The global reinforcement materials market was valued at $17.8 billion in 2019, and is projected to reach $27.9 billion by 2027, growing at a CAGR of 8.0% from 2020 to 2027.
Composite reinforcement materials reinforce the resin system by improving its mechanical manifold properties. Materials made of fiber reinforced polymer (FRP) have high strength, low density and are easy to process. FRP composites find broad uses in housing, automotive and aerospace uses. The most common type of fiber used in composite laminates as reinforcement is glass fibers. Certain prevalent types of material for reinforcement include carbon fibers and aramid fibers. Reinforcement materials can be designed specifically for optimal efficiency and cost savings, depending on the specifications and manufacturing processes.
The demand for reinforcement materials is expected to expand globally in the forecast period due to a rise in the construction industry. The demand for reinforcement materials is expected to be driven by low investment costs of glass fibers and related composites coupled with emerging end-use applications of fiber composites. Growing carbon fiber use in aircraft manufacturing and increasing demands in the automotive industry for lightweight materials propels this market's growth.
However, the costly and complex method of carbon fiber processing, issues related to the recycling and disposal of glass fibers and the heavy weight of particulate composites hinder the growth of the reinforcement material market. On the other hand, new developments in carbon/glass hybrid structures and the increasing adoption of carbon fiber-reinforced polymers in the medical industry are projected to present significant market player opportunities during the forecast period.
The global reinforcement materials market is segmented based on material type, end-user, and region. By material type, the market is classified into glass fiber (roving, woven roving, fabrics, CSM/CFM, chopped strand, and others), carbon fiber (woven fabric, thermoset UD prepreg, thermoset fabric prepreg, thermoplastic prepreg, raw fiber, and molding compounds), aramid fiber (para-aramid fiber, and meta-aramid fiber & others), natural fiber (hemp, flax, kenaf, jute, and others), and steel rebar. According to end-user, it is divided into construction, aerospace & defense, transportation, wind energy, consumer goods, industrial, marine, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global reinforcement materials market are BASF SE, Bast Fibers LLC, Binani Industries, DuPont, Honeywell International Inc., Hyosung Corporation, NFC FIBERS GMBH, Owens Corning, Teijin Limited, and Toray Industries Inc.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Material Type
By Precursor
By Fiber Type
By End-User
By Region
KEY MARKET PLAYERS
Composite reinforcement materials reinforce the resin system by improving its mechanical manifold properties. Materials made of fiber reinforced polymer (FRP) have high strength, low density and are easy to process. FRP composites find broad uses in housing, automotive and aerospace uses. The most common type of fiber used in composite laminates as reinforcement is glass fibers. Certain prevalent types of material for reinforcement include carbon fibers and aramid fibers. Reinforcement materials can be designed specifically for optimal efficiency and cost savings, depending on the specifications and manufacturing processes.
The demand for reinforcement materials is expected to expand globally in the forecast period due to a rise in the construction industry. The demand for reinforcement materials is expected to be driven by low investment costs of glass fibers and related composites coupled with emerging end-use applications of fiber composites. Growing carbon fiber use in aircraft manufacturing and increasing demands in the automotive industry for lightweight materials propels this market's growth.
However, the costly and complex method of carbon fiber processing, issues related to the recycling and disposal of glass fibers and the heavy weight of particulate composites hinder the growth of the reinforcement material market. On the other hand, new developments in carbon/glass hybrid structures and the increasing adoption of carbon fiber-reinforced polymers in the medical industry are projected to present significant market player opportunities during the forecast period.
