DUBLIN--(BUSINESS WIRE)--The "Fiber Reinforced Composites Market by Fiber Type, Resin Type and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

The global fiber reinforced composites market was valued at $84.5 billion in 2019, and is projected to reach $131.6 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027.

Fiber reinforced composites (FRCs) are engineered products with a complex combination of fiber and resin. FRCs are made from three parts, reinforcement fiber, matrix, and the interphase region. The reinforcement fiber adds to the strength of the matrix and enhances performance of the composites while minimizing the weight. It mainly consists of fiber reinforcement and the matrix. The fiber reinforcement mainly includes glass, carbon, or aramid. The matrix binds the fiber reinforcement and gives the composite component its shape and determines its surface quality. A composite matrix may be a polymer, ceramic, metal or carbon. FRCs have replaced steel and aluminum in the automotive and aerospace industries for the production of lightweight parts. In addition, they are also used in the construction, sporting goods, and electronics industries.

The global fiber reinforced composites market is presently driven by various factors such as growing demand from the aerospace industry, use of composites for making lightweight automotive parts, and upsizing of wind turbine blades for generating more power in onshore & offshore wind power plants. In the aerospace and automotive industry, lightweight composites reduce the overall weight of the vehicle. This has a direct positive impact on fuel efficiency. Higher fuel efficiency contributes to higher emission control regulations set by various organizations. Moreover, in the automotive industry, the rising replacement of conventional internal combustion engine vehicles (ICs) with electric vehicles (EVs) and hybrid electric vehicles (HEVs) is anticipated to boost the global fiber reinforced composites market during the forecast period. EVs and HEVs require lightweight parts that will extend the range.

On the contrary, the high cost of fiber reinforced composites is expected to hamper the growth of the market during the forecast period. Composites made from carbon fiber or glass fiber are still expensive as compared to traditional materials such as steel or wool. The high cost is attributed to the high cost of production of fiber and the cost of producing the composites using high-end machinery. However, fiber reinforced composites are used in end-user industries such as sporting goods, construction, aerospace, automotive, and wind energy due to their high strength and lightweight features. New product launches are expected to offer fresh opportunities for the global fiber reinforced composites market during the forecast period. For instance, SABIC, a key player in the fiber reinforced composites market launched UDMAX fiber reinforced thermoplastic composite, which is designed to replace traditional panels made of metal and thermoset materials for interior and exterior automotive applications.

Key Benefits

• Porter's five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current trends and future estimations of the fiber reinforced composites market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Market Dynamics

Drivers

• Increasing Demand from the Automotive & Aerospace Sector
• Existing Demand from the Construction Sector
• Use of Fiber Reinforced Composites in the Electronics & Electrical Industry

Restraint

• High Raw Material Prices

Opportunity

• Growing Wind Energy Markets
• Emerging Market for Recycled Composite Materials

Key Players

• Avient Corporation
• Hexcel Corporation
• Mitsubishi Chemical Holdings
• Plasan Carbon Composites
• Rochling Group
• SABIC
• SGL Carbon
• Solvay SA
• Toray Industries Inc.
• TPI Composites Inc.

For more information about this report visit https://www.researchandmarkets.com/r/bazbnp

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