In the past few years, global advanced polymer composites market has experienced remarkable growth prospects, with the growing need for composite materials across various sectors of the economy such as construction, automobile, and aerospace. With considerable enhancements in the material science technology, researchers have been working towards designing new product portfolio as alternatives for the prevailing metallic materials.
These composite materials possess similar characteristics as that of metallic substances but have less weight density when compared to metal composites. Advanced polymer composites have witnessed unprecedented demand across wind energy sector to manufacture wind blades. The growing awareness to adopt sustainable sources of energy with an aim to reduce the carbon footprint has paved the way for wind energy farms in both developed as well as developing nations.
The consistent need to generate energy, superior durability, high abrasion resistance, enhanced material strength, and enhanced functional characteristics make these composites a viable option in both aerospace and wind industries. Reports estimate that advanced polymer composites market size could cross USD 9.8 billion in total annual remuneration through 2025.
With the improvement in economic conditions among people and consequent urbanization in Asia, there has been a rapid increase in the total number of airline passengers traveling for leisure, business, medication, and education. As per a data furnished by Centers for Asia Pacific Aviation, India’s Delhi Airport witnessed an increase in passenger traffic by 14% in the year 2017, when compared to the previous year, making it one of the fastest-growing airports globally.
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Moreover, fiscal benefits such as discounts, cashbacks, and reward points offered to the passengers have supported the sale of air tickets over the years. Advanced composite materials find usage in the production of heat exchangers, chemical reaction vessels, and turbine blades as it offers improved resistance and lighter weight which helps in controlling the amount of fuel consumption.
However, the coronavirus outbreak in 2020 has disrupted the aerospace business all over the world, largely. With travel restrictions imposed by the governments to control the spread of the disease, domestic and international air travel has witnessed a major hit, slowing aircraft and aviation components manufacturing.
With gradual relaxations worldwide to conserve the economy, especially that of emerging ones, the aerospace industry could slowly pick pace. This will fuel global advanced polymer composites market trends in the coming times.
North American advanced polymer composites market has showcased enormous gains in the last few due to product enhancements, along with the presence of various multinational firms in the region. During the year 2017, North America advanced polymer composites market valued more than USD 3 billion.
Changing geographical trends towards the use of wind energy has positively influenced the demand for the product over time. Additionally, the robust aerospace sector in the U.S. will magnify global advanced polymer composites consumption.
Concerning product type, fibers were responsible for over 35% of the total advanced polymer composite market during the year 2017. Major resins include glass fiber, carbon fiber, and aramid fiber that contain superior tensile strength along with stiffness. The constantly growing need for extremely rigid composites to develop many end-use components like auto parts, electrical conductors, boat structures, wind blades, and aviation parts will amplify the fiber composite adoption in the coming times.
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Carbon fibers in particular are commonly used to reinforce composite materials. The growing use of carbon fiber composites to displace aluminum from aerospace use owing to the galvanic corrosion issues. Chief characteristics of the product include extreme sturdiness and resistance from corrosion. Factors like high cost of production of advanced composite materials along with complex production processes have emerged as a serious threat to the market share over time.
However, several regulatory authorities like U.S. EPA, Federal Highway Administration, and EU Commission for Transportation have established guidelines and rules that aim at reducing the gross vehicular weight with an aim to reduce the carbon emission levels from the automobiles. This may magnify the demand for advanced composites to develop automobile components that comprise of superior strength along with minimum weightage.
Many advanced polymer composite companies are working towards expanding their business by way of entering into a strategic alliance, partnership, and acquisitions to expand their geographical reach as well as achieve competitive dynamics. In the year 2017, Reliance Industries- an India based multinational conglomerate announced the acquisition of Kemrock Industries BSE. The purchase aimed at assisting Reliance Industries expand into new materials like carbon fiber and composites.
Notable advanced polymer composite producers include BASF SE, Owens Corning Corporation, Solvay S.A., Toray Industries Inc., and Mitsubishi Rayon Co. Ltd., among numerous others.
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WHAT TO TAKE AWAY FROM THIS ARTICLE:
- As per a data furnished by Centers for Asia Pacific Aviation, India's Delhi Airport witnessed an increase in passenger traffic by 14% in the year 2017, when compared to the previous year, making it one of the fastest-growing airports globally.
- The growing awareness to adopt sustainable sources of energy with an aim to reduce the carbon footprint has paved the way for wind energy farms in both developed as well as developing nations.
- Advanced composite materials find usage in the production of heat exchangers, chemical reaction vessels, and turbine blades as it offers improved resistance and lighter weight which helps in controlling the amount of fuel consumption.
