Fiber Reinforced Composites Market: Understanding Its Growth and Dynamics

The increasing use of lightweight and durable fiber reinforced composites in vehicles and aircraft has driven the market's expansion.

WILMINGTON, DE, UNITED STATES, December 20, 2024 /EINPresswire.com/ -- The global fiber reinforced composites market has witnessed significant growth due to the rising demand from key sectors such as automotive, aerospace, and construction. 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/10672

Key Market Drivers

- Automotive and Aerospace Sectors: The increasing use of lightweight and durable fiber reinforced composites in vehicles and aircraft has driven the market's expansion.

- Electronics and Electrical Industry: These materials are increasingly being utilized for their strength, thermal stability, and electrical insulation properties.

- Construction Sector: High strength-to-weight ratio and durability make these composites a preferred choice for various construction applications.

Restraints and Opportunities

- Challenges: High raw material costs pose a significant hurdle to market growth.

- Opportunities: The expanding wind energy market and the emergence of recycled composite materials present lucrative prospects for market players.

Market Segmentation

By Fiber Type

- Glass Fibers: Dominated the market in 2019, accounting for nearly three-fifths of the market share.

- Carbon Fibers: Expected to grow at the highest CAGR of 8.0% during the forecast period.

By Resin Type

- Thermoset Composites: Held the largest market share in 2019, contributing to nearly three-fifths of the total.

- Thermoplastic Composites: Anticipated to register the highest CAGR of 6.3% from 2020 to 2027.

By Region

- Asia-Pacific: Accounted for around two-fifths of the market in 2019 and is forecasted to achieve the highest CAGR of 7.4% during the projection period.

- Other Regions: North America, Europe, and LAMEA also contribute significantly to market growth.

Prominent Market Players

Key players in 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.

Conclusion

The fiber reinforced composites market is poised for robust growth, driven by advancements in key sectors and emerging opportunities in sustainable materials. Addressing challenges such as high raw material costs will be pivotal in unlocking the market's full potential.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/fiber-reinforced-composites-market/purchase-options

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.

David Correa
Allied Market Research
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