The Europe Polymer Matrix Composite Market is to Touch $7.5 billion by 2030; Fostering the Growth of the European Aerospace Industry and Expanding European Medical Device Industry propels market growth.

The Europe Polymer Matrix Composite Market size is estimated to reach $7.5 billion by 2030, growing at a CAGR of 7.4% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Europe Polymer Matrix Composite Market – By Fiber Type (Glass, Kevlar, and Carbon), By Matrix Type (Thermoset Polymer Matrix Composite (Epoxies, Phenolics, Polyesters, and Others),  Thermoplastic Polymer Matrix Composite (Polycarbonates, Polyvinylchlorides, Polyethylene, Nylons,  Acrylics, and Others), and Rubber Polymer Matrix Composite), By Phase Type (Continuous Phase, and Dispersed Phase), By Fabrication Process (Spray Lay-up, Wet Lay-up, Filament Winding, Pultrusion, and Others), By Application (Medical Devices, Belts & Hoses, Engine Parts, Tires, Footwears, Energy Storage  Devices, Oil & Gas Exploration, Structural Components, and Others), By End-User (Building & Construction (Residential, Commercial, Industrial, and  Infrastructural), Transportation [Automotive (Passenger Vehicles (PV), Light Commercial Vehicles  (LCV), and Heavy Commercial Vehicles (HCV)), Aerospace (Commercial, Military, and Others), and  Marine (Passenger, Cargo, Naval, and Others)], Medical & Healthcare (MRI Scanners, Surgical  Equipment, Prosthetics, and Others), Personal Protective Equipment (Firefighters, Military, and  Others), Electrical & Electronics (Batteries, Capacitors, and Others), Sports Goods (Golf, Tennis,  Rafting, and Others), Oil & Gas (On-shore, and Off-shore), and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” Fostering the Growth of the European Aerospace Industry and Expanding European Medical Device Industry are fueling the growth of the Europe Polymer Matrix Composite industry during the forecast period.

Germany accounted for a substantial 33% share of the Europe Polymer Matrix Composites market in 2023, driven by the robust growth of the transportation sector across European countries. The expansion of the European transportation industry can be attributed to rising government initiatives, increasing per capita income, and a growing population. For example, in February 2021, the German government introduced a €1.5 billion support program to help the automotive industry become more environmentally friendly and digitalized. This initiative, which runs through 2024, focuses on investments in autonomous driving, sustainable and digitalized production, the development of data-driven business models, and the transition to alternative drives. According to the Verband der Automobilindustrie (VDA), German automotive manufacturers and suppliers are set to invest over €220 billion in electromobility, including battery technology, digitization, and research, between 2022 and 2026. This investment amounts to more than €44 billion annually. The International Trade Administration (ITA) reports that in 2023, 4.1 million cars were produced, an 18% increase from the previous year. With the rise in vehicle production and ongoing government initiatives, the demand for automotive and aircraft components is expected to grow significantly, further boosting the polymer matrix composites market in Germany during the forecast period.

Polymer matrix composites are commonly used in airplane tires and interiors, playing a key role in the aerospace industry’s pursuit of improved performance and reduced weight. These composites can be optimized to offer a unique combination of high strength, stiffness, toughness, and low density, resulting in outstanding strength-to-density and stiffness-to-density ratios, as well as superior physical properties. Consequently, they are often the preferred choice for structural materials in aircraft components. The European aerospace industry is experiencing significant growth. According to the International Trade Administration (ITA), the UK’s commercial space sector is expanding rapidly, with a goal to capture 10% of the global space market by 2030. Additionally, Boeing’s latest Commercial Market Outlook predicts a demand for 8,700 new aircraft in the European aviation market between 2021 and 2040. This forecast is supported by an anticipated average annual economic growth of 1.4% and a 3.1% annual increase in passenger traffic over the next two decades. As the European aerospace industry continues to grow, it is expected to drive an increased demand for polymer matrix composites, further propelling the market forward.

Polymer matrix composites play a crucial role in a wide variety of medical devices and applications. They are key components in products such as MRI scanners, CT scanners, X-ray couches, mammography plates, surgical tools, wheelchairs, and prosthetics. Additionally, polymer matrix nanocomposites containing carbon nanotubes or TiO2 nanotubes aid in bone healing by acting as scaffolds that guide the growth of replacement bone, helping to reduce recovery time for fractures. The European healthcare sector, particularly the medical device industry, is experiencing rapid growth driven by technological advancements and shifting demographics. For example, the German medical device market, one of the most lucrative in the world, generates approximately US$35.8 billion annually, representing 25.6 percent of the European market. As the demand for medical devices continues to rise across Europe, the need for polymer matrix composites will increase significantly, fueling market growth.

• In January 2022, a team of researchers from the University of Washington, Army Research Laboratory, Georgia Institute of Technology, Ansys Inc., and Pennsylvania State University developed an advanced algorithm designed to predict the location of nano-silica particles within polymer matrix composites.

• In April 2023, Teijin Limited achieved the standardization of its polyether ether ketone (PEEK) and carbon fiber-based materials, branded as ThermoPlastic Woven Fabric and ThermoPlastic Consolidated Laminate, under the unified name Tenax. This milestone was reached through a collaborative effort with the National Center for Advanced Materials Performance (NCAMO).

Key companies profiled in the Europe Polymer Matrix Composite Market are Toray Industries, Owens Corning, Teijin Limited, Hexcel Corporation, TPI Composites Inc, Faurecia, Creative Composites Group (Enduro Composites Inc.), Kineco, Hexagon Composites, Solvay (Cytec Industries Inc)and others.