April 13, 2024
Polymer Matrix Composites Market

Polymer Matrix Composites Market is Driven by Increasing Demand for Lightweight Materials

Polymer matrix composites (PMCs) are composite materials that consists of high-performance reinforcing fibers embedded in a polymer matrix. PMCs offer several advantages over traditional materials such as metals and alloys as they provide excellent mechanical and corrosion resistance properties along with being lightweight. The polymers used as matrices include epoxies, polyesters, vinyl esters and others which act as bonding agent and transfer stress between fibers. Glass, carbon and aramid fibers are commonly used as reinforcement in PMCs. They find wide applications in automotive, aerospace, construction and other sectors owing to their compelling mechanical properties and ability to reduce weight.

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.

Growing demand for lightweight and high strength materials from automotive and aerospace industries along with substituting metals are major factors driving the growth of polymer matrix composites market.

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 new product launches and expansion plans to strengthen their global footprint.
The demand for PMCs is increasing from automotive industry as auto giants are opting for lightweight vehicle parts to improve fuel efficiency and reduce emissions. Polymer matrix composites offer 15-30% weight reduction as compared to metals.
North America holds major share of polymer matrix composites market owing to strong presence of aerospace industry in the region. However, Asia Pacific is expected to witness fastest growth during the forecast period with growing automotive and construction industries in China and India.

Market key trends
One of the key trends gaining traction in polymer matrix composites market is the development of bio-based polymeric matrices. Conventional matrices derived from petroleum pose environmental issues at the end-of-life of composite products. Bio-based epoxy, vinyl ester and polyester resins obtained from plant derived materials are increasingly being adopted as an eco-friendly alternative in polymer matrix composites. This helps in reducing dependence on non-renewable resources and offers better sustainability.

Porter’s Analysis

Threat of new entrants: High capital requirement and economies of scale pose entry barriers for new players to establish themselves.

Bargaining power of buyers: Increased buyer interest in lower costs and better performance has led to fragmented buyers base.

Bargaining power of suppliers: Critical raw materials suppliers possess high bargaining power due to industry consolidation.

Threat of new substitutes: Emergence of graphene and carbon fiber substitutes pose a competitive threat to traditional composite materials.

Competitive rivalry: Intense competition among incumbents to develop advanced materials with customized properties.

Geographical Regions

North America currently holds the highest market share in terms of value owing to huge consumption from transportation and construction industries. Asia Pacific is projected to witness the fastest CAGR over the forecast period on back of burgeoning demand from emerging nations like China and India mainly from aerospace & defense and wind energy sectors.

Growing consumption and implementation of composite materials by civil infrastructure developers in China poses considerable opportunities in the country. Indian government’s initiatives to promote domestic manufacturing also augur well for composites producers eying the Asia’s third largest economy.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it