Global Polymer Matrix Composites Market Is Anticipated To Witness Significant Growth Owing To Increasing Use Of Silicone-Based Composites And Rising Adoption Of PMC By The Healthcare Sector

 

Overview:

PMCs are highly engineered structural materials with wide range of physical and mechanical properties. They are used in aerospace, military and industrial applications due to their high strength, light weight, corrosion resistance, durability, and ability to conform to complex shapes with reduced part count. One of the most promising features of advanced composites is their potential for intelligent material applications. Polymer Matrix Composites Market can be in the form of actuation, sensing, and healing functions. These functions can be achieved by integrating nanoparticles or graphene into the polymer matrix. Graphene, in particular, is capable of dispersion and distribution of energy. It has excellent ballistic properties and high tensile strength at low loadings. Another promising technology for eco-friendly polymer composites is the use of natural/bio-fibers. These are generally extracted from plants such as coconut palm and coir.

Market Dynamics:

Growing acquisitions among key players are estimated to augment growth of the global polymer matrix composites market over the forecast period. For instance, Bostik acquired LIP Bygningsartikler AS in January 2020. This acquisition will help in growing Bostik’s presence geographically and enhance their product ranges and technologies. Moreover, high labor-intensive fabrication processes are anticipated to restrain growth of the global Polymer Matrix Composites Market over the forecast period.

Impact of COVID-19:

 

COVID-19 was announced as a global public health emergency in 2020 by the World Health Organization. This outbreak affected almost every sector across the globe. It had a significant impact on the global economy and many businesses suffered during the pandemic. During the pandemic manufacturing activities were halted owing to strict government restrictions imposed in many countries. This affected the demand and supply of various products. There was a shortage of raw materials and skilled labor in many sectors like constriction, automobiles, electronic and chemical. Polymer Matrix Composites Market led to decrease in demand for polymer matrix composites. Thus, the pandemic hampered the growth of the global polymer matrix composites market. However, in the post-pandemic era the market is estimated to witness growth as several restrictions have been relaxed.

 

Key Takeaways:

 

The global polymer matrix composites market is expected to witness high growth, exhibiting CAGR of 10.3 % over the forecast period, due to increasing partnership among key players. For instance, TPI Composites, Inc., and GE Renewable Energy extended its supply agreements in January 2023. Both the companies are planning to work together on GE’s next-generation blade types.

 

North America is anticipated to witness significant growth in the global polymer matrix composites market over the forecast period, owing to increasing technological developments and growing medical, defense, and aerospace industries.

 

Major players operating in the global polymer matrix composites market are TPI Composites, Inc., Applied Poleramic, Inc., Toray Industries, Inc., Arkema, Creative Composites, Ltd., Teijin Limited, Faurecia, Hexagon AG, SGL Carbon SE, Faurecia, Owens Corning, Hexagon AG, Mitsubishi Chemical Corporation, Hexcel Corporation, Kineco Limited, and Hitco Carbon Composites Inc.