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.
Polymer matrix composites are materials made by combining polymers with strengthening materials like glass fibers, carbon fibers, boron fibers, and aramid fibers. The polymer matrix binds the fibers together and transfers the load to them. This makes polymer matrix composites extremely strong, light weight, and corrosion resistant. They are widely used in automotive, aerospace, construction, wind energy, and defense industries owing to their superior properties as compared to alloys and metals.
Market key trends:
One of the major trend gaining traction in the polymer matrix composites market size is the increasing demand from the automotive industry. As vehicle manufacturers focus on lightweight materials to meet stringent emission standards, polymer matrix composites have emerged as viable alternatives to metals. Their lightweight property helps in reducing the overall weight of the vehicle and improving fuel efficiency. According to studies, every 10% reduction in vehicle weight results in a 6-8% reduction in fuel consumption. This has stimulated the use of polymer matrix composites in various auto components like car bodies, drive shafts, brakes, gear boxes, and clutches. The growing automotive industry is expected to drive the demand for polymer matrix composites over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as the polymer matrix composites market requires high capital investment and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several established manufacturers providing similar materials.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers.
Threat of new substitutes: The threat of substitutes is low as polymer matrix composites offer unique properties that are difficult to replace.
Competitive rivalry: Competition in the market is high among the top players.
The global polymer matrix composites market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand from aerospace and defense industry.
The global polymer matrix composites market size for 2023 is US$ 19.96 Bn. North America dominates the global polymer matrix composites market and is expected to maintain its leading position over the forecast period owing to the presence of major aerospace companies in the region.
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., Kineco Limited. These players are focusing on new product launches and strategic collaborations to gain a competitive advantage in the market.