Advanced polymer composites market is expected to grow at CAGR of 7.2% uptil end of decade

11-Mar-15

The global advanced polymer composites market was valued at US$7.47 bln in 2013 and is likely to reach US$12.12 bln by 2020, expanding at a CAGR of 7.2% from 2014 to 2020, as per Transparency Market Research. Advanced polymer composites are a blend of two or more materials having different properties. These composites are used widely in various end-user industries that require high performance parameters. Globally, demand for advanced polymer composites is primarily driven by growth in aerospace and wind energy industries. This is anticipated to remain the major driver for the advanced polymer composites market in the near future. High cost involved in the production and usage of advanced polymer composites is projected to be the key challenge for market participants. Aerospace, with market share of over 40%, was the dominant end-user industry segment in the advanced polymer composites market in 2013. Various parts of aircraft such as landing gear assembly, doors, floor beams, and rudders are manufactured using advanced polymer composites. Demand for advanced polymer composites is estimated to increase significantly in the next few years, due to increasing demand for large aircraft carriers across the globe. In terms of revenue, North America accounted for around 38% share of the Global Advanced Polymer Composites Market in 2013, followed by Europe and Asia Pacific. Asia Pacific is estimated to be the fastest growing region in terms of demand for advanced polymer composites used across various end-user industries. This can be ascribed to growth in automotive, wind and aerospace industries in the region. Asia Pacific is a key market for producers of advanced polymer composites due to the recent economic growth coupled with increasing technological advancement in the region. This has encouraged various manufacturers to establish new facilities in Asia Pacific. Various aircraft manufacturers operate in North America. Thus, it is another major region with strong demand for advanced polymer composites. Several major players in North America produce advanced polymer composites used in various applications. In terms of revenue, the market for advanced polymer composites products in the region is likely to expand at a CAGR of 7.4% from 2014 to 2020.