Polymer Matrix Composites in Aerospace Industry is Fueling the Global Polymer Matrix Composites Market Growth

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The global 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 such as carbon, glass or aramid. They offer advantages such as lightweight, corrosion resistance and high mechanical strength. These properties make them suitable for applications in aerospace, automotive and defense industries.

Market key trends:
One of the major trend in the PMC market is growing demand of carbon fiber reinforced polymer composites in aerospace industry. Carbon fiber reinforced polymer composites are increasingly being used to manufacture aircraft components such as wings, fuselage and engine nacelles due to their high stiffness-to-weight and strength-to-weight ratios. Low operating costs and maintenance of aircraft with higher usage of carbon fiber composites is driving their demand in commercial as well as military aircraft manufacturing. This is expected to significantly fuel the demand of polymer matrix composites market over the forecast period.

Segment Analysis
The global polymer matrix composites market size is segmented based on fiber type, resin type, end use industry and region. Based on fiber type, the market is segmented into glass fiber, carbon fiber, natural fiber and others. Among these, the glass fiber segment dominates the market and accounts for more than 50% of the total market share. Glass fiber composites provide advantages such as high strength, light weight and corrosion resistance. They also have application in a wide range of industries such as automotive, aerospace, construction and others.

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 demand from automotive and aerospace industries.

Regional analysis
Asia Pacific dominates the global polymer matrix composites market and is expected to continue its dominance during the forecast period. This is attributed to presence of emerging economies such as China and India with fast growing automotive and construction industries. China accounts for more than 30% of the global demand for polymer matrix composites.

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., and Kineco Limited. The market is highly competitive with these players focusing on new product development and expansion to meet the growing end use demand.

The global polymer matrix composites market size is expected to reach US$ 19.96 Bn in 2023 and further increase to US$ 39.91 Bn by 2030, expanding at a CAGR of 10% during the forecast period.

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