by Polymer matrix composites (PMCs) are one of the advanced composite materials with high strength-to-weight ratio and corrosion resistance. These composites possess superior properties as compared to metals thereby making them suitable for applications in aerospace, automotive, and construction sectors.
The global Polymer Matrix Composites Market size 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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing usage of PMCs in aerospace industry has been a major trend propelling the polymer matrix composites market growth. Polymer matrix composites provide excellent fatigue and impact resistance making them suitable for manufacturing aircraft components such as wings, fuselage, passenger doors and floors. These composites help reduce weight of aircraft resulting in improved fuel efficiency. Ongoing aircraft deliveries and rising passenger traffic has augmented the demand for polymer matrix composites in aerospace industry.
SWOT Analysis
Strength: Polymer matrix composites offer high strength to weight ratio, corrosion resistance, durability and thermal stability. They can be easily molded into complex shapes.
Weakness: High manufacturing cost and limited expertise available for working with these materials. Limited end of life options as they are difficult to recycle.
Opportunity: Growing demand from industries such as aerospace, automotive and defense due to stringent rules regarding fuel efficiency and emission reduction. Increasing investments in research to reduce production costs and develop recyclable options.
Threats: Availability of cheaper alternative materials. Economic slowdowns affecting key end use industries.
Key Takeaways
The Global Polymer Matrix Composites Market Size is expected to witness high growth during the forecast period of 2024 to 2031 supported by rising usage in aerospace and defense industries.
North America currently dominates the global polymer matrix composites market and is expected to maintain its leading position throughout the forecast period. This can be attributed to increasing investments by defense and aerospace sector in the region for development of lightweight and durable materials.
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 development and collaboration activities to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
