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The advanced polymer composites market share is expected to increase by USD 4.95 million from 2021 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.96%.
This advanced polymer composites market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers advanced polymer composites market segmentation by end-user (aerospace, automotive, energy, marine, and others), fibre (glass, carbon, and aramid), and geography (North America, Europe, APAC, South America, North America, Europe, APAC, and South America). The advanced polymer composites market report also offers information on several market vendors, including Braj Binani Group, Covestro AG, DuPont de Nemours Inc., Hexcel Corp., Mitsubishi Chemical Holdings Corp., Owens Corning, SGL Carbon SE, Solvay SA, Teijin Ltd., and Toray Industries Inc. among others.
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The rising demand for polyamide as a composite in the automotive industry is notably driving the advanced polymer composites market growth, although factors such as challenges associated with fiber-reinforcement polymer composites may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the advanced polymer composites industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Advanced Polymer Composites Market Driver
Rising demand for polyamide as a composite in the automotive industry will fuel the growth of the advanced polymer composites market size. Polyamides (PAs) are produced either by the ring-opening polymerization of lactams or by the reaction of a diacid with a diamine. A PA is a polymer that is used for a wide range of applications that require plastic materials with a high melting point. It is a highly flexible material that can be combined with different materials. Moreover, the low friction of a PA allows its use in many large-volume standard products such as gears, bushings, and plastic bearings. In addition, the manufacturers of products that undergo a lot of wear and tear prefer PAs to other engineered plastics. Apart from the automotive and electrical, and electronics sectors, some of the largest applications of PAs are in consumer products, such as toys, furniture, components of high-heat applications, and gears for mechanism transmissions. Different types of PAs are used in various applications industries such as automotive, aerospace, consumer goods, industrial machinery, and coatings. The global PA market is expected to grow a CAGR of more than 3.5% during 2019-2024. Therefore, the rising demand for PAs as a composite is expected to drive the growth of the global advanced polymer composites market during the forecast period.
Key Advanced Polymer Composites Market Trend
Increasing demand for biodegradable plastics is a major trend influencing the advanced polymer composites market growth. Major plastic manufacturers are opting for biodegradable materials, owing to the increasing focus on eco-friendly packaging in various industries. Vendors are focusing on the manufacturing of biodegradable plastics due to strict government regulations on the use of plastic products. The global biodegradable plastics market is driven by the emergence of various renewable resources such as biomass and bio-based raw materials. Bio-based materials, including starch and vegetable crop derivatives, are used in the manufacturing of plastics. In 2018, the global bio-based plastics market was valued at $19.44 billion and was expected to grow at a CAGR of more than 30% during 2019-2023. The use of biodegradable plastics in numerous applications, such as packaging, has encouraged plastic manufacturers to reduce their dependence on petroleum-based plastic products. Hence, plastic manufacturers are using eco-friendly products that are biodegradable and thermoplastic. Therefore, the rising demand for biodegradable plastics across the globe has adversely affected the adoption of petroleum-based plastic products such as polyamide (PA), polypropylene (PP), and polybutylene terephthalate (PBT). This is expected to affect the growth of the global advanced polymer composites market during the forecast period.
Key Advanced Polymer Composites Market Challenge
Challenges associated with fiber-reinforcement polymer composites is a major hindrance to the advanced polymer composites market growth. Difficulty in the uniform dispersion of fibers is one of the major challenges associated with fiber-reinforcement polymer composites. Fibers are uniformly dispersed to exhibit high impact and tensile strength. High-quality thermoplastic composites are obtained by admixing fibers, such as flax, jute, hemp, and sisal, with ingenious fibers such as wood chips or wood particles. This mixture is further mixed with thermoplastic resins such as polypropylene(PP) and polythene(PE). The process is time-consuming and requires a highly experienced workforce. During this process, fibers are uniformly dispersed, forming a mass of particulate agglomerate, which is used for various processes such as sheeting and transfer molding.The high cost of manufacturing, lack of plastic behavior, and very low shear strength in the transverse direction are the other challenges associated with fiber-reinforced polymer composites. These challenges are expected to limit the growth of the global advanced polymer composites market during the forecast period.
This advanced polymer composites market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio categorizes the global advanced polymer composites market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the advanced polymer composites market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the advanced polymer composites market encompasses successful business strategies deployed by the key vendors. The advanced polymer composites market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The advanced polymer composites market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the advanced polymer composites market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global specialty chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Fiber Type
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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