The global Polymer Matrix Composites Market is estimated to be valued at US$ 19.96 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polymer matrix composites consist of a reinforcing material such as glass, carbon or aramid fibers embedded in a polymer matrix. These materials offer advantages such as corrosion resistance, high strength-to-weight ratio and durability. They are widely used in various industries including Aerospace, Electronics and Automotive due to their superior properties.
Market key trends:
Growing adoption of lightweight and high performance materials in the automotive industry is one of the major trends driving the growth of polymer matrix composites market size. Vehicle manufacturers are focusing on reducing the weight of vehicles to meet stringent emission norms and enhance fuel efficiency. Polymer matrix composites provide an optimal solution for weight reduction as they are significantly lighter than traditional materials like steel. Their growing use in manufacturing structural components, chassis, panels, seats and engine parts is propelling the market growth.
SWOT Analysis
Strength: Polymer matrix composites are lightweight and offers corrosion resistance which makes them suitable for different end use industries like automotive, aerospace, etc. They also exhibits good mechanical properties like high strength and stiffness.
Weakness: The manufacturing process of polymer matrix composites is complex which increases the production cost. Raw materials used in the manufacturing are also expensive which is a major limitation.
Opportunity: Increasing demand for lightweight and high performance materials from automotive and aerospace industry offers huge growth opportunities. Growing construction industry in emerging economies also provide new areas of applications.
Threats: Volatility in raw material prices especially polymers and fibers can adversely impact the overall costs. Stringent environmental regulations regarding emissions can restrict the growth.
Key Takeaways
The global polymer matrix composites market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand from the automotive industry. Polymer matrix composites are increasingly being used to manufacture lightweight components in vehicles which enhances the fuel efficiency.
Regional analysis: North America dominated the global polymer matrix composites market in 2023 with a share of over 30%, owing to robust presence of aerospace and defense industry in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period, driven by increasing demand from manufacturing sector in China and India.
Key players operating in the polymer matrix composites market are Applied Poleramic, Inc., Arkema, Creative Composites, Ltd., Faurecia, Hexagon AG, Hexcel Corporation, Hexion Inc., Hitco Carbon Composites Inc., and Kineco Limited. These companies are focusing on new product launches and expansion strategies to gain higher market share. For instance, Hexcel Corporation launched toughened carbon/epoxy prepreg materials to expand its product portfolio for spacecraft structures.
