A recent report published by Infinium Global Research on fiber reinforced composites market provides in-depth analysis of segments and sub-segments in the global, as well as regional fiber reinforced composites market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional fiber reinforced composites market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global fiber reinforced composites market. According to the report, the global fiber reinforced composites market is projected to grow at a CAGR of 6.5% over the forecast period of 2018-2024.
Fiber reinforced composites is a composite building material that consists of two or more materials (fibers with matrix materials). They are lightweight, tough and good strength to weight ratio. They are also very stable to corrosion. Fiber reinforced composites are used in several applications due to its physical and mechanical properties.
The growing use of fiber-reinforced composites in the automotive industry is a primary factor for the growth of fiber reinforced composites market. Fiber reinforced composites are used as raw materials to manufactures of various automobile components, they are as they are lightweight, provide toughness, and tensile strength, temperature tolerance. Automotive manufacturers such as Mercedes-Benz, BMW, Chevrolet, McLaren are using fiber reinforced composites like carbon fiber to reduce the weight of the vehicles. In addition, growing demand for the fuel-efficient vehicles coupled with strict mandatory environmental regulations by the government to reduce emissions of pollutants regarding the automotive fuels the growth of fiber reinforced composites market. Moreover, fiber reinforced composites are used in various end-use industries such as construction, industrial, energy, aerospace, and electrical & electronics contributes to the growth of the market. However, the high cost of production of fiber reinforced composites and availability of substitutes hampers the fiber reinforced composites market growth. Research and developments to reduce the price of carbon fibers offer lucrative opportunities for carbon fiber manufacturers.
Among the region, North America held the maximum market share in the fiber reinforced composites market and is expected to remain dominant over the forecast period owing to the increasing demand for lightweight and tough advanced composite materials for automotive and aerospace applications. Europe is the fastest growing region owing to the increasing imposition of environmental regulations and the growth of the automotive industry in this region. High demand for fiber reinforced composites owing to growth in construction application coupled with rapid industrialization and urbanization that promote the growth of this market in the Asia-Pacific region. The automotive sectors in countries such as China and India is projected to drive the growth of fiber reinforced composites market in the coming years.
The report on global fiber reinforced composites market covers segments such as fiber types, matrix type, and application. On the basis of fiber types, the sub-markets include carbon (graphite) fibers, fiberglass, and others. On the basis of matrix type, the sub-markets include a metal matrix, polymer matrix, and non-metal matrix. On the basis of application, the sub-markets include construction, automotive, defense, electronic, industrial equipments, and others.
The report provides profiles of the companies in the market such as Zoltek Corporation, Quantum Composites, Inc., Hexcel Corporation, Argosy Minerals Limited, Toray Industries, Inc, Plasan Carbon Composites, Inc., PolyOne Corporation, Cytec Industries Incorporated, SABIC, and TPI Composites Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of fiber reinforced composites market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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