Europe Polymer Matrix Composite Market - Forecast(2023 - 2028)

Europe Polymer Matrix Composite Market Overview

Europe Polymer Matrix Composite Market size is forecasted to grow at a CAGR of 7.4% during the forecast period 2022-2027. Polymer matrix composites mainly comprise of an organic polymer matrix that is bonded together by continuous or short fibers of graphene, carbon nanotubes, polylactide, polyglycolide, engineering plastics, and more. The demand for polymer matrix composites is increasing in varied European industries due to its extensive set of characteristics such as high tensile strength, stiffness, fracture toughness, abrasion resistance, lightweight, low costs compared to ceramic matrix composites, and simple fabrication method. This is anticipated to drive the Europe Polymer Matrix Composites market substantially during the forecast period. The modulus and strength of reinforced fibers are significantly higher than that of the normal matrix material, making PMCs a better load-bearing component. As a result, the Europe Polymer Matrix Composites market is projected to expand at a significant rate over the forecast period. The novel coronavirus pandemic had far-reaching consequences in a variety of European industries, including polymer matrix composite. Due to the production shutdowns, polymer matrix composite adoption fell sharply, while the supply chain took the brunt of the blow due to strict lockdowns. These factors had a direct impact on the Europe Polymer Matrix Composite industry's growth in 2020.

Report Coverage

The “Europe Polymer Matrix Composite Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments of the Europe Polymer Matrix Composite industry.

Key Takeaways

• Germany holds a significant share in the Europe Polymer Matrix Composite Market, owing to the growing transportation industry in the region, for instance, according to the Verband der Automobilindustrie (VDA), passenger car production in Germany was up in January 2022. At the start of the year, German manufacturers produced 256,300 cars (+8%).
• Aerospace 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 polymer matrix composites in Europe during the forecast period.
• The widespread use in the oil & gas exploration activities, the flourishing transportation industry, and the booming electrical & electronics sector in Europe is expected to drive up demand for polymer matrix composites over the forecast period.
• The rising production and consumption of medical devices and equipment also contribute to the market's long-term viability.
• However, the high cost associated with polymer matrix composites is expected to limit market revenue sales.

Figure: Germany Polymer Matrix Composite Market Revenue, 2021-2027 (US$ Million)

The Thermoplastic polymer matrix composite segment held a significant share in the Europe Polymer Matrix Composites market in 2021 and is forecasted to grow at a CAGR of 7.5% during the forecast period 2022-2027. Thermoplastic polymer matrix materials can be molded, melted, and remolded without changing their physical properties, owing to which its demand is increasing over thermoset polymer matrix composites. The composites of the thermoplastic matrix materials are stronger and less brittle than the matrix materials of the thermosets and have excellent impact resistance and damage tolerance. Thermoplastic matrix composites are also less dense than thermosets, making them a viable option for applications where weight is a factor. Furthermore, the thermoplastic polymer matrix composite can be melted easily and is easier to repair, remold and recycle, its demand is being boosted in the European polymer matrix composites market.

Europe Polymer Matrix Composite Market Segment Analysis – By End-Use Industry

The Transportation segment held a significant share in the Europe Polymer Matrix Composites market in 2021 and is forecasted to grow at a CAGR of 8.2% during the forecast period 2022-2027. Polymer matrix composites in the transportation industry are used to manufacture components such as tires, belts, hoses, bumpers, body panels, engine parts, fuel tanks, antennas, rocket motor casing, airframes, and more. European manufacturers of automotive, aerospace, marine, and locomotive are focusing on reducing their vehicle weight to provide highly efficient vehicles and reduced fuel consumption. As a result, OEMs are swapping advanced engineered composites such as polymer matrix composites for traditional materials. The transportation industry is flourishing in various countries, for instance, according to the European Automobile Manufacturers’ Association (ACEA), in May 2021, passenger car registrations in the European Union rose by 53.4% compared to last year, totaling 891,665 units. This is directly supporting the Europe Polymer Matrix Composite Market growth in the transportation industry.

