Reinforcement Materials Market Expected to Reach $22,826 Million by 2022, Globally - Allied Market Research

PORTLAND, Oregon and PUNE, India, February 13, 2017 /PRNewswire/ --

According to a new report published by Allied Market Research, titled, "Reinforcement materials Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", the reinforcement materials market is expected to reach $22,826 million by 2022 from $13,020 million in 2015, with a CAGR of 8.4% from 2016 to 2022. In terms of revenue, carbon fiber and aramid fiber material are expected to grow with a CAGR of 12.0% and 8.8%, respectively, during the forecast period.

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Summary of the Reinforcement Materials Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/reinforcement-materials-market

The factors driving the reinforcement materials market include light weight of carbon fibers, low cost of glass fiber, particle reinforcement materials production, and rise in demand for light weight fibers from the aviation & automotive sector.

According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "though glass fibers are widely used in construction and automotive applications due to their structural properties and versatile utility, with the decrease in prices and increase in technological advancements, coupled with the development of better recyclable procedures, the consumers are expected to align their preference towards carbon and aramid fibers."

Glass fibers accounted for around two-thirds of the reinforcement materials industry revenue in 2015. The roving materials segment dominated the market, generating nearly one-fourth of the total reinforcement materials industry revenue in the same year. Sporting goods end-user segment is expected to witness the fastest growth, owing to the rise in demand for lightweight and durable materials in the various sports.

Key findings of the study: 

• Though Asia-Pacific is projected to continue to dominate the global reinforcement materials market, North America will grow at a high CAGR of 8.4% from 2016 to 2022.

• Europe accounted for more than one-fourth share of the reinforcement materials market, in volume terms, with a CAGR of 8.2% during the forecast period.

• Germany dominated in the European reinforcement materials market, and is expected to grow at a CAGR of 8.2% during the forecast period.

• Construction and transportation end user segments dominated the reinforcement materials industry together with over half the revenue share in 2015.

• Thermoset UD Prepreg materials segment dominated the carbon fiber reinforcement materials market in 2015, and is estimated to grow at a CAGR of 11.9% during the forecast period.

Asia-Pacific contributed to around one-third of the reinforcement materials market share in 2015 followed by Europe and North America. U.S. alone accounted for nearly one-fifth share of the overall revenue in 2015, owing to demand for aramid and glass fibers. Technological developments in production processes are expected to result in lower cost of production and superior sustainability and improvement in performance efficiency.

The prominent players profiled in this report include Toray Industries, Inc., Teijin Limited, Mitsubishi Rayon Co. Ltd., Hyosung Corporation, Cytec Industries Inc., Honeywell International, Inc., E. I. du Pont de Nemours and Company, BASF SE, Owens Corning, 3B-The Fiberglass Company, Jushi Group Co., Ltd., Bast Fiber LLC, AgroFiber SAS, NFC Fibers GmBh, and NJR Steel Holdings (PTY) Ltd.

Summary of Similar Reports can be accessed at: https://www.alliedmarketresearch.com/materials-&-chemicals/advanced-materials-market-report

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SOURCE Allied Market Research