Market Size of Fiber Reinforced Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fiber Reinforced Composites Market Analysis
The global fiber reinforced composites market is expected to grow at with a CAGR greater than 7% during the forecast period. Major driving factors of the market studied are the beneficial properties of fiber reinforced composites like high strength to weight ratio, corrosion resistance, energy absorption on impact, moisture and chemical resistance. However, high cost of raw materials is hindering the growth of the market studied.
- North America accounts for the highest share of the market studied currently and is expected to dominate the market during the forecast period.
- Another major driver of the market studied is the increasing demand from the aerospace industry.
Fiber Reinforced Composites Industry Segmentation
The Fiber Reinforced Composites market report includes:
| Fiber Type | |
| Carbon Fibers | |
| Fiberglass | |
| Aramid Fibers | |
| Boron Fibers |
| Matrix | |
| Polymer Matrix Composites | |
| Metal Matrix Composites | |
| Ceramic Composites | |
| Carbon-Carbon Composites | |
| Hybrid Composites |
| End-user Industry | |
| Building & Construction | |
| Automotive | |
| Electrical & Electronics | |
| Aerospace & Defense | |
| Sporting goods | |
| Wind Energy | |
| Others |
| Geography | ||||||||
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Fiber Reinforced Composites Market Size Summary
The fiber reinforced composites market is poised for significant growth, driven by their advantageous properties such as high strength-to-weight ratio, corrosion resistance, and energy absorption capabilities. These materials are increasingly sought after in the aerospace industry, where the demand for fuel-efficient and long-haul aircraft is rising. The use of carbon fiber composites in aircraft wings, for instance, significantly reduces weight, enhancing fuel economy and lowering operating costs. Despite the high cost of raw materials posing a challenge, the benefits of reduced maintenance, longer design life, and fewer parts continue to propel the market forward. The aerospace sector is anticipated to experience the highest growth, with North America leading the market due to its concentration of aircraft manufacturers and demand from various industries.
North America stands out as a dominant region in the fiber reinforced composites market, supported by its robust aerospace, defense, wind turbine, and sports/leisure industries. The presence of major companies like Airbus and significant automotive players further bolsters market growth in this region. The building and construction industry also represents a substantial outlet for fiber reinforced composites, offering promising growth opportunities. The market is moderately fragmented, with key players such as Toray Industries, Inc., Hexcel Corporation, Solvay, SABIC, and PolyOne Corporation sharing the market space. These factors collectively contribute to North America's expected dominance in the market during the forecast period.
Fiber Reinforced Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 High Strength to Weight Ratio, Corrosion Resistance, Moisture & Chemical Resistance of Fiber Reinforced Composites
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1.1.2 Growing Demand from the Aerospace Industry
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 High Cost of Raw Materials
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1.2.2 Other Restraints
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1.3 Industry Value-chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Fiber Type
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2.1.1 Carbon Fibers
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2.1.2 Fiberglass
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2.1.3 Aramid Fibers
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2.1.4 Boron Fibers
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2.2 Matrix
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2.2.1 Polymer Matrix Composites
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2.2.2 Metal Matrix Composites
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2.2.3 Ceramic Composites
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2.2.4 Carbon-Carbon Composites
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2.2.5 Hybrid Composites
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2.3 End-user Industry
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2.3.1 Building & Construction
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2.3.2 Automotive
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2.3.3 Electrical & Electronics
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2.3.4 Aerospace & Defense
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2.3.5 Sporting goods
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2.3.6 Wind Energy
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2.3.7 Others
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 ASEAN Countries
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2.4.1.6 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Italy
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2.4.3.5 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East & Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East & Africa
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Fiber Reinforced Composites Market Size FAQs
What is the current Fiber Reinforced Composites Market size?
The Fiber Reinforced Composites Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Fiber Reinforced Composites Market?
TORAY INDUSTRIES, INC, Hexcel Corporation , Solvay, SABIC and PolyOne Corporation are the major companies operating in the Fiber Reinforced Composites Market.
