According to a new report by Expert Market Research titled, “Global Advanced Polymer Composites Market Share, Size, Report and Forecast 2024-2032″, the global advanced polymer composites market size reached a value of approximately USD 18.84 billion in 2023. Aided by the rising demand for lightweight and high-performance materials across various industries and the broadening applications of advanced polymer composites, the market is projected to further grow at a CAGR of 6.20% between 2024 and 2032 to reach a value of USD 26.95 billion by 2032.
Advanced polymer composites are composite materials composed of a polymer matrix reinforced with a high-performance fibrous material. The unique properties of these composites, such as high strength-to-weight ratio, superior durability, and excellent resistance to heat, chemicals, and wear, make them ideal for use in numerous products and applications. They are extensively used in the automotive, aerospace, energy, and construction sectors, among others.
The accelerating demand for lightweight yet robust materials in various industries is propelling the global advanced polymer composites market growth. With increasing fuel efficiency requirements and stricter emission regulations in sectors like automotive and aerospace, there is a significant shift towards the adoption of these high-performance composites. Moreover, the growing trend of miniaturisation in electronics and the need for durable materials in the energy sector have led to a surge in demand for advanced polymer composites.
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The expanding applications of advanced polymer composites also contribute substantially advanced polymer composites market expansion. In the aerospace industry, these composites are employed in the manufacturing of aircraft components due to their weight reduction capabilities, thus enhancing fuel efficiency. The automotive sector uses them for producing parts like body panels, engine components, and structural parts to improve vehicle performance. In the energy sector, they are utilised for manufacturing wind turbine blades due to their durability and strength.
Furthermore, the demand for advanced polymer composites in the construction industry has seen a significant rise. Their corrosion-resistant properties make them a suitable choice for building bridges, decks, and reinforcements. This shift towards advanced polymer composites in the construction sector is expected to further bolster the advanced polymer composites market demand.
With the rise of renewable energy and the increasing popularity of electric vehicles, advanced polymer composites have emerged as a critical component in manufacturing wind turbine parts and electric vehicle components, thereby boosting the advanced polymer composites market expansion.
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Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
• Resins
o Epoxy Resins
o Phenolic Resins
o Polyester Resins
o Others
• Fibres
o Carbon
o Aramid
o Glass
o Others
• Others
Market Breakup by Application
• Auto Parts
• Conductors
• Tanks and Pipes
• Aviation Parts
• Wind Blades
• Boat Building
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global advanced polymer composites companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• 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
• Others
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