Reinforcement Materials Market to Witness Swift Growth Owing to Extensive Demand & Rise in Industrialization by 2022 | Toray Industries, Inc., Teijin Limited, Mitsubishi Rayon Co. Ltd and More

Though glass fibers are widely used in construction and automotive applications due to their structural properties and versatile utility, with the decrease in prices and increase in technological advancements, coupled with the development of better recyclable procedures, the consumers are expected to align their preference towards carbon and aramid fibers.

Reinforcement Materials Market Report, published by Allied Market Research, forecast that the global market is expected to garner $22,826 million by 2022 from $13,020 million in 2015, with a CAGR of 8.4% from 2016 to 2022. In terms of revenue, carbon fiber and aramid fiber material are expected to grow ata CAGR of 12.0% and 8.8%, respectively, during the forecast period.

Asia-Pacific contributed to around one-third of the reinforcement materials market share in 2015 followed by Europe and North America. U.S. alone accounted for nearly one-fifth share of the overall revenue in 2015, owing to demand for aramid and glass fibers. Technological developments in production processes are expected to result in lower cost of production and superior sustainability and improvement in performance efficiency.

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The prominent players profiled in this report include Toray Industries, Inc., Teijin Limited, Mitsubishi Rayon Co. Ltd., Hyosung Corporation, Cytec Industries Inc., Honeywell International, Inc., E. I. du Pont de Nemours and Company, BASF SE, Owens Corning, 3B-The Fiberglass Company, Jushi Group Co., Ltd., Bast Fiber LLC, AgroFiber SAS, NFC Fibers GmBh, and NJR Steel Holdings (PTY) Ltd.

The factors driving the reinforcement materials market include light weight of carbon fibers, low cost of glass fiber, particle reinforcement materials production, and rise in demand for light weight fibers from the aviation & automotive sector.

Glass fibers accounted for around two-thirds of the reinforcement materials industry revenue in 2015. The roving materials segment dominated the market, generating nearly one-fourth of the total reinforcement materials industry revenue in the same year. Sporting goods end-user segment is expected to witness the fastest growth, owing to the rise in demand for lightweight and durable materials in the various sports.

Germany dominated in the European reinforcement
Europe accounted for more than one-fourth share of the reinforcement materials market, in volume terms, with a CAGR of 8.2% during the forecast period.

Though Asia-Pacific is projected to continue to dominate the global reinforcement materials market, North America will grow at a high CAGR of 8.4% from 2016 to 2022.

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Key Benefits for Stakeholders:

• This report provides an extensive analysis of the current trends and forecasts estimations and dynamics in the reinforcement materials industry.
• Competitive intelligence of leading manufacturers and distributors of reinforcement materials assists in understanding the competitive scenario across the geographies.
• Comprehensive analysis of factors that drive and restrain the growth of the global reinforcement materials market share is provided in the report.
• Extensive analysis of the reinforcement materials industry is conducted by following key product positioning and monitoring the top competitors within the market framework.
• Key market players are profiled and their strategies are analyzed, which provide a competitive outlook of the market.

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