Polymer Matrix Composites Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018–2025
Polymer matrix composites (PMCs) are mainly comprised of organic polymer matrix that are bonded together by continuous or short fibers. Polymer matrix composites are widely used due to their fracture toughness, higher strength and stiffness, low costs compared to ceramic matrix composites, and simple fabrication method. Polymer matrix composites are named after their type of reinforced fiber such as carbon fiber composites, hybrid fiber composites, and glass fiber composite material or glass fiber reinforced plastics. Modulus and strength of the reinforced fibers are much higher in comparison to normal matrix material, which makes PMCs a better load bearing component due to which the global polymer matrix composites market is expected to grow at a significant rate during the forecast period.
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Polymer matrix composites due to its natural characteristics is expected to be the fastest growing market and widely used composites material across the various industries such as aerospace, automotive, sports goods, shipping industries etc. Polymer matrix composites possess some inherent characteristics such as high specific modulus, good fatigue resistance and high damage tolerance, temperature resistance and good ablation resistance, improved high electric insulation and high frequency dielectric properties, excellent chemical corrosion resistance, and high specific strength in comparison to conventional materials such as ceramic matrix composites and metals along with others. Owing to these factors global polymer matrix composites market is expected to increase at a significant growth rate over the forecast period (2018-2025).
The aerospace industry is expected to propel the growth of polymer matrix composites market in the near future due to its increasing use in manufacturing of fins of civil aircraft, planes in satellites, antennas, rocket motor casing, airframes of helicopters, fighter aircrafts and small aircrafts. Natural properties of polymer matrix composites has led to an increasing application of the same in healthcare and sports sectors. Burgeoning growth of these end-use industries is expected to drive growth of the polymer matrix composites market over the forecast period.
Market Outlook – Rise in Aerospace Industry to Propel the Growth of Polymer Matrix Composites Market
North America accounted for the largest share in the global polymer matrix composites market in 2016, followed by Asia Pacific, poised to be the fastest growing market over the forecast period. Rapid technological growth and adaptation of polymer matrix composites in aerospace, medical, defense and automotive industries along with others are the main factors to drive the growth of the global market in the forecast period.
The aerospace industry is estimated to have the highest consumption of 50 percent of the polymer matrix composites in U.S. region. Recent growth in stealth technology and all weather operating aircrafts in defense industry are the major factors for the significant growth of polymer matrix composites in the global market. Defense and commercial transport aircraft is expected to be the second highest end-user industry for the consumption of polymer matrix composites due to constant increase in aerodynamic performance and manufacturing light weight planes. Increasing use of polymer matrix composites in these industries is mainly due to greater flexibility, high stiffness, which helps to reduce weight by 20 to 30 percent and increase range, payloads, and reduce fuel consumption. Owing to these factors the polymer matrix composites market is expected to grow at a significant rate during the forecast period (2018-2025).
Some of the key participating players in the polymer matrix composites market are Toray Industries, Owens Corning, Teijin Limited, Hexcel Corporation, TPI Composites, Inc, Faurecia, Performance Composites Inc., Enduro Composites, Inc., Kineco, Applied Poleramic. Inc., Hexagon Composites, Creative Composites Ltd., and Hitco Carbon Composites Inc.
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