About Advanced Polymer Composites
Composites are materials made up of a matrix which contain reinforcement agents. Advanced polymer composites consist of a variety of short and continuous fibers that are bound together by a polymer matrix. The reinforcement agents provide strength and stiffness to the composite material, and the ability to carry the high mechanical load. Thus, they consist of a larger quantity of high-performance continuous fibers to assist in the transferring loads between the fibers. Based on the mechanical properties and cost, the polymer composites are divided into two types — advanced polymer composites and reinforced plastics.
Technavio’s analysts forecast the global advanced polymer composites market to grow at a CAGR of 7.81% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global advanced polymer composites market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Advanced Polymer Composites Market 2017-2021
Technavio recognizes the following companies as the key players in the global advanced polymer composites market: Covestro, Hexcel, Koninklijke Ten Cate, SGL Group, and Solvay.
Other Prominent Vendors in the market are: 3B-the fibreglass company, DuPont, GKN, Gurit, TEIJIN, Toray Industries, and TPI Composites.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for lightweight and high-performance materials. There is an increased demand for lightweight and high-performance materials from various end-user industries. These advanced materials are used in various industrial applications owing to its beneficial properties, such as energy saving and wear resistance properties. They are preferred as thermally conductive material in high friction applications.”
According to the report, one driver in the market is increasing use of composites by Boeing and Airbus. There is increasing use of composites in the aviation industries, and the major two OEMs, such as Boeing and Airbus, are using composites materials in their planes. Boeing 787 Dreamliner and AirbusA350 used composite materials in its body and wings. The older planes used aluminum for its wings and body. It is estimated that the aircraft manufacturing market will reach more than $200 billion. The composites will be used majorly in commercials aircrafts. The use of composites makes the plane lighter and fuel-efficient. This, in turn, makes flying more affordable.
Further, the report states that one challenge in the market is advanced polymer composites are expensive. Advanced polymer composites products are expensive when compared to their metal counterparts. This makes it difficult for vendors to increase their sales as it increases the price of the final product. Therefore, use of advanced polymer composites in the automotive sector, which is one of the major end-user segment, is still limited to F1 cars and high-performance commercial vehicles. The production cost and the R&D cost of carbon fiber polymer composites are eight times more when compared to steel. The high manufacturing cost is mainly due to the increased raw material cost. An increase in the raw material cost will increase the procurement cost as well as the last price of the product.
Covestro, Hexcel, Koninklijke Ten Cate, SGL Group, and Solvay, 3B-the fibreglass company, DuPont, GKN, Gurit, TEIJIN, Toray Industries, and TPI Composites.
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