Increase in global construction activities, rise in end-use applications of fiber composites, GRFM advantages, surge in demand for lightweight materials that reduce car emissions significantly drive the growth of the global reinforcement materials market. On the other hand, complex and expensive carbon fiber manufacturing process impede the reinforcement materials market growth. However, surge in adoption of reinforced materials from the automotive industry create new opportunities in the coming years.
The global reinforcement materials market generated $16.3 billion in 2020, and is estimated to generate $36.8 billion by 2030, witnessing a CAGR of 8.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Reinforcement materials form composites where a homogeneous portion of the matrix is reinforced by a durable additive, which is typically fibrous in nature but may have a woven or stranded form. Reactive injection and resin transfer molding processes for fiber-reinforced composites are currently prevalent in the reinforced composites industry; enhancing growth rate for reinforced composites. However, it is still smaller than the output of metals or plastic achievable by volume. The sustainability and structural strength of the reinforcement materials made it ideal for use among other markets in automotive, consumer goods, marine products and construction.
Reinforcement Materials Market Segment Review
The report offers detailed segmentation of the global reinforcement materials market based on material type, end user, and region.
Based on end-user, the construction segment accounted for the largest share in 2020, contributing to nearly one-third of the global reinforcement materials market, and is expected to maintain its lead position during the forecast period. However, the industrial segment is projected to portray the highest CAGR of 9.4% from 2021 to 2030.
Based on material type, the glass fiber segment held the highest market share in 2020, accounting for nearly three-fifths of the total share, and is projected to maintain its leadership status during the forecast period. However, the carbon fiber segment is estimated to grow at the fastest CAGR of 10.9% from 2021 to 2030.
Based on region, Asia-Pacific contributed the highest share in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. Moreover, the same segment is projected to manifest the largest CAGR of 9.0% during the forecast period.
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Reinforcement Materials Market Key Players
Leading players in the global reinforcement materials market discussed in the research include Bast Fibers LLC, BASF SE, Binani Industries, Honeywell International Inc., DuPont, NFC FIBERS GMBH, Hyosung Corporation, Teijin Limited, Owens Corning, and Toray Industries Inc.
Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
Latest news and industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures and collaborations, product launches, market expansions etc. are included in the report.
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