticipated to accrue the largest market share during the period 2022-2032, advancing at an ACGR of 6.6%.
- The auto parts segment is estimated to surpass a market valuation of US$ 3.4 Billion by the end of the projection period.
- The advanced polymer composites market in Europe is anticipated to reach a market valuation of US$ 5.3 Billion by 2032.
“High performance, longevity, and cost-effectiveness of advanced polymer composites are likely to open up lucrative growth prospects for the manufacturers of these components.” – Says an FMI analyst.
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Competitive Landscape in the Advanced Polymer Composites Market
The advanced polymer composites market is identified to be highly fragmented and the major players are focussed on deploying organic and inorganic growth strategies to compete in the market. The biggies are heavily investing in research and development activities to make advances in the properties of these polymers for their further application in automobiles and aircraft, easing the job and cutting down costs for the suppliers in the aforementioned industries.
SGL Carbon SE, Kemrock Industries and Exports Limited, Solvay S.A., and Mitsubishi Rayon Co. Ltd. are some of the companies gaining traction in the market.
Recent Developments
- In July 2022, Arkema acquired Polimeros Especiales, a leading emulsion resin producer in Mexico. The planned acquisition will strengthen Arkema’s position in the fast-growing regional market.
- In June 2020, Solvay and Leonardo signed a supply agreement for 5 years through which Solvay is estimated to supply a wide range of market-dealing materials for Aircraft, Aeronautics, Electronics divisions, and Helicopters of Leonardo.
- In August 2019, BASF and Toray Advanced Composites signed a supply agreement for bringing an innovative tape technology that is intended for the automotive sector
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Key Segments in the Advanced Polymer Composites Market
By Product:
- Resin
- Epoxy resins
- Phenolic resins
- Polyester resins
- Others (PE, PP, PVC, PA etc.)
- Fiber
- Carbon
- Glass
- Aramid
- Others (boron fibers, ceramic fibers, etc.)
- Others (fillers, additives, modifiers, etc.)
By Application:
- Conductors
- Autoparts
- Tanks & pipes
- Aviation parts
- Boat building
- Wind blades
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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