Polymer Matrix Composites Market to Grow at Highest Pace Owing to Rising Demand from Aerospace Industry

Polymer matrix composites are advanced lightweight materials that are made by combining a polymer resin along with fiber reinforcements such as carbon, glass and aramid. These composites provide advantages such as high specific strength and stiffness, corrosion resistance and design flexibility. Polymer matrix composites find widespread usage in areas such as automotive, aerospace, electronics and construction industries. The automotive industry utilizes polymer matrix composites to manufacture vehicle parts that require high strength to weight ratio. In the aerospace industry, composites are preferred for manufacturing aircraft components owing to benefits such as reduced weight and corrosion resistance.

The Global Polymer Matrix Composites Market Demand is estimated to be valued at US$ 23.01 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Polymer Matrix Composites market are On Deck Capital Inc., Lendingclub Corp., and Social Finance Inc. (Sofi). These players are focusing on developing advanced composite materials with enhanced properties.

The growing demand from the aerospace industry is one of the major factors driving the growth of the polymer matrix composites market. Polymer matrix composites help reduce the total weight of aircraft which in turn improves fuel efficiency. Their use has increased substantially in manufacturing aircraft components such as wings, fuselage and engine blades.

Technological advancements are also propelling the polymer matrix composites market growth. New production technologies such as 3D printing, automated fiber placement and resin transfer molding have enabled mass production of complex composite parts with high precision. These technologies reduce manufacturing time and costs substantially.

Market Trends

Lightweight composites with nanoreinforcements is a key trend gaining popularity in the polymer matrix composites industry. Nanoreinforcements such as carbon nanotubes and graphene nanoplatelets enhance the stiffness, strength and toughness of composites. Another trend is the increasing use of bio-based epoxy resins. These resins lower the environmental impact and provide high performance properties.

Market Opportunities

Rise in demand for electric vehicles presents lucrative growth opportunities. Polymer matrix composites can reduce the overall weight of electric vehicles and extend traveling range. Growth of the wind energy sector also offers opportunities. Advanced composites are increasingly replacing metals in manufacturing wind turbine blades owing to advantages such as corrosion resistance and high strength-to-density ratios.

Impact of COVID-19 on Polymer Matrix Composites Market Growth

The COVID-19 pandemic has adversely impacted the growth of the polymer matrix composites market. Imposition of lockdowns and supply chain disruptions led to decline in demand from end use industries like aerospace, automotive and construction. Aerospace was one of the hardest hit sectors as travel restrictions brought aircraft manufacturing and maintenance activities to a halt. Automotive production also witnessed sharp fall amid lockdowns. This decline in demand from key end use industries majorly impacted the polymer matrix composites market during the initial months of pandemic.

However, with lifting of lockdowns and gradual resumption of economic activities, the market has started recovering. The aerospace industry is showing signs of recovery with increased aircraft deliveries and maintenance activities resuming. Automotive production is also moving towards pre-pandemic levels in major economies. This upswing in end use industries is fueling the demand for polymer matrix composites. Nevertheless, the market is yet to reach pre-COVID levels, and full recovery may take longer. Future growth will depend on how fast key end use industries recover. Supply chain disruptions also need to be addressed, along with increasing R&D to develop advanced materials.

In terms of value, North America accounts for the largest share of the global polymer matrix composites market, followed by Europe. This is due to presence of leading aircraft OEMs and tier players in the US and Canada as well as extensive R&D investments in the region. Within North America, the US dominates the market.

Asia Pacific is the fastest growing market for polymer matrix composites. Increasing investments by international as well as domestic aircraft manufacturers in India and China are driving the demand. Stringent emission regulations are also propelling adoptio of light weight materials like polymer matrix composites in automotive and mass transportation sectors. Countries like India, China and Japan are major contributors to the market growth in Asia Pacific region.

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