Advanced Polymer Composites Market Analysis

Advanced Polymer Composites Market Analysis

Based on the product type, the advanced polymer composites market is divided into fiber, resin, and other materials. Resin segment is set to surpass USD 6 billion by 2030. Many resins are resistant to high flames & electricity and possess superior mechanical strength. They can be used in metal bonding as well as carbon and electrical materials. With these characteristic advantages, resin-based polymers are suitable for auto components and aviation parts. A consistent rise in air traffic across emerging economies over the next few years will fuel the demand for aircrafts, impacting advanced polymer composites development.
 

The advanced polymer composites industry share from the carbon fiber segment will record a 6.6% CAGR through 2022-2030. Carbon fiber has excellent rigidity along with great tensile strength, which makes it useful in automotive, marine, and aerospace applications. Also, the material is highly suited for weight reduction of wind blades. Continuous government efforts to support renewable energy development will positively influence the market trends. For example, in May 2022 the authorities in Norway present an initiative to strengthen offshore wind power generation, which can enhance the regional access to renewables for private and commercial use.
 

Global advanced polymer composites market share from the auto parts application is predicted to exceed USD 3.2 billion by 2030. The growing disposable income, easy credit facility, and increasing demand for vehicles will fuel the production of auto components. Nearly 1.6 million new motor vehicles were registered in Canada during 2021, which was a 6.5% increase from 2020. This indicates the high demand for vehicles and a positive impact on advanced polymer composites application, as car manufacturers can produce lighter yet stronger auto parts. Gradual surge in EV adoption in developing regions will reinforce the need for polymer composites.
 

Europe advanced polymer composites market share will surpass USD 5 billion in value by 2030. Increasing EV production and research activities by leading companies will be beneficial for the regional industry statistics. Government policies to support the production of electric vehicles (EVs) will also spur the demand for advanced polymer composites. For instance, the French government announced a USD 8.2 billion rescue plan for the country’s auto sector in May 2020. It also included giving individual grants to encourage the purchase of green vehicles, with more than USD 3,000 being offered as bonuses to people who buy lesser polluting automobiles.