The global advanced polymer composites market size by resin was over USD 3 billion in 2017. Epoxy, phenolic and polyester are the major types of resin used in the industry.

Sellbyville, DE -- (SBWire) -- 11/06/2018 --Advanced Polymer Composites Market is projected to exceed USD 16 billion according to this new research report.

Sturdy product demand in the aviation industry will stimulate the advanced polymer composites market during the forecast period. Product has a broad application base in manufacturing aerospace parts including wings, fuel pumps, engine components, landing gears and various other components as it imparts excellent properties such as mechanical strength, stiffness, light weight, cut resistance, etc.

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which improves the operational efficiency in the aviation industry. In addition, strong product demand is attributed to rapidly growing aviation industry due to progressing consumer lifestyles coupled with decreasing air tariffs. The overall passenger traffic is expected to grow at a rate of 5% in the coming years. Furthermore, in 2013, the commercial aircraft delivery was close to 1200 which is anticipated to surpass 1500 units over the projected timespan. The aforementioned factors are expected to make significant contribution towards advanced polymer composites market by 2024.

Increasing dependency on renewable sources for energy generation is primarily due to consistently exhausting hydrocarbon reserves coupled with its adverse impact on the environment which has led to pressing need for wind, solar energy generation, etc. to meet energy demand across various end-user applications. This propelled product as it is extensively used in manufacturing wind mill parts due to its excellent properties such as stiffness, lighter weight, etc. in the previous few years. For example, the overall wind generation capacity was around 350,000 mw and is expected to reach over 700,000 mw which will subsequently drive advanced polymer composites market by 2024.

Product inefficiency in terms of cost compared to its existing alternatives is probable to hamper advanced polymer composites market by 2024.

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In 2016, the overall resin advanced polymer composites market was valued at over USD 3.5 billion which is expected to boost in the coming years. This is attributed to superior resin properties including excellent sticking ability, resistance to water, etc. which has led to broad application base in manufacturing auto parts and aircraft components.

Fiber product segment contributed a major chunk of the total advanced polymer composites market in 2016. The fiber advanced polymer composites Market is divided into glass, carbon and aramid. Glass exhibit vivid properties such as stiffness, elasticity, transparency, steadiness, etc. making it desirable for widespread application across various end-user industries including textile, tire & reinforced plastic, automobile, etc. which will drive the advanced polymer composites Market for glass segment by 2024.

The global advanced polymer composites market for aviation industry accounted for over 40% in 2016. This is attributed to rapidly growing passenger and commercial aviation industry due to improved consumer lifestyle which will subsequently make a positive influence on the advanced polymer composites market by 2024. In addition, air transportation mode is becoming increasingly desirable due to lesser time and efficient services which will drive the advanced polymer composites market in the coming years.

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North America contributed a major portion of the total advanced polymer composites market which accounted for over 35% in 2016. Extensive user base for automobile industry and rapidly growing wind energy production in the region will boost product demand which will subsequently drive advanced polymer composites market by 2024.

Key advanced polymer composites market share contributors are BASF, Arkema, Cristex, SGL Carbon, Solvay, Mitsubishi Rayon and Owens Corning Corporation.