Advanced Polymer Market to Reach USD 25.34 Billion by 2030; Increasing Demand for Fuel-Efficient or Electric Vehicles to Bolster Growth, says The Brainy Insights
The Brainy Insights

The Brainy Insights

The rising fiscal funds to ramp up green technologies as a step towards reducing carbon emissions will propel the advanced polymer composites market where North American region emerged as the most significant global advanced polymer composites market, with a 43.19% market revenue share in 2022.

Newark, Nov. 21, 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that the global advanced polymer composites market will grow from USD 11 billion in 2022 and reach USD 25.34 billion by 2030. Government policies have become more sustainable and environment-friendly due to growing awareness about climate change. There must be a decrease in traditional fossil fuel vehicles on the road to reduce carbon emissions or an increase in fuel efficiency to reduce unnecessary carbon emissions. Global sales of electric vehicles are being fuelled by government initiatives designed to encourage and promote the use of electric vehicles by offering subsidies and incentives. Electric vehicles utilize advanced polymer composites for their auto parts. Sales have increased twice over the past two years, which is a good sign for the global advanced polymer composites market.

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Key Insight of the Advanced polymer composites Market

The Asia Pacific is expected to grow the fastest during the forecast period.

The Asia Pacific market is anticipated to develop the fastest during the projected period. The growing concern about the climate change crisis has intensified the shift towards using non-conventional energy sources like wind and solar energy. The carbon neutrality pledges made by the governments in the Asia Pacific to avert the climate change crisis by reducing carbon emissions list the scaling up of renewable energy sources as one of the several steps they intend to take. Advanced polymer composites in these sectors will bode well for the market. Similarly, the favourable government initiatives aimed at improving the business environment in the region have increased the presence of significantly advanced polymer composites manufacturing units being set up in the region. The development of indigenous aircraft by China by its state-run aircraft manufacturer represents the growing need for advanced polymer composites in the aerospace sector. Such sectoral demands will drive the regional market’s growth.

The resin segment will augment the advanced polymer composites market during the forecast period.

The product type segment is divided into resin, fiber and others. The resin segment dominated the market with a revenue share of around 44% in 2022.

The automotive segment dominated the global advanced polymer composites market in 2022.

The end user is divided into automotive, construction, aerospace, wind energy, defence, and others. The automotive segment dominated the market with a market share of around 36% in 2022.

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Scope of the Report:

Report Metrics

Details

Market size available for years

2019–2030

Base year considered

2021

Forecast period

2022–2030

Market Size in 2022

$11 billion

Projected Market Value in 2030

$ 25.34 billion

CAGR

11% From 2022 to 2030

Segments covered

Product Type, End User

Geographies covered

North America, Asia Pacific, Europe, Middle East and Africa, and Latin America

Companies covered

Arkema SA, BASF SE, Cristex Ltd., Hexcel Corporation, Kemrock Industries and Exports Limited, Mitsubishi Rayon Co. Ltd., Owens Corning Corporation, SGL Carbon SE, Solvay SA, Toray Industries Inc.

Advancement in market

November 2022 – LytRTM, a novel polymer composite product line, was introduced by Lyten, a leading manufacturer in the advanced polymer market. Lyten’s proprietary Lyten 3D GrapheneTM material, combined with a special polyethene composition termed LytRTM, considerably decreases weight while preserving or improving strength and performance. A copolymer called LytRTM R series was specifically designed for remarkable impact strength, excellent mould release, and exceptional stiffness. It is made for rotational moulding applications that need a wide processing window, improved stiffness, and low-temperature toughness.

Market Dynamics

Driver: rising demand for lightweight auto parts to increase fuel-efficiency

To reduce carbon emissions from the transportation industry, it is more important than ever to have fuel-efficient automobiles. Consumers who care about the environment are driving up demand for fuel-efficient cars. Vehicle makers use an advanced composite polymer to lighten the vehicle’s weight without compromising the auto parts’ strength. Increased engine efficiency due to lighter vehicles saves unnecessary energy consumption and helps protect the environment. In addition, advanced polymer composite is utilized in electric automobiles, whose demand is increasing due to the energy crisis and concerns over climate change. As a result, the global market for advanced polymer composites will be driven by the rising need for fuel-efficient cars or electric vehicles.

Restraint: complex production process

A sophisticated and laborious procedure goes into creating an advanced polymer composite. The high market pricing of advanced polymer composites reflects the high research and development costs incurred by their producers to enhance their qualities. The cost of the material is high in part due to the difficulties in obtaining the essential raw materials for the production of advanced polymer composites. In the manufacture of advanced polymer composites, labour costs and other manufacturing costs are also considerable. Therefore, the market expansion will be constrained by the high cost of advanced polymer composites.

Opportunities: the increasing demand for non-conventional energy

The COP26 Glasgow agreement in 2021 lists the stepping up of green funds towards developing non-conventional energy sources like wind energy. These pledges are part of the global commitments made by top polluting countries to achieve carbon neutrality by 2050. For instance, India’s national development goals declared that the government would work to produce 500 GW of electricity from non-conventional energy sources by 2030. Other economies have made similar commitments to limit global warming and prevent catastrophic consequences. As a result of this advancement, the utilization of the advanced polymer market in the energy and utility sectors will undoubtedly expand. Therefore, the global market for advanced polymer composites will benefit greatly from the increasing investments in wind energy.

Challenge: rules and regulations governing the advanced polymer composites industry

Modern polymer composites are not biodegradable, but they are bad for the environment. Large volumes of trash are produced annually due to the extensive usage of advanced polymer composites in the automotive, aerospace, energy, and defence sectors. The trash permeates the ecosystem, harming the water, soil, and other natural resources. Burning or other garbage disposal methods can potentially discharge toxic substances into the atmosphere that are bad for both human and environmental health. As a result, the manufacturing, distribution, use, and disposal of advanced polymer composites are all governed by tight regulations and established rules. The government’s strict controls will hamper the market’s expansion.

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Some of the major players operating in the advanced polymer composites market are:

• Arkema SA
• BASF SE
• Cristex Ltd.
• Hexcel Corporation
• Kemrock Industries and Exports Limited
• Mitsubishi Rayon Co. Ltd.
• Owens Corning Corporation
• SGL Carbon SE
• Solvay SA
• Toray Industries Inc.

Key Segments cover in the market:

By Product Type

• Resin
• Fiber
• Others

By End User

• Automotive
• Construction
• Aerospace
• Wind Energy
• Defence
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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