The advanced polymer composites market size is predicted to show rapid expansion due to the rising adoption of advanced polymer composites by the automotive sector. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Advanced Polymer Composites Market, 2022-2029”. Advanced polymers, on the other hand, offer high stiffness, mechanical strength, and other qualities, making them an excellent alternative for the automobile industry.
COVID-19 Impact –
Over the last few months, almost every industry globally has suffered a setback. There are a number of reasons for this, including severe disruptions in their respective manufacturing and supply-chain operations due to various precautionary lockdowns and other restrictions imposed by governments around the world. The global advanced polymer composites market is no exception. In addition, consumer demand has decreased due to the fact that people are now focusing on cutting non-essential expenses from their budgets as a result of the overall economic impact of the outbreak.
Over the forecast period, the aforementioned factors are likely to weigh on the industry’s revenue trajectory. The market is likely to revive as respective government agencies begin to abolish these enforced lockdowns.
On the basis of product type, the market is bifurcated into fiber and resin. On the basis of application, the market is fragmented into boat building, aviation parts, wind blades, conductors, tanks & pipes, and aviation parts. Geographically, the market is classified into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Report Coverage –
The report delivers detailed information on the global advanced polymer composites market share, inclusive of the technological advancements, new product launches, regional growth, and key players adopting several strategies to maintain their presence and gain a leading edge in the market. Furthermore, the report consists of brief information about the COVID-19 impact on the industry.
Drivers & Restraints –
Rising Demand for Polymer Composites in Aerospace and Military Industries to Augment Market Growth
The market will be driven by rising demand from the aerospace and military industries. Advanced polymer composites are in high demand for high-performance aircraft parts such as floor beams, engine nacelles, wings, landing gear doors, collaborators, ailerons, and other components. Furthermore, the automotive industry’s increased adoption of sophisticated polymer composites will considerably contribute to the advanced polymer composites market growth.
Reinforcement of polymers, on the other hand, necessitates the employment of high-end equipment, which raises the cost of manufacture. The market’s expansion is projected to be hampered by high production costs.
Strong Agricultural Presence in Asia Pacific to Make the Region a Dominant Market
North America is likely to dominate the market because of its vast aerospace consumer base. Asia Pacific is expected to grow rapidly due to the rising automobile manufacturing operations in the region. Due to increased demand from the automotive sector, Europe is likely to keep a substantial share. By the end of the projected period, Latin America and the Middle East & Africa would be experiencing slow development.
Prominent Players Focus on New Product Innovations to Garner Growth
The market for advanced composite materials is fragmented, with many local and global companies. Key players such as Toray Industries IncSGL Group, Teijin Limited, Kolon Industries Inc., Mitsubishi Chemical Carbon Fiber and Composites Inc., and others, are concentrating on new product innovations to enhance efficiency and longevity.
For instance, in August 2019, BASF and Toray Advanced Composites signed the supply agreement to bring innovative tape technology intended for the automotive sector.
June 2020: Solvay and Leonardo have agreed to a five-year supply arrangement in which Solvay would deliver a wide range of market-leading materials to Leonardo’s Aerostructures, Aircraft, Helicopters, and Electronics businesses.
List of Key Players in the Market:
TPI Composites Inc.
Toray Industries Inc.
Owens Corning Corporation
Mitsubishi Rayon Co. Ltd
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