May 24, 2024
Polymer Matrix Composites Market

Polymer Matrix Composites Market to Grow at a CAGR of 26% Owing to Rising Demand from Aerospace Industry

Polymer matrix composites offer advantages such as excellent strength to weight ratios, resistance to corrosion, dimensional stability and durability which are driving its increasing use in various industries. Some key applications of polymer matrix composites include aircraft components, boats, sports equipment, pipes, ducts and infrastructure.

The Global Polymer Matrix Composites Market Demand is estimated to be valued at US$ 23.01 Billion in 2024 and is expected to exhibit a CAGR of 26% over the forecast period from 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). Polymer matrix composites are finding increasing use in aircraft components due to benefits such as low weight and durability. The global Polymer Matrix Composites market is expected to witness high growth in Asia Pacific region owing to rapid industrialization and infrastructure development activities.

Key opportunities in the Polymer Matrix Composites market include development of recyclable and bio-based polymer matrix composites to cater to increasing sustainability needs. Growing demand for lightweight and durable materials from automotive, electronics and infrastructure industries is expected to drive the demand for Polymer Matrix Composites. With significant R&D investments, key players are expanding globally to leverage opportunities arising from growing end-use industries.

Market Drivers

The rising demand from aerospace industry is one of the key drivers for Polymer Matrix Composites market. Due to high strength to weight ratio and resistance to corrosion, polymer matrix composites are increasingly replacing metals in aircraft components. This is positively impacting the growth of Polymer Matrix Composites market. Additionally, strict regulations regarding reduction of aircraft weight is further driving the adoption of lightweight polymer matrix composites in aircraft construction.

PEST Analysis

Political: Regulations regarding the use of composite materials in various industries like automotive, aerospace, construction are expected to influence the market. Government investments and initiatives to promote use of sustainable materials will impact demand.

Economic: Growth in end-use industries is estimated to drive the market during the forecast period. Composite materials help reduce cost and weight of final products. Market is anticipated to benefit from infrastructure development projects worldwide.

Social: Customer preference for fuel-efficient and lightweight vehicles is impacting automobile manufacturers to adopt composites. Rise in construction of sustainable buildings using advanced materials will contribute to demand.

Technological: Innovation in manufacturing processes enables mass production of cost-effective composite parts. New resin systems and nanotechnology applications are expanding scope of composites. Adoption of robotics allows automation in production.

In terms of value, the North America region dominates the global polymer matrix composites market supported by existing automobile manufacturers and aerospace companies in the region. Countries like the US and Canada are major consumers.

The Asia Pacific region is expected to be the fastest growing market for polymer matrix composites. Countries like China, Japan, and India have witnessed rapid growth in end-use industries which is driving the demand. Infrastructure development projects in the region also contribute to market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it