Fiber Reinforced Composites Market Witness Extraordinary Extension In The Next Five Years

The global fiber reinforced composites market is witnessing significant growth, driven by increasing demand from the automotive, aerospace, and construction industries. According to a report by Allied Market Research, the 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/A10307

Market Drivers & Opportunities:

- The surge in demand for fiber reinforced composites in the automotive and aerospace sectors has been a major growth factor. Additionally, their rising adoption in the electronics and electrical industries and increased usage in construction projects further bolster market expansion. However, the high cost of raw materials remains a challenge for market growth.

- On the positive side, the expanding wind energy sector and the emergence of recycled composite materials present lucrative opportunities for market players in the near future.

Market Segmentation & Regional Insights:

The global fiber reinforced composites market is segmented based on fiber type, resin type, end-user industry, and region.

By Fiber Type:

- Glass Fibers: Held the largest market share in 2019, accounting for nearly three-fifths of the total revenue.

- Carbon Fibers: Expected to exhibit the highest CAGR of 8.0% from 2020 to 2027, owing to their superior strength and lightweight properties.

By Resin Type:

- Thermoset Composites: Dominated the market in 2019, contributing to nearly three-fifths of total revenue.

- Thermoplastic Composites: Anticipated to grow at the highest CAGR of 6.3% during the forecast period, due to their recyclability and enhanced performance.

By Region:

- Asia-Pacific: The leading regional market, holding approximately 40% of the global share in 2019, is expected to maintain its dominance with the highest CAGR of 7.4% through 2027.

- North America & Europe: Also witnessing steady growth, driven by technological advancements and increased adoption of fiber reinforced composites in industrial applications.

Key Market Players

Prominent players shaping the fiber reinforced composites 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.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: 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.

This release was published on openPR.