Advanced Polymer Matrix Composites Market- By Fiber Type, By Matrix Material, By Adhesive Type, By End-Use Industry and By Geography Analysis - Forecast 2023-2030

Advanced Polymer Matrix Composites Market Overview

The advanced polymer matrix composites market size is forecast to reach $23 billion by 2030, after growing at a CAGR of 5.9% during 2023-2030.  Polymer matrix composites are materials composed of a polymer resin matrix reinforced with fibers or other materials. Advanced polymer matrix composites are designed to meet specific performance requirements, such as high strength, stiffness, and toughness, as well as resistance to environmental factors like heat, moisture, and chemicals. Advanced polymer matrix composites have a wide range of uses in various industries owing to their excellent strength-to-weight ratio, high stiffness, and durability. Some of the common uses of advanced polymer matrix composites include Aerospace, Automotive, Infrastructure and construction, Wind energy, Sporting goods, and medical equipment. The main factors driving the market's expansion include the growing demand for lightweight, high-performance materials in industries such as aerospace, automotive, and defense. The other factors include the increasing use of composites in infrastructure and construction applications, as well as the development of new manufacturing techniques and materials. The aerospace industry is the largest market for advanced polymer matrix composites, with applications in aircraft structures, engines, and interiors. The automotive industry is also a significant market, with composites being used for body panels, suspension components, and other parts. The other markets for advanced polymer matrix composites include marine, wind energy, sporting goods, and medical equipment. These are the factors anticipated to drive the advanced polymer matrix composites market substantially during the forecast period.

Market Snapshot :

Report Coverage

The report: “Advanced Polymer Matrix Composites Market – Forecast (2023-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the advanced polymer matrix composites Industry. 
By Fiber Type: Fiberglass, Kevlar, Carbon, Boron, Ceramics, and Others
By Matrix Material: Thermosetting Resins, and Thermoplastic Resins.
By Adhesive Type: Film Adhesives, Paste Adhesives, Foaming Adhesives, and Others
By End-Use Industry: Automotive, Aerospace, Marine, Construction, Electrical, Medical, Sports and Leisure, and Others.
By Geography: North America, South America, Europe, Asia Pacific, and RoW

Key Takeaways

• The Advanced Polymer Matrix Composites Market in the Asia-Pacific region held a significant market share of 43% in 2023. Asia-Pacific dominates the advanced polymer matrix composites market, owing to the increasing demand for lightweight, durable automotive parts. Rapid industrialization and rising needs in alternative energy sectors present lucrative opportunities for manufacturers, driving robust growth in the industry.
• Composite materials are hastily replacing metals such as aluminum, titanium, and steel in automotive & aircraft components such as turbine blades, heat exchangers, and chemical reaction vessels as they provide lighter weight and better resistance towards chemical corrosion, which is driving the market growth. 
• The demand for advanced polymer matrix composites is increasing from the medical industries to manufacture medical devices such as MRI scanners, C scanners, X-ray couches, mammography plates, tables, surgical target tools, wheelchairs, and prosthetics. The increasing demand for advanced polymer matrix composites acts as a driver during the forecast period.

Advanced Polymer Matrix Composites Market, By Region, 2023
 

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By Fiberglass Type – Segment Analysis

Fiberglass held the largest share of the advanced polymer matrix composites market share of 47% in 2023. Fiberglass is a common reinforcing fiber in Advanced Polymer Matrix Composites. Fiber glass-reinforced PMCs have several advantages over traditional materials. They are lighter in weight, have higher strength-to-weight ratios, and are corrosion-resistant. Additionally, Structural hull panels, decking, stringers, sail battens, cabinetry, door panels, mast structures, and anchor pins can all be made with polymer composites. Glass fiber-reinforced polyester is the most prevalent composite used in boats and ships while aramid fiber reinforcement is used in key areas of high-performance sailboats, such as the bow and keel sections. For instance, according to the US Department of Energy, Carbon Rivers is in the process of separating a portion of its business into a separate entity called Windfall Inc., which will build the first full-scale glass fiber recycling facility in the U.S. The planned facility is expected to process approximately 200 metric tonnes, or 5,000-7,000 fiberglass wind turbine blades per year. The recovered fiberglass can then be used to create new composites. Thus, these extensive characteristics of advanced polymer matrix composites are anticipated to further drive the Fiberglass advanced polymer matrix composites market during the forecast period 2023-2030.

