Driven by aerospace, global advanced polymer composites market to grow till US$12.1 bln by 2020

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 Mrket Research. The global advanced polymer composites market is driven by the rising demand from the aerospace industry. Furthermore, the expanding application of advanced polymer composites in the wind energy sector will also drive the market. On the other hand, the global advanced polymer composites market will be constrained by the high production costs of carbon fiber. Nevertheless, players in the global advanced polymer composites market will benefit from the opportunity presented by the automobile sector increasing its demand for advanced polymer composites in the coming few years. Some of the key players in the global advanced polymer composites market are Owens Corning, Cristex, SGL Carbon, Solvay, Mitsubishi Rayon, Toray Industries, Cytec Industries, Hexcel, BASF, and Arkema. The global advanced polymer composites market is segmented in the report on the basis of raw material, end use, and region. By raw material, the global advanced polymer composites market is divided into resins (polyester resin, phenolic resin, epoxy resin, and others) and fibers (aramid, glass, carbon, and others).Application-wise, the global advanced polymer composites market is classified into wind blades, boat building, aviation parts, tanks and pipes, auto parts, conductors, and others. On the basis of end use, the global advanced polymer composites market is divided into marine, consumer goods, aerospace and aviation, energy, automotive, electrical and electronics, and others. Several parts of an aircraft, such as rudders, floor beams, doors, and landing gear assembly, are made using advanced polymer composites. The aerospace sector held a share of more than 40% in the global advanced polymer composites market in 2013. The demand for advanced polymer composites is predicted to grow significantly due to the rising demand for aircraft carriers around the world. Region-wise, the global advanced polymer composites market is segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). In 2013, the global advanced polymer composites market was led by North America with a share of around 38%, followed by Europe and Asia Pacific. Several aircraft makers are based in North America, which will drive the demand for advanced polymer composites in this region.The Asia Pacific advanced polymer composites market is expected to demonstrate the fastest growth in the forecast period due to the rising demand from its end-use industries. Asia Pacific is one of the key markets for producers of advanced polymer composites owing to the economic growth and technological advancement observed in this region in the past few years. This has led to many manufacturers establishing new plants in Asia Pacific countries.