Press release
Fiber Reinforced Composites Market Size -Industry Specific Opportunities and Trends Affecting the Growth
Fiber Reinforced Composites Market
According to a report by Allied Market Research, the global fiber reinforced composites market was valued at $84.5 billion in 2019 and is projected to reach $131.6 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ ๐จ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ: https://www.alliedmarketresearch.com/request-sample/10672
Key Growth Drivers
- Automotive and Aerospace Demand: Increased use of fiber reinforced composites in the automotive and aerospace industries is a significant growth driver.
- Electronics and Electrical Applications: These materials are also gaining traction in the electronics and electrical sectors.
- Construction Sector Demand: The construction industry's adoption of fiber reinforced composites further fuels market expansion.
Challenges
Despite its growth potential, the market faces challenges, including:
- High Raw Material Costs: Fluctuations in raw material prices pose a risk to market stability.
Opportunities Ahead
- Looking forward, several factors are expected to create lucrative opportunities for market players:
- Emerging Wind Energy Markets: The increasing demand for wind energy solutions is driving the need for advanced composites.
- Recycled Composite Materials: Growing interest in sustainability and recycling is creating new markets for recycled composites.
While consumer spending shifted, delaying major purchases, the postponement of significant sporting events initially impacted the sale of related goods, with a potential recovery expected as events resume.
Market Segmentation
The global fiber reinforced composites market is segmented by fiber type, resin type, end-user industry, and region:
- Fiber Type: The glass fibers segment dominated the market in 2019, accounting for nearly three-fifths of the share. However, the carbon fibers segment is anticipated to exhibit the highest CAGR of 8.0% from 2020 to 2027.
- Resin Type: In terms of resin, thermoset composites led the market in 2019, contributing to nearly three-fifths of the total. The thermoplastic composites segment is projected to grow at a CAGR of 6.3% during the forecast period.
Regional Insights
Geographically, the Asia-Pacific region held the largest market share in 2019, representing about 40% of the market. This region is expected to witness the highest CAGR of 7.4% in the coming years.
Key Players
The report features a detailed analysis of major market players, including:
- 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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