The advanced polymer composites market was valued at $11.7 billion in 2023 and is projected to reach $24.2 billion by 2033, growing at a CAGR of 7.6% from 2024 to 2033.
Advanced polymer composites are materials formed by combining polymers with reinforcement fibers. The materials synthesized through this combination exhibit remarkable thermal, mechanical, and chemical properties. The key properties of these composites are high strength-to-weight ratio, thermal stability, chemical & corrosion resistance, impact resistance, stiffness, and rigidity. Advanced polymer composites find applications in diverse industries, including automotive, defense & military, automotive, construction, marine, and sports.
Advanced polymer composites observe a high demand due to their customizable properties, making them versatile for diverse applications. In addition, the rapidly expanding automotive industry is a significant driver of the advanced polymer composites market. The automotive industry is inclining toward the usage of lightweight materials, hence increasing the requirement of polymer composites. In recent years, the trend of utilizing additive manufacturing for the manufacturing of the composites is acquiring traction. The manufacturing technique offers exceptional control over the composition and geometry of polymers, facilitating the development of intricate designs. Moreover, innovations in additive manufacturing techniques have led to the integration of functional fillers and nanoparticles during the manufacturing process, elevating the properties of the printed polymer composites.
However, shortage of recycling and disposal options for advanced polymer composites generates environmental concerns, thereby restraining the development of the market. Furthermore, utility of the composites into various industries is subject to several regulations and certifications, which hampers the growth of the advanced polymer composites market. For instance, the Joint Center of Excellence for Advanced Materials (JAMS) in the U.S. focuses on the safety and standardization of certifications regarding the applications of advanced polymer composites. The work of JAMS focuses on international standardization, development of agreements for the designed protocols, and promotion of common material databases globally. Compliance with such systematized regulations remains a challenging task for composites manufacturers and industry players.
Segment Review
The advanced polymer composites market is segmented into type, end-use industry, and region. On the basis of type, the market is divided into resins, fiber, and others. Depending on end-use industry, it is classified into automotive, construction, electrical & electronics, aerospace & defense, marine, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the resins segment held the highest market share in 2023.
Depending on end-use industry, the aerospace & defense segment acquired a high stake in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition Analysis
The major players of the global advanced polymer composites market include BASF SE, Arkema, Mitsubishi Chemical Carbon Fiber and Composites, Inc., Toray Advanced Composites, Covestro AG., Hexcel Corporation, SGL Carbon, Huntsman International LLC., TPI Composites Inc., and Solvay S.A. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Advanced polymer composites are materials formed by combining polymers with reinforcement fibers. The materials synthesized through this combination exhibit remarkable thermal, mechanical, and chemical properties. The key properties of these composites are high strength-to-weight ratio, thermal stability, chemical & corrosion resistance, impact resistance, stiffness, and rigidity. Advanced polymer composites find applications in diverse industries, including automotive, defense & military, automotive, construction, marine, and sports.
Advanced polymer composites observe a high demand due to their customizable properties, making them versatile for diverse applications. In addition, the rapidly expanding automotive industry is a significant driver of the advanced polymer composites market. The automotive industry is inclining toward the usage of lightweight materials, hence increasing the requirement of polymer composites. In recent years, the trend of utilizing additive manufacturing for the manufacturing of the composites is acquiring traction. The manufacturing technique offers exceptional control over the composition and geometry of polymers, facilitating the development of intricate designs. Moreover, innovations in additive manufacturing techniques have led to the integration of functional fillers and nanoparticles during the manufacturing process, elevating the properties of the printed polymer composites.
However, shortage of recycling and disposal options for advanced polymer composites generates environmental concerns, thereby restraining the development of the market. Furthermore, utility of the composites into various industries is subject to several regulations and certifications, which hampers the growth of the advanced polymer composites market. For instance, the Joint Center of Excellence for Advanced Materials (JAMS) in the U.S. focuses on the safety and standardization of certifications regarding the applications of advanced polymer composites. The work of JAMS focuses on international standardization, development of agreements for the designed protocols, and promotion of common material databases globally. Compliance with such systematized regulations remains a challenging task for composites manufacturers and industry players.
Segment Review
The advanced polymer composites market is segmented into type, end-use industry, and region. On the basis of type, the market is divided into resins, fiber, and others. Depending on end-use industry, it is classified into automotive, construction, electrical & electronics, aerospace & defense, marine, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the resins segment held the highest market share in 2023.
Depending on end-use industry, the aerospace & defense segment acquired a high stake in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition Analysis
The major players of the global advanced polymer composites market include BASF SE, Arkema, Mitsubishi Chemical Carbon Fiber and Composites, Inc., Toray Advanced Composites, Covestro AG., Hexcel Corporation, SGL Carbon, Huntsman International LLC., TPI Composites Inc., and Solvay S.A. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
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Key Market Segments
By Type
- Resins
- Epoxy Resins
- Polyester Resins
- Thermoplastic Resins
- Polyester Resins
- Others
- Fiber
- Carbon Fiber
- Aramid Fiber
- Glass Fiber
- Others
- Others
By End-Use Industry
- Automotive
- Construction
- Electrical and Electronics
- Aerospace and Defense
- Marine
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- BASF SE
- Arkema
- Mitsubishi Chemical Carbon Fiber and Composites, Inc.
- Toray Advanced Composites
- Covestro AG.
- Hexcel Corporation
- SGL Carbon
- Huntsman International LLC.
- TPI Composites Inc.
- Solvay S.A.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: ADVANCED POLYMER COMPOSITES MARKET, BY TYPE
CHAPTER 5: ADVANCED POLYMER COMPOSITES MARKET, BY END-USE INDUSTRY
CHAPTER 6: ADVANCED POLYMER COMPOSITES MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Advanced Polymer Composites Market include:- BASF SE
- Arkema
- Mitsubishi Chemical Carbon Fiber and Composites, Inc.
- Toray Advanced Composites
- Covestro AG.
- Hexcel Corporation
- SGL Carbon
- Huntsman International LLC.
- TPI Composites Inc.
- Solvay S.A.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | July 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 11.7 billion |
| Forecasted Market Value ( USD | $ 24.2 billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
