Polymer Matrix Composites Market Growth Owing to Increased Demand from Aerospace Industry12/12/2023 The 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 composite materials that consist of a polymer matrix reinforced with fibers. The fibers are usually glass, carbon, or aramid, and increase the strength of the polymer. Polymer matrix composites are used in a wide range of industries including automotive, aerospace, defense, wind energy, and others due to their properties such as high strength-to-weight ratio, corrosion resistance, and toughness. Market Overview: Polymer matrix composites have applications ranging from automotive components to wind turbine blades. In the automotive industry, polymer matrix composites are used to manufacture lightweight components such as front-ends, bumpers, hoods, and spoilers to improve fuel efficiency. In the aerospace industry, they are utilized to build aircraft components like wings and fuselage due to their high strength and corrosion resistance properties. Market Dynamics: One of the key drivers for the polymer matrix composites market size is the increased demand from the aerospace industry. The aerospace industry utilizes polymer matrix composites extensively to build lightweight aircraft components in order to improve fuel efficiency. This is driving the demand for polymer matrix composites. Another driver is the growing wind energy market. Polymer matrix composites are increasingly used to manufacture wind turbine blades owing to their high strength, stiffness, corrosion resistance and durability properties ideal for wind energy applications. This is fueling market growth over the forecast period. Market Overview: Polymer matrix composites find wide application in the aerospace industry owing to properties like high strength-to-weight ratio and corrosion resistance. They are used to build aircraft components such as wings, fuselage, and interior panels. In the automotive industry, polymer matrix composites are utilized for manufacturing exterior and interior lightweight components to improve fuel efficiency. Some other industries employing polymer matrix composites include wind energy, marine, construction and pipes & tanks. SWOT Analysis Strength: Polymer Matrix Composites have high durability and strength which allows them to withstand harsh environments. They offer unique properties that metal materials cannot match in terms of stiffness, weight, and corrosion and chemical resistance. They provide design flexibility that allows complex and optimized part designs. Weakness: Polymer Matrix Composites have high initial costs of equipment, manufacturing processes and materials. They also have a short product life cycle which increases maintenance and replacement costs. Opportunity: Increasing demand from aerospace and defense industries due to their usage to make durable and lightweight components is driving market growth. Growing automotive industry particularly in emerging economies also provides new opportunities for market expansion. Threats: Availability of cheaper substitutes like aluminum and presence of established players with strong distribution networks poses threat to new market entrants. Stringent environmental regulations around composite waste disposal can also hamper market growth. Key Takeaways 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 automotive and aerospace industries. Polymer Matrix Composites provide important benefits of weight reduction and durability which automotive and aircraft manufacturers greatly value. Their usage helps improve fuel efficiency and reduce operating costs significantly. Regional analysis The North America region dominates the global Polymer Matrix Composites market and is expected to continue its dominance during the forecast period. This is attributed to presence of major automotive and aircraft OEMs and tier players in the region which drives early adoption of advanced materials like Polymer Matrix Composites. The Asia Pacific region is expected to witness the highest growth owing to rapidly growing automotive and aerospace industries particularly 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., Kineco Limited. These companies are focusing on new product launches, partnerships and acquisitions to consolidate their market presence and offerings. Get more insights on this topic: https://www.trendingwebwire.com/polymer-matrix-composites-market-size-and-outlook-2023-2030/
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