Advanced Polymer Composites Market Size

Advanced Polymer Composites Market Size

Advanced Polymer Composites Market size was valued at over USD 10.5 billion in 2021 and is estimated to record around 5.9% CAGR during the forecast period 2022-2030.

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Advanced polymer composites are innovative materials that find wide applications in several domains, such as automotive, construction, aerospace, marine, and biomedicine. They are highly versatile and suited for use in distinct working conditions. Some of the benefits offered by these composites include great durability, high stiffness, superior strength-to-weight ratio, and resistance to corrosion, harsh chemicals & environmental elements. Advanced polymers can replace conventional materials such as wood and metal, depending on the end-use

There is an increased demand for advanced composites from the automotive sector, as the materials can help reduce the weight of various components to enhance the fuel efficiency of vehicles. Most automakers are seeking new methods to develop lightweight parts for upcoming EV models. For example, in January 2021, automaker Jaguar Land Rover (JLR) joined U.K.’s Tucana consortium. The 4-year project will give the manufacturer an opportunity to explore the applications and benefits of advanced composite materials to produce more lightweight electric cars.

The high cost of product development and production, due to complex processes involved and raw material acquisition, could impede the advanced polymer composites market forecast. Manufacturing advanced composites can require a lot of time and increase the labor costs. However, the growing material demand from aerospace, automotive and wind energy sectors will help to tackle these market restraints over the next few years.