Polymer matrix composites are materials made of high-performance fibers such as carbon, glass, or aramid embedded in a polymer matrix. These materials provide properties like high stiffness, strength, and temperature tolerance. They are used extensively in aerospace, automotive, electronics, and construction industries due to advantages like corrosion resistance, reduced maintenance, high strength-to-weight ratio, and dimensional stability. With increased aircraft production globally, the demand for polymer matrix composites from the aerospace industry has surged tremendously.
The global Polymer Matrix Composites Market 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:
The increased demand from the aerospace industry is one of the key trends driving the growth of the polymer matrix composites market. Aircraft OEMs are increasingly using composites to manufacture lightweight and fuel-efficient aircraft. It is estimated that composites account for 50% of the materials used in newer aircraft like Boeing 787 and Airbus A350. With rising aircraft deliveries globally, the demand for polymer matrix composites from the aerospace industry is expected to grow substantially over the forecast period. Continuous technological advancements to develop newer and improved composite materials with superior properties will further support the market growth.
Segment Analysis
The global polymer matrix composites market is dominated by the thermoset sub-segment. Thermoset resin based polymer composites have high strength and are thermo-hardened or infusible. These properties make thermoset polymer composites preferable for applications requiring high strength and stiffness like aircraft and automotive.
Key Takeaways
The Global Polymer Matrix Composites Market Size is expected to witness high growth.
The Asia Pacific region is expected to be the fastest growing as well as dominating region over the forecast period. Countries like China, Japan and India are driving the demand for polymer matrix composites in this region owing to presence of a booming manufacturing sector especially automotive, aerospace and construction industries.
Key players operating in the Polymer Matrix Composites market are On Deck Capital Inc., Lendingclub Corp., and Social Finance Inc. (Sofi). On Deck Capital Inc. specializes in small business loans and has a strong presence in the United States. Lendingclub Corp. is one of the largest online lending platforms in the world while Sofi provides student loans refinancing and personal loans.
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