Press release
Fiber Reinforced Composites Market Future Looks Bright for Market Size with Soaring Projections
Fiber Reinforced Composites Market
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ข๐ง ๐๐ซ๐จ๐๐ฎ๐ซ๐ข๐ง๐ ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ข๐ฌ๐ข๐ญ ๐๐๐ซ๐: https://www.alliedmarketresearch.com/fiber-reinforced-composites-market/purchase-options
Market Drivers and Restraints
The market's growth is propelled by:
Demand from Automotive & Aerospace Sectors: Increased use of fiber reinforced composites for lightweight and high-strength applications.
Electronics & Electrical Industry: Adoption of these materials for enhanced performance and durability.
Construction Sector: Utilization in building and infrastructure projects for better strength and longevity.
However, the market faces challenges due to the high price of raw materials. Conversely, opportunities are emerging from:
Wind Energy Markets: Increasing demand for efficient and lightweight materials.
Recycled Composite Materials: Growing market for sustainable and eco-friendly composites.
Impact of Covid-19
The Covid-19 pandemic significantly impacted key industries relying on fiber reinforced composites:
Aerospace, Automotive, and Construction: These sectors experienced a downturn due to lockdowns and halted manufacturing activities.
Consumer Spending: Delayed purchases of new vehicles and construction projects.
Workforce Shortages: Higher raw material costs and limited labor availability slowed down new infrastructure developments.
Sports Events: Postponement of major sports events in 2020 affected the sales of sporting goods.
Market Segmentation
The market is segmented by:
Fiber Type:
Glass Fibers: Dominated the market in 2019, representing nearly three-fifths of the market.
Carbon Fibers: Expected to grow at the highest CAGR of 8.0% from 2020 to 2027.
Resin Type:
Thermoset Composites: Held nearly three-fifths of the market in 2019.
Thermoplastic Composites: Projected to register the highest CAGR of 6.3% during the forecast period.
Region:
Asia-Pacific: Accounted for around two-fifths of the market in 2019 and is expected to exhibit the highest CAGR of 7.4% from 2020 to 2027.
Key Market Players
Prominent players in the market include:
- Hexcel Corporation
- Avient Corporation
- Plasan Carbon Composites
- Mitsubishi Chemical Holdings
- SABIC
- Rochling Group
- Solvay SA
- SGL Carbon
- TPI Composites Inc.
- Toray Industries Inc.
๐๐๐ญ๐๐ข๐ง ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ๐ฌ: https://www.alliedmarketresearch.com/fiber-reinforced-composites-market-A10307
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About Us
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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