NEW YORK , June 11, 2022 /PRNewswire/ -- As per the Zion Market Research study, The global fiber reinforced composites (FRC) market was worth roughly USD 88.1 billion in 2021 and is expected to increase to over USD 135.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.2 percent. The study examines the drivers, restraints, and challenges in the fiber reinforced composites (FRC) industry, as well as their impact on demand throughout the forecast period. The study also looks into the market for fiber reinforced composites (FRC).
Key Industry Insights & Findings of the Fiber Reinforced Composites (FRC) Market Reports:
As per the analysis shared by our research analyst, the Fiber Reinforced Composites (FRC) Market is expected to grow annually at a CAGR of around 6.2 % (2022-2028).
Through the primary research, it was established that the Cognitive and Memory Enhancer Drugs Market was valued at approximately USD 88.1 Billion in 2021 and is projected to reach roughly USD 135.1 Billion by 2028.
North America is expected to lead the global fiber reinforced composites (FRC) market during the forecast period. In recent years, North America has become one of the greatest markets for fiber reinforced composites.
The construction industry is the primary market for fiber reinforced composites (FRCs), and it is predicted to offer the highest potential for market growth throughout the forecast period.
Due to increased demand from sports/leisure, wind turbine, and defense & aerospace industries, this area is predicted to have the biggest demand for FRC.
Zion Market Research published the latest report titled "Fiber Reinforced Composites (FRC) Market By Fiber Type (Carbon Fibers, Glass Fibers, Aramid Fibers, And Others), By Resin Type (Thermoset Composites And Thermoplastic Composites), By End-User Industry (Building & Construction, Automotive, Electrical & Electronics, Aerospace & Defense, Sporting Goods, Wind Energy, And Others) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028" into their research database.
Fiber Reinforced Composites (FRC) Market: Overview
Fiber reinforced composite (FRC) is a material made up of reinforcement fibers and a matrix. They provide exceptional strength and rigidity at a low weight when appropriately chosen. The reinforcement fiber's job is to give the matrix strength, while the matrix protects the fiber from external wear and tear. Natural fiber and synthetic fiber are the two types of reinforcement fibers used in FRCs. Luffa, hemp, palm, and coir are examples of natural fibers, while carbon, glass, and aramid materials are examples of manufactured fibers. Natural fibers are inexpensive and degradable, making them environmentally beneficial. Synthetic fibers provide additional rigidity. Attempts are being undertaken to combine two different types of fibers and blend them with a matrix material to create a hybrid material.
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Fiber Reinforced Composites (FRC) Market: Growth Drivers
Rising demand for carbon fiber composite in aerospace industry to foster the market growth.
The FRC industry is primarily driven by the desire for carbon fiber composite for long-haul and fuel-efficient aircrafts. The usage of carbon fiber composites in wings can lower the aircraft's weight by up to 50,000 pounds. It has a minimal thermal expansion, has a high strength-to-weight ratio, is rigid and chemically resistant. Its mechanical qualities can also be customized to the needs of the application. The use of matrix composites in commercial transport planes is advantageous since the lighter airframe allows for higher fuel economy and, as a result, lower operating costs. Carbon fiber is being used in the aircraft sector for a variety of reasons, including lower tooling & assembly costs, fewer parts, and decreased maintenance & longer design life. Owing to all such beneficial factors, carbon fiber composite in the aerospace industry is likely to drive the market.
Fiber Reinforced Composites (FRC) Market: Restraints
High costs associated with the FRC production hinder the market growth.
Fiber reinforced composites manufacture is capital-intensive, which may stifle market expansion during the projection period. The high price is due to the high cost of reinforcement fibers, namely carbon and glass fiber. Carbon fiber is steeper to produce than glass fiber. Furthermore, fiberglass is more expensive than wool and steel, and other common materials can be used in its place.
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Global Fiber Reinforced Composites (FRC) Market: Opportunities
Increasing studies & research to enhance the quality of FRC to boost the market.
