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.

Market Overview:
Polymer matrix composites consist of a polymer matrix that is reinforced with fibers to enhance properties such as strength and stiffness. Fiber reinforcements include carbon fiber, glass fiber, and natural fibers. Polymer matrix composites provide properties such as lightweight, high strength, corrosion resistance, resistance to chemical attack, ease of processing, and toughness. They find wide application in automotive, aerospace & defense, wind energy, construction, and other industries.

Market key trends:
The increasing demand from the automotive industry is expected to boost the growth of the polymer matrix composites market. Automobile manufacturers are adopting polymer matrix composites to manufacture lightweight vehicles. This reduces the overall weight of vehicles, thereby improving fuel efficiency and lowering emissions. Additionally, polymer matrix composites provide properties such as durability, high strength, and corrosion resistance that allow use in vehicle components such as closures, lift gates, frontends, and others. Growing adoption of fiber reinforced composites in electric vehicles due to their lightweight properties is expected to further drive the demand over the forecast period.

Porter's Analysis:

Threat of new entrants: The polymer matrix composites market size requires high R&D investment and manufacturing costs creating barriers for new companies. Existing companies have established supply chains and brand reputation.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute materials. They can negotiate on price and quality standards.
Bargaining power of suppliers: A few major players dominate the raw material supply. So suppliers enjoy some bargaining power regarding pricing and delivery schedules.
Threat of new substitutes: New substitutes like metal matrix, carbon/graphite composites and wood pose minimal threat as polymer matrix holds advantages in terms cost, weight and manufacturing process.
Competitive rivalry: Intense competition exists among major players to gain market share through product innovation, geographic expansion and acquisitions.

SWOT Analysis:

Strengths: Polymer matrix composites offer high strength-to-weight ratio, corrosion resistance and thermal stability. Increased R&D leads to development of advanced grades.
Weaknesses: High manufacturing costs and dependency on crude oil prices for raw material inputs. Vulnerable to economic slowdowns affecting end-use industries.
Opportunities: Growing infrastructure spending and automotive production drives demand. Development of bio-based resins opens new areas.
Threats: Stringent environmental regulations regarding emissions. Substitution threat from newer materials. Volatility in polymer prices impacts project costs.

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 usage in transportation industry. The transportation sector accounts for over 30% market share currently due to demand from aircraft, automotive, marine and others.

Regional analysis

Asia Pacific dominates the global polymer matrix composites market and is expected to maintain its lead over the forecast period. China, Japan and India are major markets due to large automotive, aerospace and infrastructure sectors. Europe and North America are established regional markets while Latin America and Middle East & Africa offer lucrative prospects.

Key players

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. Major players focus on new product development through intensive R&D efforts to strengthen their market position.

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