Europe Polymer Matrix Composite Market Segment Analysis – By Geography

Germany held a significant share in the Europe Polymer Matrix Composites market in 2021 up to 31%, owing to the bolstering growth of the transportation sector in European countries. The European transportation industry is growing owing to increasing government initiatives, increasing per capita income of individuals coupled with the increasing population. For instance, in February 2021, the German government launched a support program worth 1.5 billion euros to help the car industry become more environmentally friendly and digitalized. The initiative, which lasts until 2024, is dedicated to supporting investments in the areas of autonomous driving, digitalized and sustainable production, the development of data-driven business models, and the switch to alternative drives. According to the Verband der Automobilindustrie (VDA), the manufacturers and suppliers of the German automotive industry will invest more than €220 billion in electromobility including battery technology, digitization, and other research fields between 2022 and 2026. During this period, the German automotive industry plans to invest more than €44 billion annually. According to the Verband der Automobilindustrie (VDA), in contrast to the standstill in passenger car production in Germany in April 2020 (-97 percent), in April 2021, 316,200 cars were built (+2701 percent). In the first four months of this year, production reached almost 1.3 million units (+22 percent). According to the International Trade Administration (ITA), the local production in the aerospace and defense industry in Germany increased from US$35,408 million in 2020 to US$42,780 million in 2021. And with the increasing production of vehicles and such government initiatives, it is anticipated that the demand for automotive and aircraft components will significantly increase, which will accelerate the demand for the polymer matrix composites market in Germany over the forecast period.

Europe Polymer Matrix Composite Market Drivers

Bolstering Growth of the European Aerospace Industry:

Polymer matrix composites are often utilized in airplane tires and interiors. Polymer matrix composites satisfy the relentless drive in the aerospace industry to enhance performance while reducing weight. They can be optimized to combine high strength, stiffness, toughness, and low density, and thus obtain exceptional strength-to-density and stiffness-to-density ratios along with superior physical properties. So that they are often the structural materials of choice for use in aircraft components. There is bolstering growth of the European aerospace industry. According to the International Trade Administration (ITA), the UK commercial space industry is rapidly growing, with a turnover of over US$22.8 billion in 2020, and has the ambition to capture 10% of the global space market by 2030. In its latest Commercial Market Outlook, Boeing estimates the demand for 8,700 new aircraft in the European aviation market between 2021 and 2040. That outlook is set against expected average economic growth of 1.4% annually, and average annual passenger traffic growth of 3.1%, in the region across the next two decades. The increasing European aerospace industry is anticipated to expand the demand for polymer matrix composite in Europe, thereby acting as a driver for the market.

Growing European Medical Device Sector:

Polymers matrix composites are essential components of many medical devices and applications. Polymer matrix composites are used as components in a wide range of medical devices; such as MRI scanners, C scanners, X-ray couches, mammography plates, tables, surgical target tools, wheelchairs, and prosthetics. Polymer matrix nanocomposites containing carbon nanotubes or TiO2 nanotubes reduce the healing time of broken bones by acting as a “scaffold” that guides the growth of replacement bone. European healthcare, specifically the medical devices sector has become a rapidly growing market that has seen technological development and changing demographic driving growth. For instance, according to the International Trade Administration (ITA), the German medical device market is one of the most lucrative healthcare markets worldwide accounting for roughly US$35.8 billion annually, or 25.6 percent of the European market total. The German medical device market grew by 4 percent in 2019 and by 3 percent in 2020 despite COVID-related pressure on the industry. According to MedTech Europe 2020 report, the European medical device market has been growing on average by 4.2% per annum over the past 10 years. Thus, as the market for medical devices grows in Europe, the demand for polymer matrix composite will grow exponentially, thereby acting as a market driver.

Europe Polymer Matrix Composite Market Challenges

High Cost of Polymer Matrix Composite:

Polymer matrix composites are frequently produced using a lengthy process known as lay-up, which slows down production rates and makes the products less cost-effective for high-volume production. The lay-up process necessitates costly Labour training as well as more complex environmental and health considerations. Glass fiber-reinforced thermosets and carbon fiber-reinforced thermoplastics are also 62% and 76% more expensive than conventional steel, respectively. Even on a life cycle basis, the cost of polymer composites is estimated to be higher than that of steel bodies. Thus, the high cost of polymer matrix composites due to their complex manufacturing process may restrain the market growth during the forecast period.

Europe Polymer Matrix Composite Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Europe Polymer Matrix Composite Market. The top 10 companies in the Europe Polymer Matrix Composite Market are:

1. Toray Industries
2. Owens Corning
3. Teijin Limited
4. Hexcel Corporation
5. TPI Composites Inc
6. Faurecia
7. Enduro Composites Inc.
8. Kineco
9. Hexagon Composites
10. Creative Composites Ltd.

Recent Developments

• In January 2022, researchers from the University of Washington, Army Research Laboratory, Georgia Institute of Technology, Ansys Inc., and Pennsylvania State University developed an algorithm that can predict the location of nano-silica particles in polymer matrix composites.
• In December 2021, researchers from Rensselaer Polytechnic Institute, University of Washington, and Beijing University of Chemical Technology have come up with a CFRP featuring a glass-like vitrimeric polymer matrix that can reverse fatigue damage.
• In May 2020, Experts from the University of Surrey in the UK unveiled a ground-breaking supercapacitor material that can store and deliver electricity at high power rates, particularly for mobile applications. The researchers developed a new three-layer polymer matrix composite using carbon nanotubes, PANI, and hydrothermal carbon.

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