As per the report published by Allied Market Research, the global fiber reinforced composites market was pegged at $84.5 billion in 2019, and is projected to garner $131.6 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027.
Rise in demand from the automotive & aerospace sector, use of fiber reinforced composites in the electronics & electrical industry, and demand from the construction sector have boosted the global fiber reinforced composites market. However, high raw material price hinders the market growth. On the contrary, increase in wind energy markets and emerging market for recycled composite materials are expected to open lucrative opportunities for the market players in the future.
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The global fiber reinforced composites market is segmented on the basis of fiber type, resin type, end-user industry, and region. Based on fiber type, the glass fibers segment held the lion’s share in 2019, accounting for nearly three-fifths of the market. However, the carbon fibers segment is projected to register the highest CAGR of 8.0% from 2020 to 2027.
On the basis of resin type, the thermoset composites segment dominated in 2019, contributing to nearly three-fifths of the market. However, the segment of the thermoplastic composites is projected to register the highest CAGR of 6.3% during the forecast period.
The global fiber reinforced composites market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2019, accounting for around two-fifths of the market. In addition, the region is anticipated to showcase the highest CAGR of 7.4% during the forecast period.
The global fiber reinforced composites market report includes an in-depth analysis of the prime market players such as 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.
