Advanced Polymer Composites Market

According to Stratistics MRC, the Global Advanced Polymer Composites Market is accounted for $10.6 billion in 2024 and is expected to reach $18.5 billion by 2030 growing at a CAGR of 9.6% during the forecast period. Advanced polymer composites are innovative materials with superior mechanical properties, ideal for industries like automotive, aerospace, construction, and biomedicine. They have a high strength-to-weight ratio, allowing for lighter components without compromising structural integrity. These composites also exhibit exceptional resistance to corrosion, harsh chemicals, and environmental elements, making them suitable for various applications and can be tailored for specific conditions.

According to ACEA, in 2022, around 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. The demand for materials that can meet these requirements is increasing as the industry shifts towards lightweight, fuel-efficient, and eco-friendly vehicles.

Market Dynamics: 

Driver: 

Reduced fuel consumption and improved fuel efficiency

Advanced polymer composites, like carbon fiber-reinforced polymers (CFRP), are increasingly being used in the automotive and aerospace industries due to their high strength-to-weight ratio and ability to reduce vehicle weight. This leads to improved fuel efficiency and reduced fuel consumption, aligning with global efforts to reduce carbon emissions. As the automotive industry transitions towards electric vehicles (EVs), the demand for fuel-efficient vehicles is increasing, and automakers are using advanced polymer composites for both internal and external components.

Restraint:

Limited recycling and disposal regulations

Advanced polymer composites, primarily non-biodegradable, generate significant waste in industries like automotive, aerospace, and construction due to their inability to be recycled effectively. This environmental impact raises concerns among consumers and regulators, potentially reducing demand for these materials. Moreover the lack of comprehensive recycling and disposal regulations also pose challenges, potentially requiring companies to invest in new technologies or processes, increasing operational costs and complicating supply chains hampers the market growth. 

Opportunity:

Tailored properties which ensures optimal performance

The tailored properties of advanced polymer composites contribute to improved performance and efficiency across various applications. For example, in the automotive industry, the lightweight nature of these materials, combined with their high strength-to-weight ratio, helps improve fuel efficiency and overall vehicle performance. Furthermore in the aerospace sector, advanced polymer composites are used to manufacture lightweight and durable components, contributing to the development of fuel-efficient aircraft encouraging its market growth.

Threat:

Availability of substitutes and lack of standardization

Advanced polymer composites face competition from substitute materials like metals, ceramics, and traditional polymer composites, which may offer cost, ease of processing, or specific properties. This can limit their growth potential in some markets. Standardization in the industry can create challenges for manufacturers, suppliers, and end-users, leading to increased costs, limited interchangeability, and reduced market confidence. Replacing metals like aluminum and titanium with advanced polymer composites requires extensive testing and certification, which may deter some manufacturers from adopting these materials.

Covid-19 Impact: 

The COVID-19 pandemic had a significant negative impact on the advanced polymer composites market. Several key end-use industries, such as automotive, construction, and aerospace, experienced steep declines in production due to lockdowns and travel restrictions. Supply chain disruptions and a lack of adequate manpower and raw materials further exacerbated the situation. The automotive and aerospace sectors were particularly hard hit, with production halted and demand for advanced polymer composites plummeting.

The resin segment is expected to be the largest during the forecast period

The resin is expected to be the largest during the forecast period because resin serves as the matrix material in advanced polymer composites, binding the reinforcing fibers and providing structural integrity. The choice of resin significantly influences the mechanical, thermal, and chemical properties of the composite. For instance, epoxy resins are known for their excellent adhesion, thermal stability, and chemical resistance, making them popular in aerospace and automotive applications contributing to market growth

The aviation parts segment is expected to have the highest CAGR during the forecast period

The aviation parts segment is expected to have the highest CAGR during the forecast period because air travel becomes increasingly indispensable, the soaring demand for aircraft from both defense and logistics sectors is expected to boost the uptake of advanced polymer composites. As the industry continues to invest in research and development, overhauling existing machines, and building new ones, the demand for advanced polymer composites is expected to rise further.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. North America is one of the biggest in the world with the U.S. being one of the largest producers of automobiles. High market size and significant disposable income of consumers along with the ability of mass production and high product variation have boosted industry growth in the country, which is further likely to increase the consumption of advanced composites in automotive applications in the region.

Region with highest CAGR:

Asia Pacific is projected to witness the highest CAGR over the forecast period owing to rapid growth of the wind energy production industry in Germany and Spain is expected to drive the demand for composites over the forecast period. High aerospace & defense industry growth in the region is expected to have a positive impact on the industry and the growing manufacturing of vehicles in industry and growing demand across the globe for cars is expected to drive market growth over the forecast period. The rising need for fuel-efficient vehicles is expected to aid market growth over the forecast period.

Key players in the market

Some of the key players in Advanced Polymer Composites market include Akzo Nobel N.V, Arkema S.A., BASF SE, Covestro AG, DuPont, Evonik Industries AG, Formosa Plastics Corporation, Hexcel Corporation, Honeywell International Inc., Huntsman International LLC, Mitsubishi Rayon Co. Ltd, Owens Corning Corporation, SGL Carbon, Solvay S.A, Teijin Aramid B.V., Toray Industries Inc. and TPI Composites Inc. 

Key Developments:

In July 2024, DuPont announced that it has completed the previously announced acquisition of Donatelle Plastics (“Donatelle”), a leading medical device contract manufacturer specializing in medical components and devices.

In July 2024, BASF has introduced Haptex® 4.0, a significant advancement in sustainable synthetic leather technology. This innovative product aims to address environmental concerns associated with traditional synthetic leathers, which are often derived from petrochemicals and are not biodegradable.

In June 2024, BASF and ‘Pragati’ extends full transparency & traceability to bio-based footwear solutions with SuCCESS cod. This initiative focuses on certified sustainable castor oil production, ensuring that the castor oil used in bio-based footwear meets stringent environmental and social standards.

Product Types Covered:
• Resin
• Fiber
• Other Product Types 

Applications Covered:
• Aviation Parts 
• Boat Building 
• Tanks & Pipes 
• Wind Blades 
• Auto Parts 
• Conductors 
• Other Applications 

End Users Covered:
• Automotive 
• Construction 
• Electrical & Electronics 
• Aerospace & Defense 
• Marine 
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances