The global fiber reinforced composites market is segmented based on fiber type, resin type, end-user industry, and region.
WILMINGTON, DELAWARE, UNITED STATES, April 17, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global fiber reinforced composites market is expected to reach $131.6 billion by 2027 with a CAGR of 5.9% from 2020 to 2027. The market was valued at $84.5 billion in 2019.
The growth of the fiber reinforced composites market is driven by increased demand from the automotive and aerospace sectors, as well as the use of these composites in the electronics and electrical industry. The construction sector also contributes to market growth. However, the high cost of raw materials is a hindrance to the market. On the other hand, the wind energy market and the emerging market for recycled composite materials present opportunities for future growth.
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The Covid-19 pandemic had a significant impact on the fiber reinforced composites market. Industries such as aerospace, automotive, and construction, which are major end-users of these composites, experienced a decline in demand and sales. Lockdown measures and travel restrictions imposed by governments disrupted manufacturing activities. Changes in consumer spending patterns, including the delay in purchasing new vehicles, also affected the market. Workforce shortages and increased raw material prices further hindered construction projects. Additionally, the postponement of major sports events affected the sale of sporting goods.
The global fiber reinforced composites market is segmented based on fiber type, resin type, end-user industry, and region. Glass fibers held the largest market share in 2019, while carbon fibers are expected to have the highest growth rate. Thermoset composites dominated the resin type segment, but thermoplastic composites are projected to grow at a higher rate.
The Asia-Pacific region accounted for the largest market share in 2019 and is expected to have the highest growth rate during the forecast period. The report also provides insights into key market players, including Hexcel Corporation, Avient Corporation, Plasan Carbon Composites, Mitsubishi Chemical Holdings, SABIC, Rochling Group, Solvay SA, SGL Carbon, TPI Composites Inc., and Toray Industries Inc.
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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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