The global fiber reinforced composites market is expected to grow at with a CAGR greater than 7% during the forecast period. Major driving factors of the market studied are the beneficial properties of fiber reinforced composites like high strength to weight ratio, corrosion resistance, energy absorption on impact, moisture and chemical resistance. However, high cost of raw materials is hindering the growth of the market studied.
Key Market Trends
Aerospace Industry is likely to Witness the Highest Growth
North America to Dominate the Market
Competitive Landscape
The global fiber reinforced composites market is moderately fragmented as the market share is divided between many players. Key players in the market include Toray Industries, Inc., Hexcel Corporation, Solvay, SABIC, and PolyOne Corporation, among others.
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- North America accounts for the highest share of the market studied currently and is expected to dominate the market during the forecast period.
- Another major driver of the market studied is the increasing demand from the aerospace industry.
Key Market Trends
Aerospace Industry is likely to Witness the Highest Growth
- The demand for fuel-efficient and long haul aircraft is the major driving factor for the carbon fiber composite industry.
- Use of carbon fiber composites in wings can reduce the weight of the aircraft by around 50,000 pounds. It offers superior strength to weight ratio, high chemical resistance, high stiffness and low thermal expansion. Also, its mechanical properties can be tailored to the application.
- The use of composite materials in commercial transport aircraft is lucrative as the reduced airframe weight enables better fuel economy and therefore lowers operating costs.
- Reduced maintenance and longer design life, fewer parts, and reduced tooling and assembly costs are some of the reasons driving the market for carbon fiber in the aerospace industry.
- Hence, owing to the above-mentioned reasons, aerospace industry is expected to witness the highest growth during the forecast period.
North America to Dominate the Market
- North America has emerged as one of the largest fiber reinforced composites markets in the recent years.
- The building & construction industry represents the major outlet for fiber reinforced composite(FRC)s and is expected to provide the best opportunities for the growth of the market during the forecast period.
- This region is expected to register the highest demand for FRC, owing to the increasing demand from aerospace and defense , wind turbine, and sports/leisure industries.
- Large concentration of aircraft makers such as Airbus and automobile giants in this region are expected to drive the market in this region.
- Hence, owing to the above-mentioned factors, North America is expected to dominate the market during the forecast period.
Competitive Landscape
The global fiber reinforced composites market is moderately fragmented as the market share is divided between many players. Key players in the market include Toray Industries, Inc., Hexcel Corporation, Solvay, SABIC, and PolyOne Corporation, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- TORAY INDUSTRIES, INC.
- Hexcel Corporation
- Solvay
- SABIC
- PolyOne Corporation
- TPI Composites.
- Plasan Carbon Composites
Methodology
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