The global fiber-reinforced composites market size was worth USD 92,621 million in 2021. It is expected to reach USD 155,158 million by 2030, growing at a CAGR of 5.9% during the forecast period (2022–2030). Asia-Pacific will command the highest share of the fiber-reinforced composites market during the forecast period, growing at a CAGR of 7.8%.
New York, United States, July 21, 2022 (GLOBE NEWSWIRE) -- Fiber-Reinforced Composites (FRCs) are synthetic materials created from a complex combination of fiber and resin. FRCs consist of reinforcement fiber, matrix, and an interphase region. The reinforcement fiber boosts the matrix's strength, improves the composites' quality, and reduces their weight. It is constituted chiefly of reinforcing fibers and matrix. The bulk of reinforcing fibers are glass, carbon, and aramid. The matrix binds the fiber reinforcement, imparts shape to the composite component, and determines the surface quality. Carbon, polymers, ceramics, and metals can all make up a composite matrix. The reinforcement fiber imparts strength to the matrix, while the matrix shields the fiber from external deterioration.
The two types of reinforcement fibers for FRCs are natural and synthetic fibers. Natural fibers include coir, palm, hemp, and luffa, whereas artificial fibers include carbon, glass, and aramid. Natural fibers are affordable and biodegradable, making them environmentally friendly. Synthetic fibers are stiffer. There are current efforts to make a hybrid material by combining two types of fibers with a matrix material. FRCs have replaced steel and aluminum in the automotive and aerospace industries to produce lightweight components. The construction, sporting goods, and electronics industries also utilize them.
Several factors are currently driving the global fiber-reinforced composites market, including growing demands from the aerospace industry, the use of composites in the production of lightweight automotive components, and the expansion of wind turbine blades to generate more energy onshore and offshore wind power plants. Composites made of carbon fiber and glass fiber are more expensive than standard materials like steel or wool. The high price results from the high cost of manufacturing fibers and the expense of constructing composites with sophisticated equipment. Fiber-reinforced composites are utilized in sporting goods, building, aircraft, automobiles, and wind energy due to their high strength and low weight.
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Growing Demand from Aerospace, Automotive, and Construction Industries Drive the Market for Fiber-Reinforced Composites
There is a growing demand for lightweight materials that can reduce fuel consumption, enhance range, and minimize CO2 emissions in the automotive and aircraft industries. Emission control has emerged as the primary impetus for developing highly advanced composite materials for use in the body sections of automobiles and structural components of aircraft. As a result, the demand for fiber-reinforced composites is increasing in the aerospace and automotive industries.
In addition, the automotive and aerospace sectors are going through a transition period, including the launch of electric automobiles and air taxis into the market. This shift toward greater mobility paves the way for the development of novel composite materials that have a high ratio of strength to weight, durability, and resilience to the effects of the weather. As a result, demand has been generated in the global fiber-reinforced composites market.
Moreover, fiber-reinforced composites are becoming increasingly popular in the building and construction industry due to their high strength-to-weight ratio and better durability. Fiber-reinforced composites have a long lifespan, are resistant to wear and strain over several years, and can be purchased as prefabricated panels that do not require maintenance. These panels are impervious to water and require little in the way of upkeep. In various civil construction applications, such as the rehabilitation of buildings, bridges, and pipelines, composites can be substituted for wood, metal, and even concrete. These applications include the use of composites. They offer several benefits that cannot be found in these more conventional materials.
Both fiber and resin make up a composite and can be altered to tailor the final product to the application for which it was designed. Composites are made up of both of these components. The expansion of the global fiber-reinforced composites market over the forecast period is driven by the product differentiation offered by these materials and the ease with which they can be applied.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Fiber Type, Resin Type, End-Use Industry, and Regions
North America, Europe, Asia-Pacific, LAME and Rest of the World
Avient Corporation,Hexcel Corporation,Mitsubishi Chemical Holdings,Plasan Carbon Composites,Rochling Group,SABIC,SGL Carbon,Solvay SA,Toray Industries Inc.,TPI Composites Inc.
