0
2021
Fiber Reinforced Composites Market

Fiber Reinforced Composites Market

by Fiber Type (Carbon Fibers, Glass Fibers, Aramid Fibers, and Others), Resin Type (Thermoset Composites and Thermoplastic Composites), and End-User Industry (Building & Construction, Automotive, Electrical & Electronics, Aerospace & Defense, Sporting Goods, Wind Energy, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A10307
Pages: 350
Feb 2021 | 4937 Views
Author(s) : Ashwin P, Pratik M , Eswara P
Tables: 222
Charts: 75
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Fiber Reinforced Composites Market

Request Now !

Fiber Reinforced Composites Market Outlook - 2027

The global fiber reinforced composites market size 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.

The COVID-19 pandemic majorly disrupted the automotive, aerospace, construction and wind energy industries, which led to a decline in demand for components that use fiber reinforced composites.

Fiber reinforced composite (FRC) is a combination of two materials known as reinforcement fiber and matrix. When properly chosen, they offer high strength and stiffness at reduced weight. The role of the reinforcement fiber is to impart strength to the matrix, whereas the matrix supports the fiber from external wear & tear. There are two types of reinforcement fibers for FRCs, natural fiber and synthetic fiber. Natural fibers include coir, palm, hemp, and luffa, whereas synthetic fibers include carbon, glass, and aramid materials. Synthetic fibers provide more stiffness while natural fibers are cheap and biodegradable, making them environment-friendly. Efforts are being made in the direction of combining two types of fibers together and blending with a matrix material to form a hybrid material.

Infographics-Global Fiber Reinforced Composites Market,2020-2027

The global fiber reinforced composites market is presently driven by the construction, automotive, and aerospace industries. In the construction industry, FRCs are used as a replacement for steel building structures. Polymer composites are stronger than steel and 25% lighter than steel. FRCs also offer resistance against corrosion and wear & tear. 

Compared to aluminum automotive parts, FRCs offer high moldability, tensile strength, and reduced weight, thus making vehicles safer, lighter, and fuel–efficient. FRCs made from carbon fiber are lighter than conventional steel and aluminum. They are used in the production of automotive structural components. In addition, the growth of the global electric vehicle market is expected to boost the demand for FRCs during the forecast period. Usage of composite materials will help in increasing the range of EVs by reducing the weight of the drive train. It will also help in improving the electrical and mechanical properties of the drive systems.

Further, composite materials are made into aerospace structural parts that have reduced the weight of the aircraft. Airframes made from FRCs are tougher and stronger. In addition, the reduction in weight enables it to carry more passengers and burn less fuel. The aerospace sector is undergoing innovations, such as air taxis and large drones, that will make use of fiber reinforced composites.  

The demand for FRCs has also witnessed a rise from the wind energy market, where composites from carbon fiber are used to make wind turbine blades. Increasing the length of the wind turbine blade generates more wind power, thereby increasing the efficiency of the wind power plant. 

On the contrary, the production of FRCs is capital-intensive and can hamper the growth of the market during the forecast period. The high cost is attributed to the prices of reinforcement fibers, mainly carbon fiber and glass fiber. Carbon fiber is expensive to manufacture compared to glass fiber. Moreover, compared to steel and wool, fiberglass is costly and can be substituted by other conventional materials. 

FRCs offer enhanced mechanical and chemical properties that could be further enhanced during the forecast period. Research and studies are being carried out in the fiber reinforced composites domain to improve its characteristics and manufacturing technique. Therefore, new product developments and product launches are expected to offer fresh opportunities for the global fiber reinforced composites market during the forecast period. For instance, SABIC, a key player in the fiber reinforced composites market, launched UDMAX fiber reinforced thermoplastic composite, which is designed to replace traditional panels made of metal and thermoset materials for interior and exterior automotive applications.The global fiber reinforced composites market is segmented into fiber type, resin type, end-user industry, and region. On the

basis of fiber type, the fiber reinforced composites market is divided into carbon fibers, glass fibers, aramid fibers, and others. Based on resin type, the market is bifurcated into thermoset composites and thermoplastic composites. Based on end-user industry, the market is fragmented into building & construction, automotive, electrical & electronics, aerospace & defense, sporting goods, wind energy, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

The global fiber reinforced composites market is moderately consolidated, with players such as Avient Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, Plasan Carbon Composites, Rochling Group, SABIC, SGL Carbon, Solvay SA, Toray Industries Inc., and TPI Composites Inc. The global fiber reinforced composites market report provides in-depth competitive analysis as well as profiles of these major players.

Fiber reinforced composites market, by region 

Asia-Pacific accounted for the largest revenue share in 2019, owing to the presence of well-established automotive, construction, and aerospace industries. It is also the fastest growing region due to rapid manufacturing expansion in countries such as India and China

Fiber Reinforced Composites Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific is expected to grow at the highest CAGR of 7.4%

Get more information on this report : Request Sample Pages

Fiber reinforced composites market, by fiber type

The glass fibers segment held the largest revenue share in the global fiber reinforced composites market in 2019. Glass fiber-based FRCs are used extensively in aerospace & defense, automotive, sporting goods, and wind turbine blades.

Fiber Reinforced Composites Market
By Fiber Type

Your browser does not support the canvas element.

Carbon fibers is the most lucrative segment

Get more information on this report : Request Sample Pages

Fiber reinforced composites market, by resin type

Based on resin type, the thermoset composites segment held the largest fiber reinforced composites market share in 2019. Thermoset fiber composites are increasingly being used in the aerospace, sporting goods, wind energy, and automotive end-use industries. Compared to thermoplastic composites, thermoset composites do not deform under heat; hence, they are used in the production of permanent components. 