The global reinforcement materials market is segmented based on material type, end-user, and region. By material type, the market is classified into glass fiber (roving, woven roving, fabrics, CSM/CFM, chopped strand, and others), carbon fiber (woven fabric, thermoset UD prepreg, thermoset fabric prepreg, thermoplastic prepreg, raw fiber, and molding compounds), aramid fiber (para-aramid fiber, and meta-aramid fiber & others), natural fiber (hemp, flax, kenaf, jute, and others), and steel rebar. According to end-user, it is divided into construction, aerospace & defense, transportation, wind energy, consumer goods, industrial, marine, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global reinforcement materials market are BASF SE, Bast Fibers LLC, Binani Industries, DuPont, Honeywell International Inc., Hyosung Corporation, NFC FIBERS GMBH, Owens Corning, Teijin Limited, and Toray Industries Inc.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global reinforcement materials market from 2019 to 2027 to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
KEY MARKET SEGMENTS
By Material Type
- Glass Fiber
- Roving
- Woven Roving
- Fabrics
- CSM/CFM
- Chopped Strand
- Others
- Carbon Fiber
By Precursor
- PAN
- Pitch, Rayon & Others
By Fiber Type
- Woven Fabric
- Thermoset UD Prepreg
- Thermoset Fabric Prepreg
- Thermoplastic Prepreg
- Raw Fiber
- Molding Compounds
- Aramid Fiber
- Para-Aramid Fiber
- Meta-Aramid Fiber & Others
- Natural Fiber
- Hemp
- Flax
- Kenaf
- Jute
- Others
- Steel Rebar
By End-User
- Construction
- Aerospace & Defense
- Transportation
- Wind Energy
- Consumer Goods
- Industrial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- BASF SE
- Bast Fibers LLC
- Binani Industries
- DuPont
- Honeywell International Inc.
- Hyosung Corporation
- NFC FIBERS GMBH
- Owens Corning
- Teijin Limited
- Toray Industries Inc.
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Reinforcement Materials Market, by Material Type
Chapter 5: Reinforcement Materials Market, by End-User
Chapter 6: Reinforcement Materials Market, by Region
Chapter 7: Competitive Landscape
Chapter 8: Company Profiles:
Executive Summary
According to the report titled, 'Reinforcement Materials Market by Material Type, and End-User: Opportunity Analysis and Industry Forecast, 2020-2027' the global reinforcement materials market was valued at $17.8 billion in 2019, and is projected to reach $27.9 billion by 2027, growing at a CAGR of 8.0% from 2020 to 2027.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.
The global market for reinforcement materials is expected to witness a high growth over the forecast period. The demand for reinforcement materials is projected to be driven by low investment costs of glass fibers and related composites coupled with emerging end-use applications of fiber composites. Growing carbon fiber use in aircraft manufacturing and increasing demands in the automotive industry for lightweight materials propels the market's growth.
Glass fiber was the largest segment of the industry, and held a major market share. Moreover, in the coming years it is expected to experience exponential growth. Carbon fiber is expected to be the fastest growing consumer commodity.
Construction, aerospace & defense, transportation, and wind energy are the key applications of the global reinforcement materials industry. The design received the most detailed application portion. Furthermore, the building application is expected to be one of the fastest growing industry applications for reinforcement materials in the coming years. Increased single-home construction is expected to emerge as one of the key factors boosting demand for fiber-reinforced concrete, driving market growth.
Some of the key players operating in the global reinforcement materials market are BASF SE, Bast Fibers LLC, Binani Industries, DuPont, Honeywell International Inc., Hyosung Corporation, NFC FIBERS GMBH, Owens Corning, Teijin Limited, and Toray Industries Inc.
Key Findings of the Study:
Based on material type, the glass fiber segment emerged as the global leader with more than 59% share in 2019. This can be highly attributed to high demand for glass fiber in various end-use industries.
By end-user, the construction segment dominated the global reinforcement materials market with around 31% global market share in 2019.
Countries such as the U.S., China, and India are emerging as an investment centric hub due to wide scope in the manufacturing sector.
Companies Mentioned
- BASF SE
- Bast Fibers LLC
- Binani Industries
- DuPont
- Honeywell International Inc.
- Hyosung Corporation
- NFC FIBERS GMBH
- Owens Corning
- Teijin Limited
- Toray Industries Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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