Advanced Polymer Composites Market Size By Product (Resin [Epoxy Resins, Phenolic Resins, Polyester Resins], Fiber [Carbon, Glass, Aramid, Others], Others), By Application (Resin, Fiber, Others), Industry Analysis, COVID-19 Impact Analysis, Regional Outlo

Advanced Polymer Composites Market Size By Product (Resin [Epoxy Resins, Phenolic Resins, Polyester Resins], Fiber [Carbon, Glass, Aramid, Others], Others), By Application (Resin, Fiber, Others), Industry Analysis, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 - 2030

The global advanced polymer composites market is poised to showcase significant growth by 2030 driven by the increasing research and development in the field of advanced aviation and mobility. Advanced polymer composites such as high-performance plastic are extensively used across the automotive sector, mainly due to their weight reduction capabilities.

It is estimated that every 10% reduction in weight could reduce the fuel consumption of a vehicle by 5% to 7%. As automotive manufacturers are ramping up their search for fuel-saving techniques, the demand for lightweight high-performance polymer composites could grow with time.

These polymer composites are also used in wind turbines and turbine components. The rising emphasis on renewable energy sources has boosted the deployment of new wind energy projects across the globe, which is expected to drive the demand for advanced polymers in the wind power generation space.

In March 2022, the ZEBRA (Zero wastE Blade ReseArch) consortium completed the development of a one-of-a-kind fully recyclable prototype wind turbine blade featuring the Elium® liquid resin and new high-performance glass fabrics by Arkema. Such initiatives aiming to develop and commercialize thermoplastic wind turbine blades on a larger scale and promote an eco-friendly design approach will offer lucrative scope to advanced polymer composite suppliers and manufacturers in the wind energy landscape.

The advanced polymer composites market is categorized with respect to fiber, resin, application, and region.

By fiber, the industry is classified into carbon, aramid, glass, and others. Among these, the glass fiber segment is estimated to cross USD 7,700 million by 2030 with a targeted CAGR of 5.9% through the forecast duration. This type of fiber is gaining momentum across a wide range of applications due to properties such as chemical resistance, transparency, stiffness, hardness, stability, and flexibility.

Based on resin, the global advanced polymer market is segregated into phenolic resins, polyester resins, epoxy resins, and others (PE, PVC, PP, PA, etc). The polyester resins segment is anticipated to generate over USD 1,600 million by 2030.

With respect to application, the market landscape is divided into autoparts, tanks & pipes, conductors, boat building, aviation parts, wind blades, and others. Surging demand for automotive products, availability of easy credit facilities, and rapidly increasing disposable income will foster the advanced polymer composites industry share from the autoparts applications, which is slated to cross USD 3,200 million by 2030.

Growing interest in the exploration of advanced polymer composite applications is driving the development of new use cases for the product along with the scope for commercialization in the future. As a result, others application segment is anticipated to expand at a 3.9% CAGR from 2022 to 2030.

From a regional frame of reference, the Middle East & Africa advanced polymer composites market is slated to exhibit a CAGR of 5.1% between 2022 and 2030. This growth can be attributed to burgeoning volumes of automotive sales in MEA driven by growing consumer purchasing power. Furthermore, the booming aerospace industry of South Africa and accelerated boat-building activities will complement the use of advanced polymer composites in the region.