Fiber Reinforced Composites Market Future Revenues to Soar as Market Size Continues to Expand

According to a report by Allied Market Research, the global fiber-reinforced composites market reached $84.5 billion in 2019 and is expected to reach $131.6 billion by 2027, with a CAGR of 5.9% from 2020 to 2027. The growth is attributed to increased demand from the automotive and aerospace sectors, as well as usage in electronics and electrical industries and the construction sector. However, high raw material costs have been a hindrance to market growth. The report highlights opportunities such as increasing demand in wind energy markets and the emerging market for recycled composite materials.

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In the wake of the COVID-19 pandemic, the aerospace, automotive, and construction industries were severely impacted, affecting the fiber-reinforced composites market due to reduced demand and sales. The pandemic led to lockdowns, manufacturing suspensions, and travel bans, altering consumer spending patterns and delaying vehicle purchases. The lack of workforce and rising raw material prices further slowed down infrastructure construction.

The report segments the market based on fiber type (glass fibers and carbon fibers), resin type (thermoset composites and thermoplastic composites), end-user industry, and region (North America, Europe, Asia-Pacific, and LAMEA). It notes that Asia-Pacific held the largest market share in 2019 and is expected to have the highest CAGR of 7.4% during the forecast period.

The report also provides an in-depth analysis of key market players such as 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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