Global fiber reinforced composites (FRC) market was worth roughly USD 88.1 billion in 2021 and is expected to increase to over USD 135.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.2 percent. Fiber Reinforced Composites (FRC) industry share by Fiber Type, Resin Type, End User and region.
Fiber Reinforced Composites (FRC) Market
Fiber reinforced composites (FRC) is a composite building material that contains fibers, matrix, and the interface. Fiber-reinforced composites (FRC)are generally characterized by improved stiffness, high, and specific strength compared to other various materials.
The global fiber reinforced composites (FRC) market is anticipated to grow at a substantial rate in the near future. The growing demand for lightweight vehicles from emerging economies is anticipated to fuel the market growth. The increased use of fiber-reinforced composites (FRC) was widely observed in automotive, building & construction, aerospace, electrical & electronics, marine, and sports & leisure industries across the globe. The increased demand for fiber-reinforced composites (FRC) in lightweight vehicles industry is the prime driver for the global fiber reinforced composites (FRC) market within the forecast period. Automotive makers and OEMs are looking for innovative materials to achieve better fuel efficiency. Stringent regulations regarding vehicle pollution are anticipated to play a major role in driving the global fiber reinforced composites (FRC) market in the coming years. Fluctuating raw material prices of fiber-reinforced composites (FRC) may hinder the market growth in the coming years. Nonetheless, product innovations and emerging markets in the Asia Pacific are likely to open new growth avenues for the major players of the market during the years to come.
On the basis of product, the fiber-reinforced composites (FRC) market is classified into long fiber/continuous reinforced composites and short fiber-reinforced composites (FRC). Long fiber/continuous reinforced composites dominated the market and it accounted for a significant share of the overall market in 2017. Based on fiber type, the global fiber reinforced composites (FRC) market is mainly divided into glass, carbon, aramid, and others. Based on the matrix, the global fiber reinforced composites (FRC) market is mainly divided into a metal matrix, non-metal matrix, and the polymer matrix. Based on various end-user industries, the global fiber reinforced composites (FRC) market is mainly segmented into automotive, aerospace, building & construction, marine, electrical & electronics, sports & leisure, and others. In terms of geographies, in 2017, North America was the largest market for fiber-reinforced composites (FRC). This growth is mainly attributed to the strong demand for fiber-reinforced composites (FRC) from countries including the U.S., Canada, and Mexico. Asia Pacific is predicted to be the fastest growing market of fiber-reinforced composites (FRC) in the near future, owing to the increasing demand for automotive and building & construction. North America was followed by Europe and the Asia Pacific in 2017. The market growth rate in North America and the Asia Pacific is expected to stay higher in the coming years.
The major players of the global fiber reinforced composites (FRC) market include E. I. du Pont de Nemours and Company, BASF SE, Huntsman International LLC., Hexcel Corporation, Owens Corning, Reliance Industries Limited, TPI Composites, Inc., Toray Industries, Inc., Kineco Kaman Composites India Private Limited, Nippon Electric Glass Company Limited, RTP Company, Plasan Carbon Composites, COTESA GmbH, Enduro Composites, Inc., The Quadrant Group of Companies ,and HITCO Carbon Composites, Inc., among others.
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