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
MRC Announces the Publication of its Research Report – Global Advanced Polymer Composites Market 2017-2021
MRC 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..
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Commenting on the report, an analyst from MRC’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.”
. 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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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