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

Report Code: CMR 1302 Report Format: PDF + Excel

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.

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-Use Industry: 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 Country: UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe

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)Europe Polymer Matrix Composite Market
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Europe Polymer Matrix Composite Market Segment Analysis – By Matrix Type

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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1. Europe Polymer Matrix Composite Market- Market Overview
    1.1 Definitions and Scope
2. Europe Polymer Matrix Composite Market- Executive Summary
    2.1 Key Trends by Fiber Type
    2.2 Key Trends by Matrix Type
    2.3 Key Trends by Phase Type
    2.4 Key Trends by Fabrication Process
    2.5 Key Trends by Application
    2.6 Key Trends by End-Use Industry
    2.7 Key Trends by Country
3. Europe Polymer Matrix Composite Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Europe Polymer Matrix Composite Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Europe Polymer Matrix Composite Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Europe Polymer Matrix Composite Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7.Europe Polymer Matrix Composite Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Europe Polymer Matrix Composite Market - By Fiber Type (Market Size -US$ Million/Billion)
    8.1 Glass
    8.2 Kevlar
    8.3 Carbon
9.Europe Polymer Matrix Composite Market - By Matrix Type (Market Size -US$ Million/Billion)
    9.1 Thermoset Polymer Matrix Composite
        9.1.1 Epoxies
        9.1.2 Phenolics
        9.1.3 Polyesters
        9.1.4 Others
    9.2 Thermoplastic Polymer Matrix Composite
        9.2.1 Polycarbonates
        9.2.2 Polyvinylchlorides
        9.2.3 Polyethylene
        9.2.4 Nylons
        9.2.5 Acrylics
        9.2.6 Others
    9.3 Rubber Polymer Matrix Composite
10.Europe Polymer Matrix Composite Market - By Phase Type (Market Size -US$ Million/Billion)
    10.1 Continuous Phase
    10.2 Dispersed Phase
11. Europe Polymer Matrix Composite Market - By Fabrication Process (Market Size -US$ Million/Billion)
    11.1 Spray Lay-up
    11.2 Wet Lay-up
    11.3 Filament Winding
    11.4 Pultrusion
    11.5 Others
12.Europe Polymer Matrix Composite Market - By Application (Market Size -US$ Million/Billion)
    12.1 Medical Devices
    12.2 Belts & Hoses
    12.3 Engine Parts
    12.4 Tires
    12.5 Footwears
    12.6 Energy Storage Devices
    12.7 Oil & Gas Exploration
    12.8 Structural Components
    12.9 Others
13. Europe Polymer Matrix Composite Market - By End-Use Industry (Market Size -US$ Million/Billion)
    13.1 Building & Construction
        13.1.1 Residential
        13.1.2 Commercial
        13.1.3 Industrial
        13.1.4 Infrastructural
    13.2 Transportation
        13.2.1 Automotive
            13.2.1.1 Passenger Vehicles (PV)
            13.2.1.2 Light Commercial Vehicles (LCV)
            13.2.1.3 Heavy Commercial Vehicles (HCV)
        13.2.2 Aerospace
            13.2.2.1 Commercial
            13.2.2.2 Military
            13.2.2.3 Others
        13.2.3 Marine
            13.2.3.1 Passenger
            13.2.3.2 Cargo
            13.2.3.3 Naval
            13.2.3.4 Others
    13.3 Medical & Healthcare
        13.3.1 MRI Scanners
        13.3.2 Surgical Equipment
        13.3.3 Prosthetics
        13.3.4 Others
    13.4 Personal Protective Equipment
        13.4.1 Firefighters
        13.4.2 Military
        13.4.3 Others
    13.5 Electrical & Electronics
        13.5.1 Batteries
        13.5.2 Capacitors
        13.5.3 Others
    13.6 Sport Goods
        13.6.1 Golf
        13.6.2 Tennis
        13.6.3 Rafting
        13.6.4 Others
    13.7 Oil & Gas
        13.7.1 On-shore
        13.7.2 Off-shore
    13.8 Others
14.Europe Polymer Matrix Composite Market - By Country (Market Size -US$ Million/Billion)
    14.1 UK
    14.2 Germany
    14.3 France
    14.4 Italy
    14.5 Netherlands
    14.6 Spain
    14.7 Russia
    14.8 Belgium
    14.9 Rest of Europe
15.Europe Polymer Matrix Composite Market – Entropy
    15.1 New Product Launches
    15.2 M&As, Collaborations, JVs and Partnerships
16.Europe Polymer Matrix Composite Market – Industry/Segment Competition Landscape Premium
    16.1 Company Benchmarking Matrix – Major Companies
    16.2 Market Share by Key Country - Major companies
    16.3 Market Share by Key Application - Major companies
    16.4 Market Share by Key Product Type/Product category - Major companies
17. Europe Polymer Matrix Composite Market – Key Company List by Country Premium Premium
18. Europe Polymer Matrix Composite Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    18.1 Company 1
    18.2 Company 2
    18.3 Company 3
    18.4 Company 4
    18.5 Company 5
    18.6 Company 6
    18.7 Company 7
    18.8 Company 8
    18.9 Company 9
    18.10 Company 10 and more
*"Financials would be provided to private companies on best-efforts basis"*