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Albany, New York, Sept. 11, 2019 (GLOBE NEWSWIRE) -- The global fiber-reinforced composites (FRC) market is foreseen to flourish in the forthcoming years. This is credited to a surging demand in the automobile and construction sector all over the globe. Fiber reinforced composites comprise three main parts - the interphase region or interface, dispersed part, and matrix or continuous phase. Fiber reinforced composites provide great quality with reduced weight, versatility, and durability of the application of the products. Owing to this, the composites are likely to get benefitted from several end-use sectors all over the world. This is foreseen to fuel the demand in global fiber reinforced composites market.
According to a recent report by Transparency Market Research (TMR), the global fiber-reinforced composites market is prognosticated to expand at a steady CAGR of 7.0% within the forecast period from 2018 to 2026. By the end of forecast period, the market is likely to reach valuation of US$116 bn.
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High Chemical Resistance Property to Contribute in Rising Preference of FRC
Different factors, for example, high strength-to-weight ratio and high chemical resistance fuel the fiber reinforced composites market growth. Such a growth graph is also likely to remain stable in future. . Most commonly used type of fiber reinforced composites is fiber reinforced polymer (FRP) that comprises polymers in the form of a matrix. Rising demand for fiber reinforced composites from various end use enterprises, for example, electrical and electronics, defense and others are likely to majorly increase fiber-reinforced composites market (FRC) growth in future.
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Automobile sector alongside construction and building industry are the key end use ventures utilizing fiber reinforced composites. Marine and aviation segment are estimated to set up a new scope for the overallgrowth in fiber-reinforced composites market in the coming years. However, high fiber costs are likely to hamper the global fiber-reinforced composites market by raising the costs of FRC based items.
On the basis of product type, the polymer matrix segment is estimated to grow rapidly during the coming years, as they are able to remain stable in in-service conditions, offer high quality at low weight, fatigue, pressure, and electric properties. These are responsible for the overall upgrade in the general productivity of fiber-reinforced composites. This, thusly, boosts the demand in the global fiber-reinforced composites market.
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Asia Pacific to Lead Due to High Demand for FRC in Construction Industry
Geographically, North America in 2017 led the global fiber-reinforced composites market from the perspective of revenue generated. However, Asia Pacific market is relied upon to grow at a high CAGR in the upcoming years, trailed by Europe and North America. Regarding market capitalization, North America and Asia Pacific lead the global market. The pattern is foreseen to continue in future as well. Nevertheless, the regional market of Asia Pacific is anticipated to extend impressively from 2018 to 2026. This is attributable to high demands in construction and development industry inferable from rapid urbanization and industrialization. Resultantly, it is anticipated to augur the fiber-reinforced composites market in Asia Pacific.
Key players profiled in the fiber-reinforced composites market include E. I. du Pont de Nemours and Company, BASF SE, Hexcel Corporation, Reliance Industries Limited, Huntsman International LLC., and Owens Corning. The competition may witness increase in product sales in the near future with rapidly expanding clientele of the fiber-reinforced composites market. A key trend that most companies are expected to focus on involves research and development of bio-fibers while manufacturing the composites.
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The review is based on TMR report titled, “Fiber-reinforced Composites Market (Product - Short Fiber-reinforced Composites, Long Fiber/Continuous Reinforced Composites; Matrix -Polymer Matrix, Metal Matrix, Non-metal Matrix; Fiber Type - Glass, Carbon, Aramid; End use Industry - Automotive, Building and Construction, Aerospace, Electrical & Electronics, Marine, Sports and Leisure) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”.
The global fiber-reinforced composites market has been segmented as follows:
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