Fiber-reinforced Composites Market - Snapshot
Fiber Reinforced Composites are made by combining two or more materials (fibers with matrix materials) to give a unique combination of properties It consists of a continuous phase called the matrix and a dispersed phase called the reinforcement. There are three basic types of composites: metal matrix composites (MMC), non-metal matrix composites (CMC), and polymer matrix composites (PMC). These are used in various end-use industries such as construction, transportation, industrial, sports, energy, aerospace, consumer goods, and electrical & electronics.
The global fiber reinforced composites market is expected to expand at a rapid pace during the forecast period owing to increase in demand for lightweight vehicles. Automotive manufacturers and OEMs are seeking innovative materials to reduce vehicle weight and achieve fuel efficiency and carbon emission targets due to stringent environmental norms and government regulations. Composites offer several structural and weight advantages over traditional steel and injection molded automotive parts. These are used as raw material to manufacture various structural, interior, exterior, and other automobile components. Composites offer high stiffness, tensile strength, temperature tolerance, low weight, and thermal expansion; therefore, these are preferred to manufacture automobiles. For instance, polymer-reinforced composites offer excellent crash performance as compared to traditional steel. While the latter typically absorbs only 35J/kg of energy, thermoset composites absorb nearly twice of this, and thermoplastic composites 5-6 times more energy than steel. Therefore, along with weight reduction, composites in vehicles offer better safety. These factors are anticipated to drive the fiber reinforced composites market during the forecast period.
Composite components require complex manufacturing process and high cycle time. Manufacture of components from substitute materials such as engineered plastics, TPOs, TPUs, aluminum, and other metal alloys is easier and they can be mass-produced in a shorter duration. Hence, availability of substitutes such as engineered plastics, TPOs, TPUs, aluminum, and other metal alloys and high cost of composites compared to traditional materials are likely to restrict the fiber reinforced composites market during the forecast period.
Growing need for lightweight and high strength material in automotive, aerospace, and wind mill applications is anticipated to create lucrative opportunity for fiber reinforced composites market in the forecast period. Innovations and developments to reduce the price of carbon fibers offer profitable opportunities for both carbon fiber and composite manufacturers. However, the expensive nature of composites is restricting its use in many applications which is acting as a threat to the fiber reinforced composites market during the forecast period.
The polymer matrix segment is estimated to expand at a rapid pace during the forecast period, as they offer high strength at low weight, ability to retain under in-service conditions, compression, fatigue and electric properties; which enhance the overall efficiency of fiber-reinforced composites. This, in turn, drives the demand for polymer matrix fiber reinforced composites. The non-metal matrix fiber reinforced segment is projected to witness considerable demand in the next few years, as it includes ceramic matrix composites, carbon matrix & graphite matrix composites, & others. Ceramic matrix composites constitute major share in the non-metal matrix composites. These properties are projected to fuel the polymer matrix segment during the forecast period.
The global fiber reinforced composites market witnessed various developments and technological advancements. For instance, In April 2018, the company, E. I. du Pont de Nemours and Company announced an expansion in manufacturing capacity by investing approximately US$ 100 Mn in the Sabine River Works (SRW) plant in Orange County, Texas. The expansion is expected to support global growth of the company’s specialty materials business. Also, In March 2015, in Ludwigshafen, BASF and SGL Group announced the joint research of a new composite material system. The system’s objectives are to improve the cost-effectiveness of the manufacturing of thermoplastic carbon fiber composites. These developments are anticipated to drive the global fiber reinforced composites market during the forecast period.
In terms of revenue, North America accounted for a significant share of the global market in 2017. The market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period, followed by North America and Europe. In terms of market capitalization, Asia Pacific and North America lead the global market. The trend is expected to continue during the forecast period. However, the market in Asia Pacific is projected to expand considerably from 2018 to 2026, owing to rising investments in building & construction owing to rapid industrialization and urbanization. This, in turn, is projected to drive the fiber reinforced composites market in Asia Pacific during the forecast period.
