Fiber Reinforced Composites Market - Recent Innovations and Upcoming Trends Analysis

The growth of the market is attributed to increased demand from the automotive and aerospace sectors, utilization of fiber reinforced composites.

WILMINGTON, DELAWARE, UNITED STATES, February 9, 2024 /EINPresswire.com/ -- According to a report by Allied Market Research, the global fiber reinforced composites market reached $84.5 billion in 2019 and is anticipated to reach $131.6 billion by 2027, with a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027.

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The growth of the market is attributed to increased demand from the automotive and aerospace sectors, utilization of fiber reinforced composites in electronics and electrical industries, and demand from the construction sector. However, high raw material prices are impeding market growth. Conversely, the rise in wind energy markets and the emergence of a market for recycled composite materials are expected to create lucrative opportunities for market players in the future.

The COVID-19 pandemic significantly impacted the aerospace, automotive, and construction industries, leading to a decline in demand for fiber reinforced composites. Lockdown measures, manufacturing suspensions, and travel restrictions imposed by various governments disrupted supply chains. Changes in consumer spending patterns, including delayed purchases of vehicles to reduce spending, further reduced demand in the automotive sector. Labor shortages and increased raw material costs also slowed down construction activities. Additionally, the postponement of major sports events from 2020 to 2021 is expected to affect the sale of sporting goods.

The global fiber reinforced composites market is segmented based on fiber type, resin type, end-user industry, and region. Glass fibers held the largest market share in 2019, while carbon fibers are projected to exhibit the highest CAGR of 8.0% from 2020 to 2027. Thermoset composites dominated the resin type segment in 2019, but thermoplastic composites are expected to register the highest CAGR of 6.3% during the forecast period.

Geographically, the Asia-Pacific region accounted for the largest market share in 2019 and is expected to witness the highest CAGR of 7.4% during the forecast period.

Key players in the global 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., 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.

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