Advanced Polymer Composites Market

A Summary of the Advanced Polymer Composites Market

As of the current year, 2022, the global advanced polymer composites market is estimated at USD 11.12 Billion.

The market value of the advanced polymer composites market is anticipated to surpass a valuation of USD 19.73 Billion by the year 2032, advancing at a CAGR of 5.9%. A historical market valuation of USD 10.5 Billion has been recorded by the analysts of Future Market Insights for the concerned market during the base year. The growth is supported by:

• High versatility and efficient features of advanced polymer composites including high stiffness, durability, resistance to corrosion, and strength-to-weight are likely to fuel the adoption.
• The surge in the automotive sector is increasing the demand for these materials as they help in reducing the weight of the components.
• The desire to develop lightweight parts for upcoming EV models is estimated to bolster the sale of advanced polymer composites.
• The flourishing alternative energy sector and booming industrialization can be identified as key factors reshaping the market landscape for advanced polymer composites.
• The aerospace industry is highly making use of advanced polymer composites for making aircraft parts like rudders, floor beams, nacelles, wigs, landing gear doors, elaborators, and others that ensure operational efficiency.
• The defense sector has also landed as a key market driver for advanced polymer composites in recent years.

Report Attribute	Details
Advanced Polymer Composites Market Value (2022)	USD 11.12 Billion
Advanced Polymer Composites Market Anticipated Value (2032)	USD 19.73 Billion
Advanced Polymer Composites Projected Growth Rate (2022 to 2032)	5.9%

High Production Costs Deluge Misery in Operations for Manufacturers

Although the market is witnessing healthy growth, it is identified that certain elements prevailing in the market are likely to curb the growth in the upcoming years. Reinforcement of polymers involves high-end technology that adds on production cost, and the high association of production cost with advanced polymer composites is expected to hamper the market growth in the foreseen years.

In addition to that, the manufacturing process concerned with advanced polymer composites requires a lot of time, which eventually leads to an increase in labor costs, thereby impeding the growth of the market through the forecast period.

Heavy Impact from Aerospace Industry – A Benediction to Boon!

There are several end-use industries revolving around the advanced polymer composites market that include consumer goods, automotive, marine, electronics, and others. Amidst these, the aerospace industry is expected to lead the global market in the upcoming years.

The industry is expected to withhold 40% of shares in the global market. The trend is anticipated to continue as the industry continues to make significant investments in research and development activities. The aerospace industry is building new air travel and overhauling the existing machines, which have become an indispensable part of modern living. Therefore, a soaring demand from the defense and logistics side, coupled with demand for aircraft carriers is likely to boost the uptake of advanced polymer composites in the concerned industry.

Overview of the Historical Market Scenario

It is identified that the advanced polymer composites market has been witnessing an unprecedented surge in recent years. After an in-depth analysis of the market, it has been estimated that there has been an approximate rise of USD 0.62 Billion from the base year to the current.

The reason for the growth can be attributed to the increasing demand from the various end-use industries. Owing to advanced polymer composites being multi-phased materials they have high strength and are majorly replacing conventional materials like metals, glass, and others. Superior technical properties like lightweight, stiffness, abrasion resistance, sturdiness, and excellent fatigue are some of the key reasons that end-use industries across the globe are adopting advanced polymer composites.

The manufacturing process of the aerospace and defense sector is highly using advanced polymer composites and the market is expected to aid significant growth through the estimated study period.

Category-wise Insights

Sustainable Development of Composites Paves the Way for Domineering Segments

Carbon Fiber Composites – By Product Type Category

It is anticipated that the carbon fiber segment is going to dominate the global advanced polymer composites market throughout the forecast period. This segment is projected to advance at a moderate pace, registering a CAGR of 6.6% through 2032. The factors contributing to the progression of this segment include:

• The excellent rigidity of carbon fibers, coupled with great tensile strength is making them useful in marine, automotive, and aerospace applications.
• The carbon fiber material is highly suited for the reduction of weight of the wind blades in the aerospace industry and is thus gaining rapid traction.
• The continuous development of renewable energy and government efforts towards supporting the same is estimated to exert a positive influence on market trends.

The resin composites segment is also anticipated to have significant growth during the projection period and is likely to surpass a market valuation of USD 6.4 Billion by the end of 2032. Due to the high resistance of resins to electricity and flames, they possess superior mechanical strength.

The resins are used in metal bonding and as fusion bonding advanced polymer composites in electric and carbon materials. It is identified that resin-based polymers are extremely suitable for aviation parts and auto components. The consistent upsurge in air traffic across developing economies is heavily impacting the advanced polymer composites industry.

Auto Parts – By Application

After an in-depth analysis of the market, it is identified that the auto parts segment by application type category is likely to exert dominance in the advanced polymer composites market. This segment is estimated to exceed a valuation of USD 3.4 Billion by the end of the estimated study period. The factors responsible for the steady advancement of this segment are:

• The rise in disposable income and easy credit facilities are increasing the demand for vehicles, which is fueling the production of auto components.
• Car manufacturers are using advanced polymer composites for producing stronger and lighter auto parts.
• A gradual rise in EV adoption in emerging economies is expected to reinforce the demand for advanced polymer composites n the upcoming years.

