Wilmington, Delaware, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global fiber-reinforced composites market is estimated to flourish at a CAGR of 7.4% from 2023 to 2031. According to Transparency Market Research, sales of fiber-reinforced composites are slated to total US$ 165.5 billion by the end of the aforementioned period of assessment.
Environmental regulations and sustainability imperatives are significant catalysts, pushing industries towards eco-friendly solutions. Fiber-reinforced composites offer reduced carbon footprints, enhanced durability, and recyclability, aligning with stringent environmental standards and fostering market expansion.
Advancements in nanotechnology contribute significantly to composite development. Integration of nanomaterials enhances composite properties, enabling superior strength, conductivity, and thermal resistance, opening doors to newer applications in diverse sectors. The rise of additive manufacturing techniques revolutionizes hybrid production, allowing for intricate designs and cost-effective manufacturing processes.
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Geopolitical factors play a role in market dynamics, affecting the availability and pricing of raw materials and influencing the composites industry. As global trade patterns evolve, shifts in supply chains influence market behavior and opportunities. Understanding these intricate drivers alongside conventional factors is crucial in comprehending the multifaceted growth trajectory of the fiber-reinforced composites market.
Fiber-reinforced Composites Market: Competitive Landscape
The competitive landscape of the fiber-reinforced composites market is marked by a blend of established players and emerging contenders striving for a significant market share.
Industry giants like Toray Industries, Owens Corning, Hexcel Corporation, and Teijin Limited lead the market, leveraging extensive R&D, strategic partnerships, and product diversification to maintain dominance. The market witnesses the entry of innovative startups and niche players offering specialized solutions, intensifying competition.
Continuous efforts toward technological advancements, sustainability, and cost-effective manufacturing processes remain pivotal in this landscape, driving companies to differentiate their offerings, expand global footprints, and solidify their positions amidst evolving consumer demands and market dynamics. Some prominent manufacturers are as follows:
- Schulman Inc.
- BASF SE
- Koninklijke DSM N.V
- E. I. du Pont de Nemours and Company
- PolyOne Corporation
- SABIC Group
- Hexcel Corporation
- Huntsman Corporation
- Reliance Industries Limited
- Owens Corning
- Toray Industries Inc.
- TPI Composites Inc.
- Nippon Electric Glass Co., Ltd.
- Kineco Kaman Composites India Pvt. Ltd.
- PLASAN CARBON COMPOSITES
- Enduro Composites Inc.
- COTESA GmbH
- HITCO Carbon Composites Inc.
- The Quadrant Group of Companies
Key Findings of the Market Report
- Long fiber/continuous reinforced composites lead the fiber-reinforced composites market, offering superior strength, durability, and enhanced mechanical properties.
- Carbon fibers lead the fiber-reinforced composites market due to their exceptional strength, stiffness, and widespread usage in various industries.
- Polymer matrix leads the fiber-reinforced composites market, owing to its versatility, adaptability, and widespread use across diverse industries.
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Fiber-reinforced Composites Market Growth Drivers & Trends
- Geopolitical shifts influence the availability and pricing of raw materials, influencing the fiber-reinforced composites market landscape and opportunities.
- Alterations in global trade agreements and tariffs affect material sourcing, manufacturing costs, and market competitiveness for composite products.
- Economic fluctuations in key regions can influence consumer-spending patterns, influencing the demand and market growth for fiber-reinforced composites.
- Political uncertainties and geopolitical tensions can disrupt supply chains, affecting the production and distribution of composite materials across borders.
- Availability and accessibility of raw materials in different geopolitical regions influence production costs and market competitiveness for fiber-reinforced composites.
Global Fiber-reinforced Composites Market: Regional Profile
- Robust aerospace and automotive industries drive North America's fiber-reinforced composites market. Technological advancements and stringent regulations emphasizing lightweight, high-performance materials contribute to the region's market dominance. The United States leads research, innovation, and adoption, fostering market growth.
- Europe's emphasis on sustainability and eco-friendly solutions propels the fiber-reinforced composites market. Strong automotive and aerospace sectors drive demand, while the region's focus on reducing carbon footprint amplifies the use of these materials in various applications. Investments in R&D for advanced manufacturing techniques bolster market expansion.
- Due to expanding industrialization and infrastructure development, Asia Pacific emerged as a key player in the fiber-reinforced composites market. China and Japan are at the forefront, leveraging composites in the automotive, construction, and electronics industries. Growing urbanization and the region's economic growth stimulate market demand, while continuous technological advancements and investments in innovation fortify Asia Pacific's position in the global market.
Product Portfolio
- Reliance Industries Limited boasts a diverse product portfolio spanning petrochemicals, refining, oil, gas exploration, retail, and telecommunications. Their offerings include a range of polymers, fibers, and specialty products, demonstrating innovation, sustainability, and global market leadership.
- Owens Corning excels in innovative solutions for building and construction markets, providing a comprehensive portfolio of insulation, roofing, and fiberglass composites. Their products emphasize durability, energy efficiency, and environmental sustainability, catering to diverse customer needs globally.
- Toray Industries Inc. leads with an extensive portfolio encompassing advanced materials, textiles, fibers, and high-performance composites. Their products cater to various industries, including automotive, aerospace, electronics, and environmental solutions, leveraging cutting-edge technologies and a commitment to excellence.
Fiber-reinforced Composites Market: Key Segments
By Product
-
- Short Fiber-reinforced Composites
- Long Fiber/Continuous Reinforced Composites
By Type
-
- Glass
- Carbon
- Aramid
- Others
By Matrix
-
- Polymer Matrix
- Metal Matrix
- Non-metal Matrix
By End Use Industry
-
- Automotive
- Building & Construction
- Aerospace
- Electrical & Electronics
- Marine
- Sports & Leisure
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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