LONDON--(BUSINESS WIRE)--May 21, 2020--
The advanced polymer composites market is expected to grow by USD 4.95 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced the latest market research report titled Global Advanced Polymer Composites Market 2020-2024 (Graphic: Business Wire)
An increase in the number of oil and gas exploration activities in the US, Brazil, Mexico, Saudi Arabia, China, Russia, Norway, and several other countries is expected to drive the demand for advanced polymer composites during the forecast period. Advanced polymer composites are used in the oil and gas industry to improve the corrosion resistance of oil and gas pipes. They are used to manufacture flexible risers, which are further used in deep waters at a lower cost compared to conventional technologies. Advanced polymer composites are lighter in weight, have better fire resistance, require lower maintenance, and offer improved fatigue resistance. These factors are expected to influence the market growth.
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As per Technavio, the increasing demand for biodegradable plastics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Advanced Polymer Composites Market: Increasing Demand for Biodegradable Plastics
Vendors are focusing on the manufacture of biodegradable plastics due to strict government regulations on the use of plastic products. The global biodegradable plastics market is also 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 manufacture of plastics. 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 is expected to affect the global advanced polymer composites market growth during the forecast period.
“Factors such as the growing use of fiber-reinforced composite materials in medical applications, and continuous product innovations will have a significant impact on the growth of the advanced polymer composites market value during the forecast period,” says a senior analyst at Technavio.
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Advanced Polymer Composites Market: Segmentation Analysis
This market research report segments the advanced polymer composites market by type (glass, carbon, and aramide), end-user (aerospace, automotive, energy, marine, and others), and region (APAC, Europe, MEA, North America, and South America).
The North American region led the advanced polymer composites market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as an increase in the demand for consumer goods and the rising adoption of advanced polymer composites in the construction industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS ENERGY MANUFACTURING OIL/GAS
SOURCE: Technavio Research
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PUB: 05/21/2020 03:30 AM/DISC: 05/21/2020 03:30 AM