Country-wise Insights

Demand for High-end Technology with High-Performance Upscale the Adoption of Advanced Polymer Composites Across Diverse Countries

Country/Region	Growth Propellants
United States	The USA has emerged as a leading country in the North American region. The elements responsible for the growth of the USA advanced polymer composites market are: Soaring demand from the rising aerospace industry for aircraft carriers in the country. An ever-growing consumer base owing to the well-established automotive sector across the region is estimated to fuel the progress of the market in the coming years.
Europe	Europe is estimated to surpass a market valuation of USD 5.3 Billion by the end of 2032. Aspects propelling the growth of the market in Europe can be identified as follows: An increase in research activities and EV production by leading companies is estimated to be beneficial for the regional industry of Europe. Government grants, initiatives, and policies for supporting the production of electronic vehicles are likely to fuel the demand for advanced polymer composites in Europe.
Japan	Japan’s advanced polymer composites market is estimated to hold significant shares in the forthcoming years. Factors boosting the growth of the market are as follows: The need for developing non-conventional energy resources is leading to an upsurge in green investment. Thus, the usage of the advanced polymer composites industry in the energy utility sector is also on a rapid rise. to increase the fuel efficiency of vehicles, the manufacturers in Japan are using advanced polymer composites, revamping the market landscape for the same.
Korea	The Korean advanced polymer composites market is anticipated to hold considerable shares in the Asia Pacific region. Factors contributing to the growth of the market are: A rise in research and development activities by companies and government assistance is identified to create lucrative growth opportunities in the market. The urban populace is showing a remarkable demand for motor vehicles, which in turn is fueling the adoption of advanced polymer composites by motor vehicle manufacturers.

Start-up Ecosystem

Glance Upon the Unique Attempts of the New Entrants in the Market

The new entrants in the advanced polymer composites market are leveraging advancements in technology to launch new products and gain a competitive advantage. These firms are continually investing in research and development activities to keep themselves in tandem with the changing consumer preferences and end-use industry demands. Efforts are being made to strengthen their foothold in the market and aid the further progression of the advanced polymer composites market.

Top Start-ups to Watch For

Arris Composites – This start-up company has emerged as a pioneer of next-generation composites for mass applications across diverse markets that include automotive, aerospace, and consumer products. They are manufacturing and designing highly integrated products that are more compact, lighter, and tougher.

Atomic-6 LLC – This start-up is an advanced composite manufacturing company. Their proprietary process brings composites to the next stages of uniqueness and innovation. They create highly customizable products that are faster than before, and simultaneously lighter and stronger.

Actuation Lab Ltd – This firm stands out to be a modern-day investor that is utilizing advanced materials and techniques for manufacturing products. The start-up is using the latest design methods, and rapid manufacturing, and is beholding the perception that mechanical hardware keeps the industry moving.

Competitive Landscape

Key Players Focus on New Tangents to Enjoy Multi-directional Growth

The advanced polymer composites market is fragmented and the key players are deploying organic and inorganic growth strategies to compete in the market. The biggies are heavily investing in research and development activities to create lightweight, durable, and corrosion-resistant composites for easing the job of autonomous vehicle manufacturers. make compact and comprehensive vehicles.

For instance, iCOMAT is a spin-out company from the University of Bristol that has recently developed a patented manufacturing process to make advanced carbon fiber composites that are lighter and stronger, along with being cost-effective in nature over the state-of-art processes.

They are incorporating game-changing solutions for their customer base and allowing them to unlock new levels of composite performances. These advanced polymer composites are better than before and the firm has pioneered the revolutionary Rapid Tow Sheering technology in recent years.

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.

Some of the key companies proliferating in the market are

• BASF SE
• Arkema S.A.
• SGL Carbon SE
• Kemrock Industries and Exports Limited
• Solvay S.A.
• Mitsubishi Rayon Co. Ltd.
• Toray Industries Inc

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
• Auto parts
• Tanks & pipes
• Aviation parts
• Boat building
• Wind blades
• Others

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East and Africa(MEA)
• Europe

Frequently Asked Questions

What is the Growth Outlook for the Advanced Polymer Composites Market?

The growth outlook for the advanced polymer composites market is predicted to advance at a CAGR of 5.9% from 2022 to 2032.

Which Region Leads the Advanced Polymer Composites Market?

The North American region is anticipated to lead the advanced polymer composites market during the forecast period.

What is the market valuation of Advanced Polymer Composites in 2022?

The market valuation of the advanced polymer composites market stands at USD 11.12 Billion in 2022.

How much Growth Potential do the Advanced Polymer Composites hold?

The advanced polymer composites market is likely to hold a valuation of USD 19.73 Billion by 2032.

Which sector is the key driver in the Advanced Polymer Composites Market?

The automotive industry sector is the key driver in the advanced polymer composites market.