By Matrix Material – Segment Analysis

Thermosetting resins the largest share of the advanced polymer matrix composites market share of 62% in 2023. Thermosetting resins are a type of polymer that, once cured or hardened, cannot be heated to be melted or reshaped. Considering their superior mechanical, thermal, and chemical properties, they are widely used as matrix materials in advanced polymer matrix composites. The ability of thermosetting resins to form strong, durable bonds with reinforcement materials such as carbon fibers and glass fibers is one of their primary advantages. As a result, they can be used in high-performance applications requiring strength and stiffness, such as aircraft parts and sporting equipment. Thermosetting resins are also resistant to heat, chemicals, and moisture, making them ideal for use in harsh environments. Furthermore, thermosetting resins can be formulated to have specific properties such as flame retardancy, making them suitable for use in applications where safety is a concern. Thermosetting resins, such as epoxy, phenolic, and polyester resins, are commonly used in composite materials. Because of their excellent strength, stiffness, and adhesion properties, epoxy resins, in particular, are widely used in the aerospace and automotive industries. These are the factors anticipated to boost the demand for Thermosetting resins from the advanced polymer matrix composites market during the forecast period 2023-2030.                                                                                                           

By End-Use Industry – Segment Analysis

The aerospace segment in the advanced polymer matrix composites market is expected to witness the highest CAGR of 7.1% during the forecast period, owing to the Advanced polymer matrix composites are used in a variety of applications in the aerospace industry, including aircraft structures, engine components, and interiors. The aerospace industry's demand for lightweight materials has been driven by the desire to improve fuel efficiency and reduce emissions, as well as the desire to increase payload capacity and extend aircraft range. Furthermore, the growing demand for unmanned aerial vehicles (UAVs) is expected to drive the growth of the aerospace industry's advanced polymer matrix composites market. According to the India Brand Equity Foundation, the Indian UAV industry was worth $830 million in FY 2020 and is expected to grow at a 14.5% CAGR between 2021 and 2026. Additionally, according to the United States Environmental Protection Agency, in 2022, 37% of new vehicles were cars, while 63% were trucks, anticipated to rise in 2023, reflecting a notable shift in vehicle preferences under EPA's regulations. Drone technology is increasingly being used in a variety of industries in India and around the world. Hence, the Advanced Polymer Matrix Composites Market is poised for substantial growth driven by the expanding automotive and aerospace sectors, particularly fueled by UAV demand, lightweight materials, and environmental regulations, projecting during the forecast period 2023-2030.

By Geography – Segment Analysis

Asia-Pacific region held the largest share in the advanced polymer matrix composites market in 2023 up to 43%, owing to the use of polyamide composites in the automotive industry, driven by the demand for fuel efficiency and the rise of electric vehicles, which is a significant factor contributing to the growth of the advanced polymer composites market in Asia-Pacific region. This trend is likely to continue as the automotive industry evolves to meet changing consumer preferences and regulatory requirements. furthermore, the rising demand for polyamide as a composite in the automotive industry is notably driving the advanced polymer composites market growth. Additionally, the increasing demand for fuel-efficient vehicles or EVs is expected to drive the global advanced polymer composite market demand factor. For instance, according to the International Council on Clean Transportation, China continues to be the largest electric vehicle market globally. The number of electric vehicles sold in the nation in 2022 was 6.2 million, an 82% increase over 2021. Moreover, as per the report by Invest India, 16.8% of all car sales in December 2022 were electric vehicles. The rise of electric vehicles, coupled with a focus on fuel efficiency, is expected to sustain market demand, especially in Asia-Pacific during the forecast period 2023-2030.

Drivers – Advanced Polymer Matrix Composites Market

Increase in Automotive Production

Advanced polymer matrix composites are being extensively used in the automotive industries for manufacturing car components such as leaf springs, hoses, body panels, dashboards, car covers, engine covers, car floors, seats, and more, which is expected to increase the demand of advanced polymer matrix composites during the forecast period. Moreover, the demand for advanced polymer matrix composites is being significantly influenced by the increasing demand for fuel-efficient vehicles, the manufacturing of EV components, and the production of auto components. According to the International Trade Administration (ITA), China is the world’s largest vehicle market and the Chinese government is expecting that automobile production will reach $35 million by 2025. Additionally, according to the Trade economics Germany's car production rose from 322843 units in October 2023 to 402800 units in November. the increasing automation production will require more advanced polymer matrix composites which will act as a driver for the advanced polymer matrix composites market.   

