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).
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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The aerospace, construction, and automobile industries were among the hardest affected by the Covid-19 pandemic. Fiber-reinforced composites are mostly used by these three segments. In order to stop the virus from spreading, countries like China, the United States, Germany, and India had to shut down production operations and impose travel restrictions both domestically and internationally. Consumer buying patterns changed as people postponed acquiring new vehicles in order to save money. The drop in automobile sales resulted in a loss of revenue for all automobile manufacturers. The scarcity of labor in the construction and infrastructure industry has slowed the pace of new infrastructure construction. All these factors had an impact on the global fiber-reinforced composites market.
Fiber Reinforced Composites (FRC) Market: Growth Drivers
The FRC industry is primarily driven by the desire for carbon fiber composite for long-haul and fuel-efficient aircraft. 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, and 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.
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 their place.
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.
Environment difficulties and concerns regarding FRC properties 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.
The Global Fiber Reinforced Composites (FRC) Market is Segmented on the basis of Product Type, Application, And Geography.
Fiber Reinforced Composites (FRC) Market, By Product Type
• Carbon Fibers
• Glass Fibers
• Aramid Fibers
Fiber Reinforced Composites (FRC) Market, By Application
• Building & Construction
• Electrical & Electronics
• Aerospace & Defense
• Sporting Goods
• Wind Energy
Fiber Reinforced Composites (FRC) Market: Competitive Landscape
Major players operating in the global Fiber Reinforced Composites (FRC) market include 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)
Fiber Reinforced Composites (FRC) Market: Regional Landscape
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.
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