Advanced polymer composites market has Major trends in Aerospace industry by 2024

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Advanced Polymer Composites Market Aerospace
industry to drive demand by 2024
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Global Market Scenario of Advanced Polymer
Composites Industry

• Advanced Polymer Composites Market to exceed USD
  16 billion by 2024 according to a new research
  report by Global Market Insights, Inc.
• Robust growth in the aerospace industry,
  including both civil and commercial are prime
  factors stimulating advanced polymer composites
  market share in recent years. The product offers
  superior properties including strength and
  abrasion resistance, which makes it suitable to
  find applications in aircraft part manufacturing.
  In 2006, the overall revenue passenger kilometers
  (RPK) was more than 4 billion and is poised to
  exceed 15 billion RPK by 2033. In addition,
  enormous backlogs in the aircraft manufacturing,
  reduced air fares and escalating air
  transportation industry will stimulate product
  demand by 2024.
• Global advanced polymer composites market size is
  also influenced by positive growth indicators
  from the end-user industries. Global vehicle
  manufacturing in 2013 was roughly around 87
  million units and likely to surpass 130 million
  units over the projected timeframe. Socio
  economic factors such as improved lifestyles and
  increasing disposable income has substantially
  propelled the automotive sales across the globe.

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• Drifting focus towards renewable sources for
  power generation will positively boost product
  demand for manufacturing blades used in wind
  energy plants. In addition, the global installed
  wind capacity is likely to observe growth more
  than 12 between 2016 and 2024, particularly due
  to decreasing fossil fuel dependency for energy
  generation. However, the advanced polymer
  composites market size is negatively influenced
  in the recent years on account of high product
  cost in comparison with prevailing counterparts
  in the business. For instance, steel price in
  2015 was roughly USD 1 per kilo, whereas, carbon
  fiber price was close to USD 35 per kilo.
• In 2015, North America advanced polymer
  composites market size was close to USD 3
  billion. Drifting regional trend towards wind
  energy generation will positively influence of
  the product demand. Additionally, robust
  aerospace industry in the U.S. will complement
  regional growth by 2024. Asia Pacific is analyzed
  to be the fastest growing region in the coming.
  The region accounts for more than 35 of the
  global new aircraft demand, which is the major
  factor propelling regional growth.

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• Product Analysis-
• In 2015, resins accounted for the more than 35
  of the global advanced polymer composites market
  share. Epoxy resins owing to high adhesive and
  water resistance properties are widely used in
  the boat building industry. In addition, high
  electric flame resistance along with excellent
  mechanical strength makes them suitable to find
  widespread applications in electrical materials
  and metal bonding.
• Fiber led the overall advanced polymer composites
  market size for 2015. Carbon fiber due to its
  outstanding tensile strength and modulus of
  rigidity is used in the automotive and aerospace
  industry. Glass fiber offers high characteristics
  such as transparency, chemical resistance,
  hardness and flexibility, which makes it for
  applications in tires reinforced plastics, boat
  hulls seats, furnishing fabrics, apparels,
  garments and exhaust nozzles.
• In 2015, global advanced polymer composites
  market size for aviation parts was more than 3.5
  billion. Strong growth in the aerospace industry
  across the globe will stimulate product demand in
  the coming years. In addition, autoparts are
  likely to observe growth more than 7 over the
  estimated period. Escalating commercial and
  personal vehicle demand across the globe will
  positively influence the overall advanced polymer
  composites market size.

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Regional Analysis North America led the overall
advanced polymer composites market share and
accounted for more than 35 of the global
business share in 2015. Asia Pacific is likely
to observe highest growth between 2016 and 2024.
Increasing automotive sales in the region due to
improved consumer spending power, elevating
aerospace industry in China India and robust
growth in the construction business are the
factors contributing regional growth over the
past few years. Competitive Analysis In 2015,
advanced polymer composites market share was
fragmented with key industry contributors
accounting for less than 20 of the business.
Key companies participating in the advanced
polymer composites market include BASF, Owens
Corning, Arkema, Cristex, 3B-Fibreglass, Solvay,
SGL Carbon, Toray Industries, Mitsubishi Rayon,
Cytec, Hexcel and TPI Composites.
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