New York, NY, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Fiber Reinforced Composites (FRC) Market by Product (Short Fiber-Reinforced Composites and Long Fiber/Continuous Reinforced Composites), by Fiber Type (Glass, Carbon, and Aramid), by Matrix (Polymer Matrix, Metal Matrix, and Non-metal Matrix) by End-user (Automotive, Building & Construction, Aerospace, Electrical & Electronics, Marine, Sports & Leisure, and Other End-User Industries): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global fiber-reinforced composites (FRC) market was valued at USD 123.49 billion in 2017 and is expected to reach USD 214.40 billion by 2024, growing at a CAGR of 8.20% between 2018 and 2024.
Fiber-reinforced composites (FRC) are more utilized in our daily lives. The fiber reinforced composites give advantageous mechanical properties to the end product including high-stiffness and lightweight properties.
Browse through 116 Tables & 45 Figures spread over 110 Pages and in-depth TOC on “Global Fiber Reinforced Composites (FRC) Market: Industry Type, Size, Share, Trends, Analysis and Forecast, 2017 – 2024”.
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Fiber-reinforced composites (FRC) are suitable for various end-user industries and generated huge demand. The rising end-user demand for fiber-reinforced composites (FRC) is anticipated to propel this market in the foreseeable future. Strong product demand across the global automotive industry is likely to accelerate the fiber reinforced composites (FRC) market growth. Abundant raw material availability is expected to elevate the demand for the fiber reinforced composites (FRC) market. The variable prices of the raw materials may obstruct the growth of the fiber reinforced composites (FRC) market.
Based on the product; global fiber reinforced composites (FRC) market includes short fiber reinforced composites (FRC) and long fiber/continuous reinforced composites. Long fiber/continuous reinforced composites are likely to witness the highest growth during the upcoming years. Long fiber/continuous reinforced composites are more preferable in various end-user industries. The automobile end-user industry segment accounted for the largest fiber reinforced composites (FRC) market share in 2017. Fiber reinforced composites (FRC) contain high strength to weight ratio which helps in contributing towards lesser fuel consumption. In global fiber reinforced composites (FRC) market, the automobile industry was the second largest segment of the market. Furthermore, it is expected to maintain its superiority in the upcoming years. Automobile manufacturers such as BMW, Mercedes-Benz, Chevrolet, Lamborghini, and McLaren have dedicated themselves to reduce the weight of the vehicles. These automotive manufacturers are trying to utilize fiber reinforced composites (FRC) same as carbon fiber to reduce vehicle components weight.
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The polymer matrix segment is estimated to expand at a rapid pace during the forecast period, as it offers 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 (FRC). Ceramic matrix composites have contributed majorly towards non-metal matrix composites segment share. These properties are projected to fuel the demand for the polymer matrix over the forthcoming years.
In 2017, North America accounted for the largest share for the fiber reinforced composites (FRC) market and contributed more than 35% towards the overall market share. The U.S. is the main consumer of the fiber reinforced composites (FRC) in the region. The growth in the region is primarily attributed to the rising demand for suitable construction materials. In addition, favorable government policies are likely to support the growth of fiberreinforced composites market (FRC) in North America. In the U.S., increase in the building & construction activities due to the need for restoring degraded concrete infrastructure is anticipated to significantly drive the regional growth over the forecast period. Rapid urbanization witnessed in North America has contributed majorly towards the growth of the building & construction industry in the region, thereby further proliferating fiber reinforced composites (FRC) market growth.
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In 2017, Europe was the second largest market for fiber reinforced composites (FRC). Furthermore, the rising industrial activities in the countries such as the UK, France, and Germany are expected to propel the profit margin of the market in the upcoming years. The growth of the fiber reinforced composites (FRC) market in the overall region is mostly because of the increasing demand for the product in the automotive and construction industries. Increasing demand for fiber reinforced composites (FRC) in automobile industries is expected to propel the market size in the region over the forthcoming years.
Asia Pacific region is one of the fastest growing markets for fiberreinforced composites during the forthcoming years. Countries such as China, India, and Indonesia are projected to emerge as the rapidly growing economies across the region. Moreover, the increasing infrastructure activities along with the thriving construction and automotive sectors in countries such as China, India, and Indonesia are anticipated to drive the regional market growth in the next few years.
Browse the full "Fiber Reinforced Composites (FRC) Market by Product (Short Fiber-Reinforced Composites and Long Fiber/Continuous Reinforced Composites), by Fiber Type (Glass, Carbon, and Aramid), by Matrix (Polymer Matrix, Metal Matrix, and Non-metal Matrix) by End-user (Automotive, Building & Construction, Aerospace, Electrical & Electronics, Marine, Sports & Leisure, and Other End-User Industries): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024"report at https://www.zionmarketresearch.com/report/fiber-reinforced-composites-market
Latin America and the Middle East and Africa markets are projected to experience the sustainable growth in the near future because of the remarkable fiber reinforced composites (FRC) ventures set up by the major multinational companies in countries such as Argentina, Brazil, and South Africa. Moreover, the growing construction and automotive industries in Latin America and the Middle East and Africa are expected to accelerate the fiber reinforced composites (FRC) market growth in these regions over the upcoming years.
Some of 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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This report segments the global fiber reinforced composites (FRC) market as follows:
Global Fiber-Reinforced Composites Market: Product Analysis
- Short Fiber-reinforced Composites
- Long Fiber/Continuous Reinforced Composites
Global Fiber-Reinforced Composites Market: Fiber Type Analysis
- Glass
- Carbon
- Aramid
- Others
Global Fiber-Reinforced Composites Market: Matrix Analysis
- Polymer Matrix
- Metal Matrix
- Non-metal Matrix
Global Fiber-Reinforced Composites Market: End-Use Analysis
- Automotive
- Building & Construction
- Aerospace
- Electrical & Electronics
- Marine
- Sports & Leisure
- Others
Global Fiber-Reinforced Composites Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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