The advanced polymer composites market is experiencing unprecedented growth on account of the product’s application across conductors, pipes, aviation parts, and auto parts. The aerospace industry, especially, is witnessing accelerated growth across both – the civil and commercial verticals, which is the primary factor driving advanced polymer composites market.
How would the growth of aerospace industry influence the market?
The superior mechanical properties of advanced polymer composites such as its strength and high abrasion resistance makes these composites ideal for aircraft parts production. The rapidly rising urbanization and surging consumer spending will further help increase the number of airline passengers across the globe. Apparently, in the year 2006, the overall revenue passenger kilometers surpassed 4 billion and is likely to cross 15 billion RPK by 2033, which would impel the need for lightweight aerospace components and subsequently expedite advanced polymer composites market.
How would vehicle manufacturing drive the expansion of advanced polymer composites market?
Apart from the aviation segment, the automotive sector can also be attributed for the growth of this industry. Government regulations, that call for vehicle manufacturers to produce vehicles that are more fuel efficient and reliable, coupled with growing consumer demands would be ensuring market growth due to advanced polymer composites’ ability to make strong & light weight vehicle parts production more viable. Indeed, reliable estimates claim that with vehicle manufacturing taking on a progressive dimension altogether, advanced polymer composite market size from autoparts is anticipated to register a CAGR of 7.5% over 2018-2025.
How would the demand for resins influence the advanced polymer composites market growth?
According to a 2017 estimate, resins accounted for over 55% of the global advanced polymer composite market share. Some of the major resins in this category include phenolic resins, epoxy resins & polyester resins, that possess extensive anti-abrasion and high tensile strength properties. Moreover, the water resistance & high adhesive properties of epoxy resins make them ideal for applications in the boat manufacturing industry. Furthermore, the product’s high flame & electric resistance coupled with its excellent mechanical strength makes the products suitable for widescale applications in metal bonding & electrical materials, furthering ensuring advanced polymer composites market growth.
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Which geography in the advanced polymer composites industry would be witnessing significant gains?
The advanced polymer composites market is likely to accrue substantial growth across North America, that can be attributed to the presence of a plethora of major multinational aerospace and automotive companies in the region. Indeed, reports claim that the North America advanced polymer composites market, in the year 2017, was estimated to be worth over US$3 billion. The growth is also aided by the presence of the strong aerospace industry in the United States, that boasts of the inclusion of companies such as Lockheed Martin. Additionally, the prevalence of robust trends in the process of wind energy generation is also expected to positively influence the market growth.
The competitive landscape of advanced polymer composites market is highly consolidated, and pivotal players are known to have held over 50% of the overall industry share in the year 2017.