FRCs have excellent chemical and mechanical qualities, which could be improved further over the projection period. In order to improve the qualities and production technique of fiber reinforced composites, research and studies are being conducted. Also, heavy investment is being done by the major players to stay competitive in the market. As a result, during the forecast period, new product innovations and launches are likely to provide new business opportunities for the global fiber reinforced composites market.
Global Fiber Reinforced Composites (FRC) Market: Challenges
Environment difficulties and concerns regarding FRC properties to act as a challenge for the market growth
Due to their traditional qualities such as user easiness, superior shock absorption, superb toughness, high intensity, super strength, and lightweight, fiber reinforced composites (FRCs) have now become unavoidable and significantly convinced in the field of games and sports. A comprehensive understanding of the behavior of resin, reinforcement, and their combination, environmental effects, inspection methodology, structural assessments, test techniques, production technologies, and is necessary for the development of sophisticated FRCs for sports and aerospace applications. However, due to the compounding of various and usually extremely stable fibers and matrix, traditional fiber-reinforced polymers can produce significant environmental difficulties owing to the difficulty in non-biodegradability or recycling at the end of their useable lives. In addition to this, for effective aircraft applications, concerns such as degradability, water absorption, fire & thermal resistance, and property variability, as well as trustworthy prediction tools, must be resolved in the future. All these concerns pose a challenge for market growth.
Global Fiber Reinforced Composites (FRC) Market: Segmentation
The global fiber reinforced composites market is divided based on fiber type, resin type, end-user, and region.
Based on the fiber type, the global market is segregated into aramid fibers, glass fibers, carbon fibers, and others. The resin type segment is categorized based on thermoplastic composites and thermoset composites. The end-user industry is divided based on wind energy, sporting goods, aerospace & defense, electrical & electronics, automotive, building & construction, and others.
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List of Key Players in Fiber Reinforced Composites (FRC) Market:
Saudi Basic Industries Corporation (SABIC)
Key questions answered in this report:
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By Product Type, By Application, and By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Röchling Group, Plasan Carbon Composites, Mitsubishi Chemical Holdings, Hexcel Corporation, Avient Corporation, TPI Composites Inc., Toray Industries Inc., Solvay SA, SGL Carbon SE, and Saudi Basic Industries Corporation (SABIC)
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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In December 2020 , Mitsubishi Chemical Corp has announced the opening of a new carbon fiber-reinforced thermoplastic (CFRTP) materials pilot facility in Fukui Prefecture, Japan .
North America to rule the market during the forecast period.
Geographically, North America is expected to lead the global fiber reinforced composites (FRC) market during the forecast period. In recent years, North America has become one of the greatest markets for fiber reinforced composites. The construction industry is the primary market for fiber reinforced composites (FRCs), and it is predicted to offer the highest potential for market growth throughout the forecast period. Due to increased demand from sports/leisure, wind turbine, and defense & aerospace industries, this area is predicted to have the biggest demand for FRC. The market in this region is projected to be driven by a large concentration of aircraft manufacturers such as Airbus as well as automobile companies. The Asia Pacific is also estimated to grow at a higher rate during the forecast period.
Global Fiber Reinforced Composites (FRC) Market is segmented as follows:
Fiber Reinforced Composites (FRC) Market: By Fiber Type Outlook (2022-2028)
Fiber Reinforced Composites (FRC) Market: By Resin Type Outlook (2022-2028)
Fiber Reinforced Composites (FRC) Market: By End User Industry Outlook (2022-2028)
Fiber Reinforced Composites (FRC) Market: By Region Outlook (2022-2028)
Rest of Middle East & Africa
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Composite Adhesives Market - Global Industry Analysis: The global Composite Adhesives Market accrued earnings worth approximately 3.4 (USD Billion) in 2020 and is predicted to gain revenue of about 5.7(USD Billion) by 2028, is set to record a CAGR of nearly 4.2% over the period from 2021 to 2028.
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