Description of the Report
The global fibre-reinforced composites market was valued at $84.5 million in 2019. It is expected to grow at a CAGR of 5.9% between 2020 and 2027.
Fibre-reinforced composite (FRC) is a combination of two materials, reinforcement fibre and matrix. They are lightweight and strong when chosen correctly. The reinforcement fibre’s role is to give strength to the matrix. While the matrix protects the fibre from damage, the matrix also supports the fibre. FRCs can use either natural or synthetic reinforcement fibres. Natural fibres include hemp, palm, hemp and coir. Synthetic fibres include carbon, glass and aramid material. Synthetic fibres provide more stiffness while natural fibres are cheap and biodegradable, making them environment-friendly. There are efforts to combine two types of fibres and blend them with a matrix material to create a hybrid material.
The construction, aerospace, and automotive industries drive the global fibre-reinforced composites market. FRCs can be used to replace steel structures in the construction industry. FRCs made of polymer composites are 25% stronger than steel and 25% lighter than steel. FRCs are also resistant to corrosion and wear and tear.
FRCs are lighter than aluminium parts and offer greater moldability and tensile strength. This makes them safer and more fuel-efficient. Carbon fibre FRCs are lighter than aluminium and conventional steel. They are used to produce automotive structural components. FRCs will also be in high demand due to the expected growth of the global electric car market. Composite materials can be used to increase the range of EVs and reduce the weight of the drivetrain. Composite materials will improve the mechanical and electrical properties of drive systems.
Composite materials can be used to make aerospace structural parts, which reduce the aircraft’s weight. FRCs make aircraft frames stronger and more durable. The aircraft can also carry more passengers and use less fuel due to its lighter weight. Innovations in the aerospace industry are underway, including large drones and air taxis that use fibre-reinforced carbonates.
FRCs have also seen a rise in demand from the wind energy industry, where composites made from carbon fibre are used for wind turbine blades. The wind turbine blade’s length can be increased to generate more power and increase the efficiency of the plant.
FRCs are capital-intensive, which can hinder the market’s growth over the forecast period. High prices for reinforcement fibres (mainly glass and carbon fibre) are the main reason for high costs. It is more expensive to make carbon fibre than glass fibre. Fibreglass is also more expensive than steel and wool and can be replaced by other materials.
FRCs have enhanced chemical and mechanical properties, which could be further improved during the forecast period. Fibre-reinforced composites are undergoing research and studies to improve their manufacturing techniques and characteristics. Over the forecast period, new product launches and development are expected to provide new opportunities for the global fibre reinforced concretes market. SABIC, a major player in the fibre-reinforced concrete market, has launched UDMAX, a fibre-reinforced thermoplastic composite intended to replace traditional metal panels and thermoset materials for interior or exterior automotive applications. The following are the segments of the global fibre reinforced composites market.
The fibre market reinforced composites are segmented based on fibre type into carbon, glass, and aramid fibres. The market can be divided into thermoplastic and thermoset composites based on their resin type. The market can be divided by end-user industry into building & construction, automotive, electrical, electronics, aerospace, defence, sporting goods, wind power, and others. The market is examined across North America, Europe and Asia-Pacific.
Avient Corporation and Hexcel Corporation are the major players in the global fibre reinforced composites market. This report on the global fibre reinforced composites market provides a detailed competitive analysis and profiles of the major players.
Asia-Pacific held the largest revenue share in 2019 due to the presence of well-established aerospace, automotive and construction industries. Due to the rapid expansion of manufacturing in countries like India and China, it is also one of the fastest-growing regions.
Asia-Pacific is expected to grow at a 7.4% CAGR.
In 2019, the glass fibres segment held the highest revenue share in the global fibre reinforced composites industry. FRCs made from glass fibre are widely used in aerospace, defence, automotive, sports goods, and wind turbine blades.
Thermoset composites held the largest market share for fibre reinforced composites in 2019 based on resin type. Thermoset composites are increasingly used in aerospace, sports goods, wind energy, automotive, and other end-use industries. Thermoset composites are more stable than thermoplastic composites and can withstand heat. They are therefore used for the manufacture of permanent components.
Fibre-reinforced composites market by end-user industry.
The largest share of the global fibre reinforced composites market’s revenue came from the automotive sector. Fibre-reinforced composites can create structural and nonstructural parts such as seats, bumpers and hoods. Composite materials for automotive can increase durability, meet loadbearing requirements, reduce vehicle weight, and improve safety.
Benefits for stakeholders
- Porter’s Five Forces analysis is a tool that analyzes the potential buyers and suppliers, as well as the competitive situation in the industry. This helps with strategy building.
- This report outlines the market trends in fibre-reinforced composites and forecasts from 2019 to 2027. It helps you understand the opportunities and investment pockets.
- Based on their revenue contribution to the regional markets, a map of the major countries in the region has been created.
- The study explains the key drivers, limitations, and opportunities and their impact analysis.
- This report includes the profiles of key players and their strategic developments.
The global fibre reinforced composites market.
- The COVID-19 pandemic in 2020 disrupted global economic growth. A recovery is expected to take place in the second half of 2021.
- The pandemic mainly affected the construction, aerospace, and automotive industries. These are the main end-users for fibre-reinforced composites. Several countries, including India, Germany and the U.S., had to close down their manufacturing plants to stop the virus spread. They also placed restrictions on travel within the country.
- Toyota and other major automakers have temporarily stopped or plan to suspend production at certain plants in Japan and abroad.
- Consumer spending patterns changed as consumers waited to purchase new vehicles to reduce spending. All automobile manufacturers suffered revenue losses due to the decline in sales. Their quarterly sales showed a decline in consumer demand.
- The construction and infrastructure markets decreased construction speed due to a lack of skilled workers.
- Major sporting events such as the Olympic Games, originally scheduled for 2020, have been moved to August 2021. This has harmed the sales of sporting products.
Fiber Reinforced Composites Market Report Scope and Segmentation
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
Key Market Segments
- By End-Use Industry
- Building & Construction
- Electrical & Electronics
- Aerospace & Defense
- Sporting Goods
- Wind Energy
- By Resin Type
- Thermoset Composites
- Thermoplastic Composites
- By Fiber Type
- Carbon Fibers
- Glass Fibers
- Aramid Fibers
- By Region
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
- North America
Key Market Participants
- Avient Corporation
- Hexcel Corporation
- Mitsubishi Chemical Holdings
- Plasan Carbon Composites
- Rchling Group
- Saudi Basic Industries Corporation (SABIC)
- SGL Carbon SE
- Solvay SA
- Toray Industries Inc.
- TPI Composites Inc.