Fiber Reinforced Composites Market
By Resin Type

Your browser does not support the canvas element.

Thermoplastic composites is the most lucrative segment

Get more information on this report : Request Sample Pages

Fiber reinforced composites market, by end-user industry

The automotive segment held the largest revenue share in the global fiber reinforced composites market. Fiber reinforced composites are used to make structural and non–structural components such as seat structures, bumpers, hoods, and fuel tanks. Automotive composite materials enable designers to improve durability, meet load–bearing requirements, and achieve reduction in vehicle weight.

Fiber Reinforced Composites Market
By End-use Industry

Your browser does not support the canvas element.

Wind Energy is the fastest growing end-use industry of fiber reinforced composites

Get more information on this report : Request Sample Pages

Key benefits for stakeholders

  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current fiber reinforced composites market trends and future estimations from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
  • The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report.

Impact of COVID-19 on the global fiber reinforced composites market

  • The COVID-19 pandemic disrupted the global economic growth in 2020, and the economic recovery is predicted to occur in the second half of 2021.
  • However, the pandemic majorly hit the aerospace, construction, and automotive industries. These three are the major end-users of fiber reinforced composites. In an effort to contain the spread of the virus, countries, such as India, Germany, U.S., and China, had to halt manufacturing plants as well as restrictions on domestic as well as international travel. 
  • Major automakers, such as Toyota, temporarily suspended or intend to temporarily suspend production of automobiles and components at selected plants in Japan and overseas. 
  • There was a change in consumer spending patterns as consumers delayed purchasing new vehicles to minimize the spending. This decline in automotive sales led to loss of revenue of all automobile manufacturing companies. The decline in consumer demand was evident in their quarterly sales. 
  • In the construction as well as infrastructure markets, lack of workforce led to a decline in the pace of construction of new infrastructure. 
  • Major sports events, such as Olympic Games, which were scheduled for 2020 have been postponed to August 2021. This has impacted the sales of sporting goods.

Fiber Reinforced Composites Market Report Highlights

Aspects Details
By Fiber Type
  • Carbon Fibers
  • Glass Fibers
  • Aramid Fibers
  • Others
By Resin Type
  • Thermoset Composites
  • Thermoplastic Composites
By End Use Industry
  • Building & Construction
  • Automotive
  • Electrical & Electronics
  • Aerospace & Defense
  • Sporting Goods
  • Wind Energy
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, .Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Avient Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, Plasan Carbon Composites, Röchling Group, Saudi Basic Industries Corporation (SABIC), SGL Carbon SE, Solvay SA, Toray Industries Inc., TPI Composites Inc.
 

Loading Table Of Content...


 
 

The demand for composite materials is expected to further increase during the forecast period. This is attributed to rising investments in the automotive, aerospace, and wind energy markets. These three markets are the major end-users of fiber reinforced composites. 

In the aerospace industry, fiber reinforced composites are used for lightweight and high-temperature resistant aircraft parts. In addition, the aerospace sector is undergoing innovations, such as air taxis and large drones, that will make use of fiber reinforced composites. The global automotive sector is undergoing huge transformation in the form of electric mobility. Use of FRC parts as a replacement for metal and plastic parts reduces the weight of the electric drive trains, while at the same time, improving the electrical and mechanical properties of the drive systems. The size of wind turbine blades as well as their quantity is expected to increase during the forecast period. The length of wind turbine blades is being increased to spike the power generation capacity in onshore and offshore wind power plants. In addition, newer composites are expected in the coming years to reduce the weight of blades. 

However, the COVID-19 pandemic has negatively affected the key sectors such as automotive, aerospace, construction, and wind energy. This is expected to hamper the growth of the global fiber reinforced composites market. 

The global fiber reinforced composites market is segmented on the basis of fiber type, resin type, and end-user industry. Presently, the automotive segment holds the largest market share in the global fiber reinforced composites market. 
 

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com
 
FREQUENTLY ASKED QUESTIONS?

A. Demand for strong as well as lightweight materials that can replace traditional materials such as Aluminum and steel is a key factors boosting the fiber reinforced composites market

A. The global fiber reinforced composites market was valued at $84,500.5 million in 2019, and is projected to reach $131,605.3 million by 2027, registering a CAGR of 5.9% from 2020 to 2027.

A. Hexcel Corporation, SABIC, SGL Carbon, Solvay SA, TPI Composites Inc., and Toray Industries Inc. are some of the key players operating in the fiber reinforced composites market

A. The wind energy and aerospace & defense industry is projected to increase the demand for fiber reinforced composites during the forecast period

A. The automotive industry accounted for the largest market share in the fiber reinforced composites market

A. The demand for lightweight components in the automotive, aerospace, construction, and sporting goods market is the main driver for fiber reinforced composites

A. The use of fiber reinforced composites for producing wind turbine blades as well as aerospace structural components will drive the adoption of fiber reinforced composites during the forecast period

A. COVID-19 pandemic negatively affected the automotive, construction, and aerospace market, which reduced the demand for components made from fiber reinforced composite

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS

Purchase Full Report of
Fiber Reinforced Composites Market

Start reading instantly.
This Report and over 19,297+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,456
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Feb 2022 - Feb 2023)
  • Data Pack
  • $3,840
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Feb 2022 - Feb 2023)
  • Single User
  • $5,769
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Feb 2022 - Feb 2023)
  • Five Users
  • $6,450
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Feb 2022 - Feb 2023)
  • Enterprise
    License/PDF

  • $10,995
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Feb 2022 - Feb 2023)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

RELATED REPORTS
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers