Advanced polymer composites market worth $12.1 billion by 2020

The global advanced polymer composites market is set to retain its moderate growth of 7.2% yearly from 2014-2020, according to a recent report by Transparency Market Research (TMR).  

The global market for advanced composites recorded a value of around US$7.4 billion in 2013 and by 2020, it is expected to be worth over US$12.1 biillion fuelled by rising demand from the aerospace industry. Furthermore, the expanding application of advanced polymer composites in the wind energy sector will also boost the market.  

However, the global advanced polymer composites market will face high production costs of carbon fiber, according to the report. But players in this market will benefit from the opportunity presented by the rising demand posed by the automobile sector for advanced polymer composites in the coming few years.

Some of the key players in the global advanced polymer composites market are Owens Corning, Cristex, SGL Carbon, Solvay, Mitsubishi Rayon, Toray Industries, Cytec Industries, Hexcel, BASF, and Arkema.