The global advanced polymer composites market is expected to witness a remarkable expansion at a CAGR of 8% during the period 2021 to 2025 and reach an estimated value of USD 5.25bn by the end of the forecast period.
The
rising demand from the wind energy sector as these polymers are used in the
making of wind blades and turbines is anticipated to intensify the growth of
the advanced polymer composites market.
Researchmoz
throws some light on the global advanced polymer composites market such as
market size, opportunities, trends, drivers, restraints, product dominance,
regional dominance, and competitive edge.
Factors Driving and Restraining the Market
- The global advanced polymer composites
market is expected to grow owing to increasing demand from the aerospace
sector due to the rise in air travel.
- The rise in demand for air carriers for
quicker deliveries and increasing expenditures from the military and
defence sector for newer aircraft is expected to amplify the expansion of
the global advanced polymer composites market during the forecast years.
- Rapid urbanization is expected to bolster
the expansion of the advanced polymer composites market in the coming
years.
- The modern living and increasing demand
for luxury cars and recreational boats such as yachts are anticipated to
drive the global advanced polymer composites market during the forecast
period.
- The oil and gas industry is expected to
boost the advanced polymer composites market, owing to the demand for
replacing metals with polymer composites.
- The increase in disposable income in the
hands of consumers is projected to expand the global advanced polymer
composites market during the forecast period.
There
are certain challenges that the advanced polymer composites market is expected
to face and dampen the growth during the forecast years.
- The complex production process coupled
with the high cost and stringent regulations is projected to hinder the
growth of the global advanced polymer composites market in the coming
years.
Nevertheless,
the global advanced polymer composites market is still anticipated to grow,
owing to the increasing demand for energy-efficient resources due to depleting
fossil fuels.
Analyst’s Overview
Since
the advanced polymer composites offer high strength, abrasion resistance, and
stability they are used in the aircraft by civil aviation and the military and
defence sector, which further is expected to expand the market.
The
logistics sector is also projected to pave the way for the global advanced
polymer composites market during the forecast period.
Glass
fibres used in the manufacturing of boats, yachts, and some components of
aircraft are expected to drive the expansion of the global advanced polymer
market in the following years.
North
America is blessed with high demand for aerospace, automotive, and electronics,
owing to modern living and demand for luxury goods and services, thus resulting
in the growth of the global advanced polymer composites market.
Simultaneously,
Asia Pacific is also likely to witness massive growth during the forecast
period, thanks to the rising trend of increased disposable income and demand
from the automotive and aerospace sectors.
Competitive Landscape
The
global advanced polymer composites market is competitive due to the presence of
prominent and large-scale manufacturers who are eyeing on introducing
innovative products in order to penetrate deeper into the market.
Some of the prominent
players involved in the global advanced polymer composites market are –
- Kemrock Industries
- Mitsubishi Rayon,
- Owens Corning
- Toray Industries
- SGL Carbon
- Hexcel
- Arkema
- Cytec Industries
- Cristex
- BASF
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