Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Advanced Polymer Composites Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global advanced polymer composites market reached approximately USD 18.84 billion in 2022 and is expected to grow at a CAGR of 6.20% between 2023 and 2028, reaching a value of USD 26.95 billion by 2028.
Advanced polymer composites are composite materials that consist of a polymer matrix reinforced with high-performance fibrous materials.
These composites offer unique properties such as a high strength-to-weight ratio, superior durability, and resistance to heat, chemicals, and wear. They find applications across various industries, including automotive, aerospace, energy, construction, and more.
Market Growth Drivers
Several factors are driving the growth of the global advanced polymer composites market:
- Demand for Lightweight Materials: Industries are increasingly demanding lightweight materials to improve fuel efficiency and meet emission regulations. Advanced polymer composites offer a lightweight yet robust solution, making them suitable for sectors like automotive and aerospace.
- Miniaturization in Electronics: The trend toward miniaturization in the electronics industry requires durable materials that can withstand wear and tear. Advanced polymer composites are used to create components that meet these demands.
- Renewable Energy: With the rise of renewable energy, advanced polymer composites are critical in manufacturing wind turbine parts, especially blades, due to their durability and strength.
- Electric Vehicles (EVs): The growing popularity of electric vehicles has led to an increased demand for advanced polymer composites in manufacturing EV components, contributing to market growth.
- Construction Industry: Corrosion-resistant properties make advanced polymer composites an excellent choice for construction, including bridges, decks, and reinforcements.
- Wider Applications: Expanding applications in industries such as aviation, auto parts, conductors, tanks, and pipes contribute to the growth of this market.
Market Segmentation
The market is segmented based on various factors:
- Product: Resins (Epoxy Resins, Phenolic Resins, Polyester Resins, Others) and Fibers (Carbon, Aramid, Glass, Others).
- Application: Auto Parts, Conductors, Tanks and Pipes, Aviation Parts, Wind Blades, Boat Building, Others.
- Region: North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Key Players
Key players in the global advanced polymer composites market include BASF SE, Arkema, Owens Corning, 3B-the fiberglass Company, Solvay S.A., Cristex Ltd, SGL Carbon SE, Hexcel Corporation, DuPont de Nemours, Inc., Toray TCAC Holding B.V, and others.
Conclusion
The global advanced polymer composites market is driven by the demand for lightweight materials, miniaturization in electronics, renewable energy, electric vehicles, and expanding applications in various industries. These composites offer unique properties that make them ideal for use in sectors such as automotive, aerospace, energy, and construction. As industries continue to seek advanced materials to meet their specific needs, the market for advanced polymer composites is expected to grow significantly in the coming years.
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