Fior Markets launched a study titled“Global Advanced Polymer Composites Market by Product (Resin, Fibers, Others), Application, Regions”,and Global Forecast 2018-2025.
The global advanced polymer composites market is expected to grow from USD 9.34 Billion in 2017 to USD 16.83 Billion by 2025, at a CAGR of 7.64% during the forecast period from 2018-2025.The market is being propelled by the growing demand advanced polymer composites from the aerospace and automotive industry.
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Even though the growingdemand for advanced polymer composite materials from the aerospace sector is driving the market, high production cost and complex production process are anticipated to be the major roadblocks for the market growth.
Resin segment had a market value of 3.87 billion in 2017
Product segment is divided into resin, fibers and others. Owing to their huge potential value in the metal bonding, construction, marine, wind energy, automotive and aerospace industry, resin segment emerged as the dominating segment in the global advanced polymer composites market with USD 3.87 billion revenue in 2017.Epoxy, phenolic and polyester are the major types of resins.Fibers segment is anticipated to grow at an accelerated CAGR of 9.61% over the forecast period. This increased growth rate can be attributed rising utilization of composite fibers in the aircraft and automotive industry.
Wind energy segment is anticipated to grow at a CAGR of 9.36% in 2018 -2025
Application is segmented into automotive, aerospace and defence, construction, wind energy and others. Dueto widespread use of advanced polymer composites in the automotive industry on account of their high strength to weight ratio, excellent tensile strength automotive segment emerged as largest with USD 3.60 billion revenue in 2017. Wind energy segment is projected to grow at the fastest CAGR of 9.36% over the forecast period.This increased growth can be credited to rising worldwide focus on renewable energy and rising installation of wind turbines.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa.Existence of well-developed aerospace and automotive manufacturingindustry as well as rising focus on wind energy generation led North America region to emerge as the global leader in the advanced polymer composites market with USD 3.42 billion revenue in 2017. Flourishing demand for the automobiles and swiftgrowth of aviation industry in the region are anticipated to propel Asia Pacific region to grow at a CAGR of 9.97% over the forecast period.
Major players in the global advanced polymer composites market are Arkema S.A., BASF SE, Owens, Corning Corporation, Cristex Ltd, 3B-Fibreglass sprl, SGL Carbon SE, Solvay S.A., Kemrock Industries, Mitsubishi Rayon Co. Ltd., TPI Composites Inc., Toray Industries Inc., Koninklijke Ten Cate N.V., Hexcel Corporation, Cytec Industries Inc. among others.
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