Advanced Polymer Composites Market By Type (Resins, Fiber, Others) , By End-Use Industry (Automotive, Construction, Electrical and Electronics, Aerospace and Defense, Marine, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Advanced Polymer Composites Market
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 ReviewThe 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 FindingsOn 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 AnalysisThe 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.
Key Market SegmentsBy TypeResins
Epoxy Resins
Polyester Resins
Thermoplastic Resins
Polyester Resins
Others
Fiber
Carbon Fiber
Aramid Fiber
Glass Fiber
Others
Others
By End-Use IndustryAutomotive
Construction
Electrical and Electronics
Aerospace and Defense
Marine
Others
By RegionNorth 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
Key Market Players
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.