The global fiber-reinforced composites market was valued at around US$ 61 Bn in 2017 and is anticipated to expand at a CAGR of approximately 7.0% during the forecast period, according to a new report published by Transparency Market Research (TMR) titled 'Fiber-reinforced Composites Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2026.' The global fiber-reinforced composites market is driven by rise in the demand for lightweight vehicles and increase in the demand for wind energy. Fiber-reinforced composites offer high stiffness, tensile strength, temperature tolerance, low weight, and thermal expansion. These features makes them ideal for use in various end-use industries such as automotive, aerospace, building & construction, electrical & electronics, and marine.
The fiber-reinforced composites market in Asia Pacific is expanding at a considerable CAGR during the forecast period, due to rise in the demand from the building & construction industry led by rapid urbanization and industrialization.
High demand for lightweight components from automotive and aerospace industries to drive market
High demand for lightweight vehicles and increase in the demand for wind energy are projected to propel the fiber-reinforced composites market during the forecast period. Fiber-reinforced composites offer several advantages in terms of structure and weight over traditional steel and injection-molded automotive parts. These composites are used as raw materials to manufacture various structural, interior, exterior, and other components of automobiles. Moreover, fiber-reinforced composites offer high stiffness, tensile strength, temperature tolerance, low weight, and thermal expansion, which make them ideal for use in the manufacture of automobiles. Furthermore, use of composites in aircraft construction has increased, due to continuous research & development activities. For instance, utilization of composites in aircrafts had increased to more than 50% of the total weight of aircraft by 2015, which is expected to drive the demand for fiber-reinforced composites during the forecast period.
However, manufacturers of fiber-reinforced composites face challenges such as availability of substitutes and high costs of composites, which is anticipated to hamper the fiber-reinforced composites market during the forecast period. Growing need for materials of light weight and high strength in automotive, aerospace, and wind mill applications is anticipated to offer lucrative opportunity to the fiber-reinforced composites market during the forecast period. Innovations and developments to reduce prices of carbon fibers offer profitable opportunities to manufacturers of both carbon fibers and carbon composites. However, high cost of composites is restricting their use in several applications. This is likely to pose a threat to the fiber-reinforced composites market during the forecast period.
Rising demand from building & construction and automotive industries to boost the glass fibers segment
Based on fiber type, the fiber-reinforced composites market has been segmented into fibers, glass fibers, carbon fibers, aramid fibers, and others. The glass fibers segment is anticipated to account for a major share of the market from 2018 to 2026, due to rise in the demand for glass fibers from end-use industries such as building & construction and automotive. Based on product, the fiber-reinforced composites market has been divided into short fiber-reinforced composites and long/continuous fiber-reinforced composites. The long/continuous fiber-reinforced composites segment accounts for the maximum market share, owing to higher elastic modulus of these composites compared to short fiber-reinforced composites. Based on matrix, the fiber-reinforced composites market has been classified into polymer matrix, metal matrix, and non-metal matrix. The polymer matrix segment accounts for the maximum market share owing to light weight of polymer matrix composites.
Automotive and building & construction end-use industry segments to dominate the globalfiber-reinforced composites market
In terms of end-use industry, the global fiber-reinforced composites market has been divided into marine, automotive, aerospace, sports & leisure, electrical & electronics, building & construction, and others. The automotive segment is anticipated to dominate the global market between 2018 and 2026, followed by the building & construction segment, owing to rise in the utilization of composite parts in vehicles and rise in urbanization and industrialization across the globe.
Increase in building & construction activities in developing countries such as China, India, and Brazil to offer growth opportunities to the market
Geographically, the global fiber-reinforced composites market has been segregated into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to hold a major share of the global market during the forecast period. This is attributable to rise in the demand for fiber-reinforced composites in the region. The fiber-reinforced composites market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rising demand for fiber-reinforced composites from the building & construction sector in Asia Pacific is anticipated to boost the market in the region between 2018 and 2026.
Consolidated market with a few players dominating the market
Key market players covered in this report are BASF SE, E. I. du Pont de Nemours and Company, Hexcel Corporation, Huntsman International LLC., Reliance Industries Limited, Owens Corning, Toray Industries Inc., TPI Composites, Inc., Nippon Electric Glass Company Limited, Kineco Kaman Composites India Private Limited, PLASAN CARBON COMPOSITES, RTP Company, Enduro Composites, Inc., COTESA GmbH, HITCO Carbon Composites, Inc., and The Quadrant Group of Companies. In 2017, Reliance Industries Limited entered into a license agreement with Resysta International GmbH, with which the company obtained rights for production and marketing of natural fiber polymer composites under the brand name 'Relwood'. This agreement was made in view of rise in the demand for alternative material for wood.
The global fiber-reinforced composites market has been segmented as follows:
Global Fiber-reinforced Composites Market, by Product
Short Fiber-reinforced Composites
Long Fiber/Continuous Reinforced Composites
Global Fiber-reinforced Composites Market, by Fiber Type
Global Fiber-reinforced Composites Market, by Matrix
Global Fiber-reinforced Composites Market, by End-use Industry
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