Increase in Aerospace Production

Aviation industries require advanced polymer matrix composites to reduce aircraft weight, which can improve its performance, and reduce their cost, which is expected to increase the demand for advanced polymer matrix composites during the forecast period. Moreover, with a growing emphasis on fuel efficiency and reducing environmental impact, aerospace companies are turning to advanced materials that can help in creating more fuel-efficient aircraft. The global demand for air travel has been steadily increasing, leading to a rise in aircraft production to meet the growing passenger and cargo transport needs. Aerospace manufacturers are incorporating advanced composite materials in the construction of aircraft components to achieve performance and efficiency goals. According to the International Trade Administration (ITA), Germany's aerospace and defense sector is the third largest in Europe, with projected revenues of $41.1 billion in 2022. The UK leads the market with $101.4 billion, followed by France with $66 billion. Additionally, India's domestic aviation sector is predicted to reach $30 billion by 2024. The increasing demand for advanced polymer matrix composites from the aviation industry and the expanding aviation industry act as a driver for the advanced polymer matrix composites market.

Challenges – Advanced Polymer Matrix Composites Market

High Cost of Advanced Polymer Matrix Composites

The advanced polymer matrix composites are manufactured by a protracted process known as lay-up that slows down production rates, making the products less cost-effective for high production volumes. The lay-up process requires expensive training for labor and more sophisticated environmental and health considerations. Also, the price of glass fiber-reinforced thermosets and carbon-fiber-reinforced thermoplastics is 62% and 76% higher than conventional steel. The cost of polymer composites is estimated to be higher than that of steel bodies, even on a life cycle basis. Thus, the high cost of advanced polymer matrix composites due to its complex manufacturing process may restrain the market growth during the forecast period.

Covid-19 Impact on The Advanced Polymer Matrix Composites Market

Due to the Covid-19 outbreak, the advanced polymer matrix composites end-use industries are facing issues such as delays in receiving matrix composites from the manufacturers due to the restriction on import and export of materials. Furthermore, China, a major supplier of chemicals to the world registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory, unfolded by COVID-19's escalation to a pandemic. Also, the shipment orders are being heavily affected due to the non-availability of vessels and blank sailing. Moreover, COVID-19 pandemic is having a huge impact on aviation and the automotive industry. The production of automotive and aircraft has been disruptively stopped, contributing to a major loss in the total automotive and aerospace sectors. With the decrease in automotive and aircraft production, the demand for advanced polymer matrix composites for manufacturing various parts have significantly fallen, which is having a major impact on the advanced polymer matrix composites market.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the advanced polymer matrix composites market. In 2019, the market of advanced polymer matrix composites has been consolidated by the top five players accounting for xx% of the share. Major players in the advanced polymer matrix composites market are Toray Industries Inc. Mitsubishi Chemical Group, BASF SE, Arkema S.A., Hexcel Corporation, Solvay S.A., TPI Composites, SGL Carbon SE, Owens Corning, 3B Fibreglass Sprl, and Othres.

Recent Developments 

• In June 2023, Arkema expanded its high-performance polymer portfolio by acquiring a 54% controlling stake in PI Advanced Materials (PIAM), a leading global polyimide films manufacturer. The $803 million enterprise value deal enhances Arkema's position in consumer electronics and electric vehicles markets, with PIAM boasting over $215 million in sales, a 30% EBITDA margin, and top-notch manufacturing capabilities. The acquisition is set to fully consolidate Arkema's accounts.
• March 2022, Solvay partners with Mitsubishi Chemical Advanced Materials to advance sustainability goals by recycling end-of-life medical components, specifically those made from UdelⓇ PSU polymers. This collaboration aligns with Solvay's One Planet roadmap and Mitsubishi's KAITEKI vision, emphasizing resource preservation and sustainable product development.
• September 2021, 3B Fiberglass launched its new product, HiPer-tex W2020, a high-performance glass fiber designed for thermoplastic composites, particularly for applications in the automotive industry. HiPer-tex W2020 is known for its excellent mechanical properties, including high strength and stiffness, as well as its superior impact resistance

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