Advanced Polymer Composites Market for application in aviation parts is projected to rise with over 7.5% CAGR by 2025. Increased spending power of the consumers in the emerging nations is propelling the aviation industry immensely owing to the growing rate of airline passengers globally, which is directly boosting the market in the coming years. Likewise, growing requirement for high performance luxury vehicles for weight reduction, that enhances the vehicle’s performance as it improves power to weight ratio. Therefore, escalating commercial and personal vehicle demand across the globe will positively influence the overall market share by 2025.
Reduction in airline fares owing to the higher fuel efficiency through weight reduction will expand the product demand. The advanced composite materials are also finding application in the production of heat exchangers, turbine blades and chemical reaction vessels since it provides better resistance and lighter weight towards chemical corrosion. The aforementioned aspects and properties of the product will heavily propel the advanced polymer composites market in the coming years.
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Growing urbanization and increasing per capita income of the consumers in emerging economies will boost the amount of airline passengers. For instance, in 2017, according to Centre for Asia Pacific Aviation (CAPA) the passenger traffic at Delhi airport grew by 14% compared to the previous year making it the fastest growing airport in the world that is directly augmenting the advanced polymer composites market.
North America Advanced Polymer Composites Market was valued over USD 3 billion in 2017. Advancements in terms of product development coupled with presence of major multinational companies have provided North America with growth advantage over other regions in the recent years. Shifting regional trend towards wind energy generation will positively influence the product demand. Furthermore, strong aerospace industry in the U.S. will complement regional growth in the coming years.
Strong product demand across wind energy farms for wind blades manufacturing will positively drive the advanced polymer composites market in the expected timespan. Increasing importance for energy generation, high abrasion resistance, high durability, superior structural rigidity, good material strength and better functional characteristics makes it appropriate to find increasing applications in the wind energy and aerospace industries.
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Advanced polymer composites market share is exceedingly consolidated, with prominent players accounting for over half of the total business size in 2017. The major players include:
- 3B-Fibreglass sprl
- Arkema S.A.
- Owens Corning Corporation
- Solvay S.A.
- BASF SE
- SGL Carbon Kemrock Industries
- Cytec Industries Inc.
- TPI Composites Inc.
- Hexcel Corporation
- Toray Industries Inc.
- Mitsubishi Rayon Co. Ltd.
- Koninklijke Ten Cate N.V.
- Cristex Ltd.
Fibers accounted for more than 35% of the overall advanced polymer composite market in 2017. Major resins include carbon fiber, glass fiber and aramid fiber that contains higher tensile strength and stiffness. The rapidly growing need for highly rigid composites to build various end-use components such as wind blades, auto parts, electrical conductors, boat structures and aviation components will swell the product market share by 2025. Carbon fibers are most commonly used to reinforce composite materials. The increasing use of carbon fiber composites is displacing aluminum from aerospace applications due to the galvanic corrosion issues. The products high sturdiness and impeccable corrosion resistance properties will surely swell the advanced polymer composites market during the projected timeframe.
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