Increasing Demand from the Automotive and Aerospace Industries Largescale Demand from Construction Sector
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Asia-Pacific will command the highest share of the fiber-reinforced composites market during the forecast period, growing at a CAGR of 7.8%. Countries like China and Japan are significant contributors to the fiber-reinforced composites market in Asia-Pacific. China is the largest producer of automobiles globally; rising industrialization and disposable incomes have led to an increase in vehicle sales. The tremendous growth of the automobile market, on the other hand, has led to increased attention on the emissions produced by vehicles. Consequently, a prominent economist believes that the industry will place more emphasis on light-weighting, lowering fuel consumption, and inventing new energy vehicles (NEVs). It is estimated that this will create new growth opportunities for the market for fiber-reinforced composites.
Europe will hold a share of USD 39,435 million at a CAGR of 4.5% during the forecast period. Due to the close working relationships between industry and research in Europe, the region is one of the most crucial for developing fiber-reinforced composites. Research and development of fiber-reinforced composites are necessary for the development of new goods and the automation and improvement of production processes. As a consequence of this, nations such as Germany play an essential part in this context. Germany is a powerhouse in the technological and manufacturing sectors, particularly in the automotive, aerospace, and electronics industries. In the wind energy market, offshore wind power is seen as a highly promising renewable energy source, and European governments are confident about decarbonizing their economy by 2050.
The Global Fiber-Reinforced Composites Market was worth USD 92,621 million in 2021. It is expected to reach USD 155,158 million by 2030, growing at a CAGR of 5.9% during the forecast period (2022–2030).
Based on fiber type, the global reinforced composites market is segmented into Carbon Fibers, Glass Fibers, Aramid Fibers, and Others. Glass Fibers are expected to acquire a massive share, growing at a CAGR of 5.8% during the forecasted period.
Based on resin type, the global reinforced composites market is segmented into Thermoset Composites and Thermoplastic Composites. Thermoset Composite is expected to acquire the largest market share, growing at a CAGR of 5.8% during the forecast period.
Based on the end-use industry, the global reinforced composites market is segmented into Building & Construction, Automotive, Electrical & Electronics, Aerospace & Defense, Sporting goods, Wind Energy, and Others. Aerospace & Defense is expected to command the market, growing at a CAGR of 7.5% by 2030.
Based on region, the global reinforced composites market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the market, growing at a CAGR of 7.8% during the forecast period.
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Global Fiber-Reinforced Composites Market: Segmentation By Fiber Type
Value Chain Analysis: Fiber-Reinforced Composites Market
Porter’s Five Forces Analysis
Rest of Middle East & Africa
Table of Content and Figure @ https://straitsresearch.com/report/fiber-reinforced-composites-market/toc
In 2022, Avient Corporation announced the release of nine new reSoundä BIO thermoplastic elastomers formulated with bio-renewable content from plants.
In 2022, Avient Corporation launched new bio-based polymer solutions for medical and pharmaceutical applications.
In 2022, Hexcel Corporation launched HexPLy,â made from bio-derived resin content with natural fiber reinforcements.
In 2022, Hexcel Corporation and Archer Aviation entered a letter of intent covering a proposed relationship for high-performance carbon fiber material supply.
News Media World’s 7 Largest Chemical Companies Changing Bulk Chemicals Market Scenario: A Future Perspective North American Market to Hold Substantial Share in the Polypropylene Market Adoption of Bioplastics and Biopolymers Thrive Towards Sustainability Goals
Have a Look at the Related Research Report? Nonwoven Fabrics Market: Information by Material (Polyester, Polyethylene, Rayon), Technology (Spun-Bond, Wet-Laid), Application (Hygiene, Medical), and Regions—Forecast till 2029 Aramid Fiber Market: Information by Type (Para-Aramid, Meta-Aramid), Applications (Security, Frictional Materials, Optical Fiber, Aerospace) and Regional Outlook - Forecast Till 2026 Basalt Fiber Market: Information by Product Type, Form (Continuous Basalt Fiber), Usage Type (Construction and Infrastructure), End-Use Industry (Wind Energy), and Region — Forecast till 2029
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