Key players profiled in the global fiber reinforced composites market are BASF SE, E. I. du Pont de Nemours and Company, Hexcel Corporation, Huntsman International LLC., Reliance Industries Limited, Owens Corning, Toray Industries Inc., TPI Composites, Inc., Nippon Electric Glass Company Limited, Kineco Kaman Composites-India Private Limited, PLASAN CARBON COMPOSITES, RTP Company, Enduro Composites, Inc., COTESA GmbH, HITCO Carbon Composites, Inc., The Quadrant Group of Companies etc. Major players are adopting strategies such as increase in production capacities, geographical expansion, and upgrades in existing solutions and offerings.
Fiber-reinforced Composites Market - Overview
This report analyzes and forecasts the market for fiber-reinforced composites at the global and regional levels. The market has been forecast in terms of revenue (US$ Mn) and volume (kilo tons) from 2018 to 2026. The study includes drivers and restraints of the global fiber-reinforced composites market. It also covers the expected impact of these drivers and restraints on the demand for fiber-reinforced composites during the forecast period. The report also highlights opportunities in the global fiber-reinforced composites market.
The report comprises detailed value chain analysis, which provides a comprehensive view of the global fiber-reinforced composites market. Porter’s Five Forces model has also been included to help understand the competition landscape of the fiber-reinforced composites market. The study encompasses market attractiveness analysis, wherein application segments have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global fiber-reinforced composites market by segmenting it in terms of type and end-use industry. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and projected demand for fiber-reinforced composites in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for individual type and end-use industry segments in all regions. Key players operating in the fiber-reinforced composites market are BASF SE, E. I. du Pont de Nemours and Company, Hexcel Corporation, Huntsman International LLC., Reliance Industries Limited, Owens Corning, Toray Industries Inc., TPI Composites, Inc., Nippon Electric Glass Company Limited, Kineco Kaman Composites India Private Limited, PLASAN CARBON COMPOSITES, RTP Company, Enduro Composites, Inc., COTESA GmbH, HITCO Carbon Composites, Inc., and The Quadrant Group of Companies. Major players are adopting strategies such as increase in production capacities, geographical expansion, and upgrades in the existing solutions and offerings.
Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report provides the estimated market size of the fiber-reinforced composites market for 2017 and forecast for the next nine years. The size of the market has been provided in terms of revenue and volume. Market numbers have been estimated based on product, fiber type, matrix, and end-use industry segments of the fiber-reinforced composites market. Market size and forecast for each fiber type, matrix, and end-use industry segment have been provided for the global and regional markets.
In order to compile the research report, in-depth interviews and discussions were conducted with a number of key market participants and opinion leaders. Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. Secondary research also includes search of recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proved to be a highly reliable, effective, and successful approach for obtaining precise market data, capturing market participants’ insights and recognizing business expansion opportunities.
Global Fiber-reinforced Composites Market, by Product
- Short Fiber-reinforced Composites
- Long Fiber/Continuous Reinforced Composites
Global Fiber-reinforced Composites Market, by Fiber Type
Global Fiber-reinforced Composites Market, by Matrix
- Polymer Matrix
- Metal Matrix
- Non-metal Matrix
Global Fiber-reinforced Composites Market, by End-use Industry
- Building & Construction
- Electrical & Electronics
- Sports & Leisure
Global Fiber-reinforced Composites Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of ASEAN
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- The report provides extensive analysis of the fiber-reinforced composites market trends from 2018 to 2026 to identify market growth opportunities and analyze market developments
- The report offers a list of key developments in the fiber-reinforced composites market
- The report mentions a list of key factors for building the roadmap of upcoming opportunities for growth of the fiber-reinforced composites market at the global, regional, and country levels
- The report offers comprehensive analysis regarding investments and price trends that are likely to impact the outlook for the global fiber-reinforced composites market between 2018 and 2026
- The report provides insights into growth opportunities for various stakeholders in the value chain and a detailed competition landscape of key players operating in the market to help understand the competition level
- The Porters’ Five Forces analysis highlights the bargaining power of buyers and suppliers and enables stakeholders to make profit-oriented business decisions. Moreover, strengths and weaknesses of the fiber-reinforced composite market have also been analyzed.