Advanced Polymer Composites Market to surpass $17bn by 2030, says Global Market Insights Inc.

Some of the major players operating in the advanced polymer composites industry are BASF SE, Arkema S.A., SGL Carbon SE, Kemrock Industries and Exports Limited, Solvay S.A., Mitsubishi Rayon Co. Ltd. And Toray Industries Inc.

SELBYVILLE, Del., Aug. 22, 2022 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the global advanced polymer composites market is expected to cross USD 17.4 billion by 2030, progressing at a CAGR of 5.9% from 2022 to 2030.

Renewable energy sources such as wind energy are becoming popular across residential and commercial sectors. An ever-growing demand for sustainable sources of energy will positively impact the manufacturing of wind blades, boosting the demand for advanced composite materials. Many countries are taking important steps to achieve carbon neutrality goals and be less dependent on fossil-fueled power generation.

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Awareness campaigns and financial incentives by governments in emerging economies worldwide will encourage the switch to wind energy. For instance, the Indian Renewable Energy Development Agency Ltd. (IREDA), a public limited government company, offers preferential loans for wind turbine development and installation. Such initiatives will accelerate the use of advanced polymer composites that offer design flexibility, to manufacture lightweight yet strong wind turbines.

The new report categorizes advanced polymer composites market share in terms of products, such as fibers, resin, and others. The industry share from the fiber segment will observe about 6% CAGR through 2022-2030. Glass, carbon, and aramid fibers are among the various advanced fiber composite materials. Aramid fibers are gaining traction due to properties such as resistance to organic solvents, low flammability, great fabric integrity even at elevated temperatures, and non-conductive nature.

Aramid composite fibers are used to make bullet-proof vests, aircraft body parts, boat hulls, sails for yachts & sailboats, and belts & hosing for automotive and industrial applications. Continuous product developments by leading companies will propel the adoption of these types of fibers. For instance, in March 2021, German company Lanxess developed the world's first carbon fiber smartphone equipped with HyRECM technology. This technology will explore the potential of carbon-based composites in connected devices.

The advanced polymer composites market share from the phenolic resin segment is expected to record over 5% CAGR between 2022-2030. This resin is a thermoset polymer that exhibits several features such as hardness, ability to withstand heat, electrical resistance, dimensional stability, and resistance to chemicals. Some of the most critical applications of these materials include insulation for circuit boards, use in knife handles, and enhancers for improving tire traction on roads. These resins incur lower production cost as compared to other thermoplastics and thermosets.

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Global advanced polymer composites market revenue from the boat building application will be more than USD 990 million by 2030. Shipbuilding activities are on the rise across developed as well as developing economies due to the growing disposable incomes. The demand for recreational boating has surged after the initial COVID-19 pandemic period, as more people participated in water sports and other leisurely activities. The tourism sector has shown considerable growth as the effect of the pandemic declines.

Speaking in terms of the regional performance, Middle East & Africa advanced polymer composites market size is anticipated to be more than USD 1.2 billion by 2030. Automotive sales in the region is growing with improved customer spending capacity. Expanding aerospace sector in South Africa, and robust rise in boat building activities are also amongst the factors contributing to the regional industry growth.

BASF SE, Toray Industries Inc., Arkema S.A., Solvay S.A., Mitsubishi Rayon Co. Ltd., SGL Carbon SE, and Kemrock Industries and Exports Limited, are some of the reputed companies in global advanced polymer composites industry. R&D investments, partnerships, and M&A strategies will enable the companies to reinforce their regional consumer reach.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.