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Fiber Processing Resins: Introduction

  • Fiber processing resin is a material that comprises polymeric resins with carbon or glass fiber reinforcement, which helps increase the mechanical strength and elasticity of the plastic
  • Based on fiber type, the fiber processing resins market can be segmented into carbon fiber, glass fiber, and others. Carbon fiber reinforced resin is a solid or highly viscous substance that is typically convertible into polymers. Carbon fiber reinforced polymers is a strong and light fiber-reinforced plastic that contains carbon fibers as a basic raw material. Another fiber, i.e. glass fiber, is used as reinforcement in thermosetting or thermoplastic resins to produce strong and light plastic materials.
  • In terms of resin type, the global fiber processing resins market can be divided into polyester, phenolic, polycarbonate, polyurethane, polyamide, silicone, epoxy, acrylic, polystyrene, and others. Majority of these resins along with fibers are used to manufacture thermosetting and thermoplastic composites, which are employed in a wide range of applications in automotive, aerospace, building & construction, and other industries.

Key Drivers of Fiber Processing Resins Market

  • Fiber processing resins are primarily used in the production of composite materials, which are used as lightweight automotive materials. According to a study conducted by the U.S. Department of Energy, 10% reduction in overall vehicle weight can result in a 6%-8% fuel economy improvement. This reduction in weight can be achieved by replacing cast iron and traditional steel automotive components with lightweight materials such as fiber reinforced plastics. These lightweight materials can directly reduce the weight of a vehicle's body and chassis by up to 25%-35%, thus lowering a vehicle's fuel consumption. The study also indicates that using lightweight polymer composites such as fiberglass filled polypropylene in one quarter of the U.S. fleet (group of U.S. navy ships) could save more than 5 billion gallons of fuel annually by 2030. Automotive manufacturers such as GM and Ford Motor Company have already started to follow the trend of using advanced materials to explore future weight-reduction solutions that could improve performance and fuel efficiency. In 2014, Ford Motor Company unveiled its Lightweight Concept vehicle, F-150, wherein glass fiber polymer composites resulted in a nearly 25% weight reduction as compared to the older version. Enactment of stringent governmental regulations for fuel efficiency and added safety factors is driving the demand for lightweight vehicles. This, in turn, is boosting the fiber processing resins market. The trend is expected to continue during the forecast period.
  • Typical applications of fiber processing resins in the oil & gas sector include rigid pipes, wound pipes, rigid and flexible risers, and structural repairs. Engineers are promoting the application of thermoplastic composites instead of metals in the construction phase in order to minimize cost and maintenance in the long term. Thermoplastic composites composed from fiber processing resins act as feasible and cost-effective alternatives owing to their enhanced corrosion resistance, high stiffness and strength, and lower weight. The North Sea remains the largest source of oil and gas in Europe. Several ongoing projects such as Rosebank & Lochnagar oil & gas fields, Johan Castberg Field, and various other drilling projects in North Sea are estimated to start during the forecast period. These projects are likely to boost the demand for thermoplastic composites composed from fiber processing resins in the oil & gas industry.

Key Restraint of Fiber Processing Resins Market

  • Availability of substitutes such as aluminum, steel, and other metal alloys is estimated to hamper the fiber processing resins market. However, the usage of metal for storage tanks, transmission pipelines, oil rigs, steel structures, and other oil vessels cannot resist corrosion in moist, salty, foggy, and corrosive environmental conditions.
  • Biofiber reinforced polypropylene is considered environmentally-friendly substitute of glass filled polypropylene. Hexpol AB manufactures a product line of biofiber reinforced polypropylene that uses renewable natural fibers such as ground wood and coconut shells instead of talc, mineral, and glass-based traditional reinforcements. Availability of these eco-friendly substitutes is likely to hamper the fiber processing resins market in the near future.

 Covid-19 Impact on Fiber Processing Resins Market

  • The COVID-19 pandemic has severely impacted end-use industries of fiber processing resins. Aerospace, oil & gas, construction, and automotive are among the worst-hit industries due to the pandemic.  On July 07, 2020, The U.S. Energy Information Administration (EIA) released data forecasting a decline in production of crude oil and natural gas in the U.S. in 2020. Sudden decline in production of crude oil and natural gas has adversely impacted the demand for composite material made of fiber processing resins in the oil & gas industry.

Key Players Operating in Global Market

Key players operating in the global fiber processing resins market include:

  • Huntsman Corporation
  • Alpha Owens-Corning
  • BASF SE
  • Hexion Inc.
  • Polynt S.P.A.
  • Ashland Inc.
  • Olin Corporation
  • 3M
  • Kukdo Chemical Co. Ltd

Global Fiber Processing Resins Market: Research Scope

Global Fiber Processing Resins Market, by Resin Type

  • Polyester
  • Phenolic 
  • Polycarbonate
  • Polyurethane 
  • Polyamide
  • Silicone 
  • Epoxy
  • Acrylic
  • Polystyrene 
  • Others

Global Fiber Processing Resins Market, by Fiber Type

  • Carbon Fiber
  • Glass Fiber
  • Others

Global Fiber Processing Resins Market, by End-use Industry

  • Aerospace
  • Automotive
  • Oil & Gas
  • Construction
  • Consumer goods
  • Power industry
  • Marine infrastructure
  • Others

Global Fiber Processing Resins Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Fiber Processing Resins Market

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