Analysis of Potential Impact of COVID-19 on Advanced Polymer Composites Market
The competitive landscape of the global advanced polymer composites market is fragmented with presence of several players across the globe. Some of the prominent players operating in the global advanced polymer composites market are Arkema S.A., Cytec Industries, Hexcel Corp., SGL Carbon SE, Solvay S.A., BASF SE, and TPI Composites. These players are expected to adopt several strategies such as capacity expansions, mergers and acquisitions and collaborations and product launches in order to strengthen their foothold in the market.
This can be attributed by the fact that in March 2015, BASF launched a new product called binder – Acrodur Power 2750 X. This will help in production of natural fibre composites for automotive lightweight applications. This is significant move expected to boost growth in the global advanced polymer composites market.
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Transparency Market Research (TMR) finds that the global advanced polymer composites market is likely to expand at 7.20% CAGR from 2014 and 2020. The market growth is recorded at a valuation of US$7.4 bn in 2013. Rising at this CAGR, the global advanced polymer composites market is likely to attain a valuation of US$12.1 bn by 2020.
Based on geography, North America is expected to hold maximum share in the advanced polymer composites market. This is mainly due to presence of wide consumer pool for aerospace industry. Apart from this, surge in the demand of advanced polymer composites from aircraft manufacturing sector is another factor expected to drive the global advanced polymer composites market in the coming few years.
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Increasing Focus Towards Green Energy to Fuel Growth
The global advanced polymer composites market is likely to rise at an astonishing pace in the forecast period. This is mainly due to the growing production base mainly in emerging regions. Additionally, growing demand from wind energy and aerospace industries. This is another factor expected to fuel the global advanced polymer composites market. This is because, advanced polymer composites are light weighted and have enhanced thermal properties, owing to this they are widely used for the manufacturing of blades.
Polymer composites are materials that are used in substitute of metals aluminium, titanium and steel in several industries. This is due to several favourable properties possess by them such as lower heat exchanges and chemical reaction vessels, lighter weight and better resistance towards corrosion.
Moreover, increasing emphasis for clean energy generation is rising the demand for high material strength in power station installations. This may boost the advanced polymer composites demand in the coming few years.
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Rising Application in Electronic Sector to Propel Market Growth
The use of polymer composites in the electronics and semiconductor industry has created tremendous growth opportunities within the global advanced polymer composites market. Researchers are working to find several other application scope for the advanced polymer composites. One of the emerging sector for the use of advanced polymer composites is electronics sectors. Owing to their superior resistance advanced polymer are increasingly used to make grid in the electronic industries.
Furthermore, rising application of polymer composites in marine industry for manufacturing of equipment has also emerged as a key consumer for the global advanced polymer composites market.
The information is taken from report “Advanced Polymer Composites Market (Raw Material – Resin (Epoxy Resin, Phenolic Resin, Polyester Resin, and Polyacrylic Resin) and Fiber (Glass Fiber, Carbon Fiber, Aramid Fiber, and Boron Fiber and Kevlar Fiber) End User – Electrical and Electronics, Automotive, Energy, Aerospace and Aviation, Consumer Goods, Marine, and Building and Construction and Industrial Application – Auto Parts, Conductors, Tanks and Pipes, Boat Building, Aviation Parts, Wind Blades, and Sports Goods) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020”
Global Advanced Polymer Composites Market is segmented into-
Raw Material Analysis
- Resin
- Epoxy resin
- Phenolic resin
- Polyester resin
- Others (including polyacrylic resin)
- Fiber
- Carbon
- Glass
- Aramid
- Others (including boron and Kevlar)
Application Analysis
- Conductors
- Auto parts
- Tanks & pipes
- Aviation parts
- Boat building
- Wind blades
- Others (including sports goods)
End-user Analysis
- Electrical & electronics
- Automotive
- Energy
- Aerospace & aviation
- Consumer goods
- Marine
- Others
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