Newark, NJ, Feb. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global advanced polymer composites market is expected to grow from USD 9.34 Billion in 2017 to USD 16.83 Billion by 2025, at a CAGR of 7.64% during the forecast period from 2018-2025.
Advanced polymer compounds are heterogeneous materials resulting from a mixture of different components, including high-performance fibers, a polymer matrix, and various fillers and additives. Due to the synergistic effects, polymer compounds are expected to perform well on a macroscopic range by performing individual components separately. The elements (fibers) determine the mechanical properties of the FRP compound (coefficient, strength, etc.), while the polymer matrix is the continuous stage that binds the fibers together, transports the loads to the fibers and protects them from corrosion and environmental degradation. The role of interfaces between the different stages is of the utmost importance and a good level of adhesion is usually required to ensure optimum transport load and durability.
A compound can be defined as a substance made of two or more constituent substances having significantly different physical or chemical properties, when combined, produces a substance with properties different from the constituent components. Advanced polymer composites exhibit superior properties such as high strength, stiffness, excellent fatigue, and abrasion resistance. Advanced polymer composites are widely utilized in the manufacturing of high-performance aircraft parts such as engine nacelles, wings, elaborators, floor beams, ailerons, rudders, landing gear doors.
A compound can be defined as a substance made of two or more constituent substances having significantly different physical or chemical properties when combined, produces a substance with properties different from the constituent components. Advanced polymer compounds have superior properties such as high strength, hardness, excellent fatigue and wear resistance. Advanced polymer compounds are widely used in manufacturing high-performance aircraft parts such as nacelles for engines, wings, conveyors, floor beams, winglets, rudders, gears of landing gear and other components due to their outstanding strength to weight ratio.
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Key players in the global advanced polymer composites market are Arkema S.A., BASF SE, Owens, Corning Corporation, Cristex Ltd, 3B-Fibreglass sprl, SGL Carbon SE, Solvay S.A., Kemrock Industries, Mitsubishi Rayon Co. Ltd., TPI Composites Inc., Toray Industries Inc., Koninklijke Ten Cate N.V., Hexcel Corporation, and Cytec Industries Inc. among others. To satisfy the increasing demand for advanced polymer composites from the automotive industry, major firms are increasingly launching newer products. To enhance their market position in the global advanced polymer market, the key players are now focusing on adopting strategies such as recent developments, product innovation, joint ventures, mergers & acquisitions, collaborations, and partnerships. Major firms are increasingly investing in research and the development activities and development of newer products.
- For example, in 2015, BASF announced the launch of Acrodur Power 2750 X. The product is designed to produce natural fiber compounds for lightweight automotive applications such as door panels or interior car door shelves.
- In December 2019, Arkema announced that Bostik acquired LIP Bygningsartikler AS (LIP), a leading manufacturer of tile adhesives, waterproofing systems and floor preparation solutions. The excellent geographic and commercial integration of this acquisition will enable Bostik to provide integrated, innovative and highly value-added solutions to its customers in northern European countries. Moreover, the outstanding excellence of the LIP teams will allow POSTEC to significantly accelerate their growth in the Nordic countries.
Resin segment had a market value of 3.87 billion in 2017
The product segment is classified into resin, fibers, and others. Owing to their huge potential value in the metal bonding, construction, marine, wind energy, automotive and aerospace industry, resin segment emerged as the dominating segment in the global advanced polymer composites market with USD 3.87 billion revenue in 2017. Epoxy, phenol, and polyester are the main types of resins. Fibers segment is anticipated to grow at an accelerated CAGR of 9.61% over the forecast period. This increased growth rate can be attributed to rising utilization of composite fibers in the aircraft and automotive industry.
Wind energy segment is anticipated to grow at a CAGR of 9.36% in 2018 -2025
Application segment includes automotive, aerospace and defence, construction, wind energy and others. Due to widespread use of advanced polymer composites in the automotive industry on account of their high strength to weight ratio, excellent tensile strength automotive segment emerged as largest with USD 3.60 billion revenue in 2017. Wind energy segment is projected to grow at the fastest CAGR of 9.36% over the forecast period. This increased growth can be attributed to the increased focus worldwide on renewable energy and the increasing composition of wind turbines.
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Regional Segment Analysis of the Advanced Polymer Composites market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for advanced polymer composites with a 36.71% share of revenue in 2017. The presence of a well-developed aerospace and automotive manufacturing sector as well as a rising focus on wind energy generation were the actors that led the North America region to dominate the global advanced polymer composites market. Asia Pacific region is anticipated to grow at an accelerated CAGR of 8.97% over the forecasted period. This increased growth rate can be attributed to the unabated demand for the automobiles and rapid development of the aviation industry in the region.
About the report:
The global advanced polymer composites market is analysed on the basis of value (USD Billion), volume (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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