Polymer matrix composites are advanced lightweight materials made of high-strength fibers bonded together with a polymer matrix. They offer properties like high strength-to-weight ratio, corrosion resistance and durability. Polymer matrix composites are replacing metals in aerospace and defense applications to reduce weight and enhance fuel efficiency. They are used for manufacturing aircraft structural parts, helicopter rotor blades and bodies of missiles. The polymer matrix provides toughness to the fibers and protects them from environmental damage.
The global Polymer Matrix Composites Market 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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in polymer matrix composite technology have increased their use in newer application areas. One key trend gaining traction is the development of hybrid composites containing two or more reinforcements for high performance. Hybridization helps overcome limitations of individual reinforcement materials. Another emerging trend is the adoption of nanomaterials as fillers and reinforcements. Nanocomposites have enhanced mechanical, thermal and electrical properties over conventional composites. Continuous R&D towards development of lower-cost and recyclable bio-based polymer matrices will further expand the use of polymer matrix composites.
Threat of new entrants: Low threat as this is a specialized market requiring technical expertise and high investment costs for R&D and manufacturing facilities.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative raw material suppliers in the market.
Threat of new substitutes: Moderate threat from new substitute materials that offer better properties.
Competitive rivalry: Intense competition among existing players to gain market share.
The Global Polymer Matrix Composites Market Size is expected to witness high growth. The market size for 2024 is estimated to be US$ 23.01 Bn indicating significant growth over the forecast period.
Regional analysis: North America is expected to dominate the global Polymer Matrix Composites market over the forecast period. This is attributed to high investment in R&D and presence of key players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising demand from end use industries and increasing manufacturing activities in the region.
Key players: 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 inorganic growth strategies including acquisitions and partnerships to gain market share in the competitive landscape.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it