Fiber Reinforced Composites Market Growth Demand | Business Innovations, Development Strategies and Key Players Forecast to 2027

The global fiber reinforced composites market has been on a steady rise, hitting $84.5 billion in 2019 and is projected to reach $131.6 billion by 2027, with a growth rate of 5.9%. The automotive and aerospace sectors, along with applications in electronics, electrical, and construction industries, are driving this growth. However, challenges like high raw material costs have been a hindrance. On a positive note, the wind energy sector and the emerging market for recycled composites offer promising opportunities.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 (𝟑𝟓𝟎 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬): https://www.alliedmarketresearch.com/request-sample/10672

The Covid-19 pandemic took a toll on industries like aerospace, automotive, and construction, affecting the demand for fiber reinforced composites. Lockdowns, travel bans, and disruptions in manufacturing led to a decline in sales. Changes in consumer spending patterns, workforce shortages, and increased raw material prices impacted new vehicle purchases and infrastructure construction.

Segment-wise, glass fibers held the majority market share in 2019, but carbon fibers are expected to lead with the highest CAGR of 8.0% from 2020 to 2027. In terms of resin type, thermoset composites dominated, but thermoplastic composites are projected to have the highest CAGR of 6.3%.

Regionally, Asia-Pacific led the market in 2019 and is expected to maintain the highest CAGR of 7.4% during the forecast period. The report features a detailed analysis of key market players, including Hexcel Corporation, Avient Corporation, Plasan Carbon Composites, Mitsubishi Chemical Holdings, SABIC, Rochling Group, Solvay SA, SGL Carbon, TPI Composites Inc., and Toray Industries Inc.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/fiber-reinforced-composites-market-A10307

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