27-Jun-2022 | Zion Market Research
The 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 during the forecast period.
A composite material is made of two or more components where the individual components having extremely dissimilar physical and chemical properties come together to form a third component with its own unique properties. A FRC is a composite building material and has 3 essential components, which are fiber as an irregular phase, matrix as a regular phase, and the interphase region also called an interface. It is an advanced composite group that makes use of rice hull, rice shell, plastics, and rice husk as main components. The technical steps to follow to create FBC are refining, blending, and compounding natural fibers produced from cellulosic waste streams which eventually form a high-resistance fiber composite material.
Some of the major reasons why the global fiber reinforced composites (FRC) market is showing an upward growth graph is because of the material being lightweight, having high resistance to corrosion, requiring less maintenance, needing less installation time, and flexibility in designing.
The global market growth was hampered during Covid-19 due to the closure of all non-essential manufacturing units. The overall demand for the product decreased owing to the volatile situation created globally during 2020. However, from the onset of 2021, the global market has been showing steady growth signs during the projection period.
FRC is used extensively in the aerospace, automotive, and construction sector. For example, in construction, FRC is now preferred over steel to create building structures owing to the lightweight of fiber reinforced composites. FRC are better substitutes for aluminum in the automotive sector because FRC provides higher tensile strength along with design and molding flexibility, thus increasing the effectiveness of the automotive vehicle. These 3 sectors are extremely heavily invested sectors since they are a major part of the overall infrastructure of any economy and are projected to get higher investments and funding from the government as well as private sectors as a part of infrastructural development schemes. As these sectors will grow, the global fiber reinforced composites (FRC) market is expected to grow as well. The global market expansion rate is expected to gain momentum in the coming years owing to the growth of the wind energy market. Wind turbine plates are created from carbon fiber composites. With constant innovation in the field of wind power generation and wind turbines, the global market is projected to grow simultaneously.
The high costs associated with the FRC production may hinder the global market growth whereas increasing studies & research to enhance the quality of FRC is expected to provide growth opportunities in the global market along with some challenges because of the environmental difficulties and concerns regarding FRC properties.
The global fiber reinforced composites (FRC) market is divided based on fiber type, resin type, end-user, and region. Based on the fiber type, the global market is segregated into aramid fibers, glass fibers, carbon fibers, and others. Resin type segment is categorized based on thermoplastic composites and thermoset composites. The end-user industry is divided based on wind energy, sporting goods, aerospace & defense, electrical & electronics, automotive, building & construction, and others.
The global fiber reinforced composites (FRC) market is expected to be dominated by North America owing to the growing automotive and aerospace industry. The USA is one of the leading countries with the most advanced technology in the aeronautical sector. Their constant efforts to upgrade their technology and rising investments from key market players as well as government agencies are expected to aid the regional growth.
Europe is expected to register a significant CAGR during the forecast period owing to the presence of a multi-billion dollar automotive sector in the regions like Germany, Poland, and others. With the growing demand for European automobiles, the demand for FRC has increased in the region which aids in providing enhanced products with state-of-the-art features and helps market players to stay ahead in the game.
Asia-Pacific is expected to generate significant revenue owing to the increased infrastructural development in regions like China, India, and Japan and the rising need for cost-effective and quality products.
Röchling Group, Plasan Carbon Composites, Mitsubishi Chemical Holdings, Hexcel Corporation, Avient Corporation, TPI Composites Inc., Toray Industries Inc., Solvay SA, SGL Carbon SE, and Saudi Basic Industries Corporation (SABIC), among others are some of the major players that are operating in the global fiber reinforced composites (FRC) market.
Browse the full “Fiber Reinforced Composites (FRC) Market By Fiber Type (Carbon Fibers, Glass Fibers, Aramid Fibers, And Others), By Resin Type (Thermoset Composites And Thermoplastic Composites), By End-User Industry (Building & Construction, Automotive, Electrical & Electronics, Aerospace & Defense, Sporting Goods, Wind Energy, And Others) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/fiber-reinforced-composites-market
Global fiber reinforced composites (FRC) market is segmented as follows:
By Fiber Type
By Resin Type
By End User Industry
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