Pune India, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Advanced polymer composites market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the advanced polymer composites market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, application and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global advanced polymer composites market are BASF SE, Hexcel Corporation, Solvay S.A., Arkema S.A., Toray Industries Inc., Mitsubishi Rayon Co. Ltd., Owens Corning Corporation , TPT Composites, Kemrock Industries and Exports Limited, SGL Carbon SE market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Two components—polymer and fiber—make up advanced polymer composites. While fibre has a high strength and modulus, polymer has a low strength and modulus. Advanced polymer composites include advantages including increased strength, resistance to severe chemicals or weather, and durability. Advanced composites have a competitive advantage over other composite materials because of their structural rigidity, material strength, and increased durability. Without the aircraft industry's efforts to create new forms of air transport and enhance existing ones, modern life would not be feasible. As a result, the market for advanced polymer composites is anticipated to grow in response to the demand for aircraft carriers and defence and logistics components. By using modern composite materials, it will be feasible to produce vehicles and aircraft that consume less fuel, cutting pollutants and smog by up to 50%. This will lessen the effect of quickly growing gas costs and carbon dioxide emissions. In addition to more intricate and compact designs, more stringent standards for materials and budgetary constraints could increase demand for advanced composites and accelerate the market's expansion. The rising need for fuel-efficient automobiles, the energy crisis, and worries about climate change will all propel the global market for advanced polymer composites. For instance, there will be more need for sophisticated polymer composites in electric vehicles.
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Scope of Advanced polymer composites market report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, End Use, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | BASF SE, Hexcel Corporation, Solvay S.A., Arkema S.A., Toray Industries Inc., Mitsubishi Rayon Co. Ltd., Owens Corning Corporation, TPT Composites, Kemrock Industries and Exports Limited, SGL Carbon SE among others |
Segmentation Analysis
The resins segment is expected to be the fastest-growing segment in 2021.
The type segment includes fibers, resins and others. The resins segment is expected to witness the highest growth rate during the forecast period. Many resins are strong and stiff, making them perfect for producing sturdy vehicle parts in the automotive and aerospace industries. They also have a high mechanical strength and flame resistance. The market has expanded as a result of the rising demand for sophisticated polymer composites.
The automotive segment is expected to be the fastest-growing segment in 2021.
The type segment includes aerospace & defense, construction, automotive, tanks & pipes and others. The automotive segment is expected to witness the highest growth rate during the forecast period. The demand for vehicles is being fueled by rising disposable income and accessible financing, which is driving up auto component production and the usage of advanced composites to make stronger and lighter auto components, which in turn drives up the need for advanced polymer composites.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the advanced polymer composite include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. The production of advanced polymer composites in the area will increase as a result of the presence of significant market participants. Additionally, the market will expand due to the increased demand for advanced polymer composites from a variety of end users, including aerospace & defence, automotive, construction, etc. and fast urbanisation.
Country Analysis
- Germany
Germany's advanced polymer composites market size was valued at USD 1.20 billion in 2021 and is expected to reach USD 1.94 billion by 2029, at a CAGR of 6.2% from 2022 to 2029. Due to the scarcity of natural resources and rising costs, manufacturers are seeking to make inexpensive goods, and the market for composite components is anticipated to grow over the forecast period.
- China
China’s advanced polymer composites market size was valued at USD 0.58 billion in 2021 and is expected to reach USD 0.95 billion by 2029, at a CAGR of 6.4% from 2022 to 2029. Major firms in the area are increasing their production capabilities and forming strategic alliances in order to capture a sizeable portion of the market. Additionally, the country's stringent environmental protection laws have a positive effect on the market's expansion.
- India
India's advanced polymer composites market size was valued at USD 0.48 billion in 2021 and is expected to reach USD 0.77 billion by 2029, at a CAGR of 6.1% from 2022 to 2029. The growth of the market in the nation is being driven by the increased demand for automobiles and innovations in composites and materials to lower overall vehicle weight and improve fuel efficiency.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand for durable, chemical-resistant materials in the automotive, aerospace & defense sector.
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