Global fiber reinforced composites market is expected to grow positively over the forecast period owing to huge demand from construction and automotive industries across the globe. Fiber reinforced composites (FRC) comprises of three portions such as dispersed part, interphase region as an interface and matrix as continues phase. Matrix provides support in transferring the load to fibers. Fiber reinforced composites provide excellent strength along with weight reduction, durability and versatility to the application products on account of which these composites are expected to gain interest from various end use industries across the globe which in turn is expected to augment global market growth over the forecast period. Other factors such as high chemical resistance along with their strength-to weight ratio are expected to drive the global fiber reinforced composites demand which is expected to further propel global FRC market over the forecast period. Most common form of fiber reinforced composites is fiber reinforced polymer (FRP) which consists of polymer as their matrix. Growing fiber reinforced composites industry demand from different end use industries such as military, electronics and electrical are expected to highly augment market growth over the forecast period. Automotive industry along with building & construction are the major end use industries using fiber reinforced composites. Aerospace and marine sector are expected to establish new opportunity for the global fiber reinforced composites industry growth over the forecast period. High fiber cost is expected to hinder the market over the forecast period by raising FRC based products costly.
Global fiber reinforced composites market is segmented on the basis of product, fibers and application. Product segment is categorized as thermoset and thermoplastic composites. Thermoset include polyester and epoxy whereas thermoplastic comprises of nylon, thermoplastic polyester, polypropylene, styrenics and polycarbonate. Fiber segment is sub segmented as glass fibers, carbon fibers and aramid fibers. Application segment includes automotive industry, military application, electrical and electronics sector, sports & leisure related application, aerospace industry, building & construction sector and marine industry. In construction application, they are widely used in tanks, pipes and panels. Construction and automobile are expected to dominate application segment followed by marine and electronics over the forecast period.
North America was holding major fiber reinforced composites market share in the global market on account of highly developed end use industries including automotive, marine and construction. North America market was followed by Europe on account of huge fiber reinforced composites demand from its end use industries including building, automobile and aerospace. Asia Pacific is expected to be the largest and fastest developing market over the forecast period. India, Korea, Japan and China are expected to be the major countries contributing in regional FRC market growth over the forecast period. Various factors such as emerging economies, high industrialization, growing construction activities, technological innovations and high investment initiatives are expected to boost regional fiber reinforced composites industry demand over the forecast period.
Global fiber reinforced composites market players include Zoltek Corporation, Kemrock Exports and Industries Limited, Toray Industries Inc., Quantum Composites, Lamilux Heindrich Strutz Group, Hexcel Corporation, AGY Holding Corporation, PPG Industries Incorporated, Citadel Plastics Holdings Incorporated, Ferro Corporation, Cytec Industries Inc., Hadlock Plastics, Interplastic Corporation, Plasan Carbon Composites Incorporated, PolyOne Corporation, Momentive Performance Materials Holdings LLC, SABIC Innovative Plastics and TPI Composites Incorporated. Global market is highly fragmented in nature owing to the presence of large number of market player across the globe. Various market strategies including expansions and setting up of new facilities are expected to be used by these market players in order to increase their market share and strengthen their global network over the forecast period.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.