Global Fiber Reinforced Composite Market Overview
As per MRFR analysis, the Fiber Reinforced Composite Market Size was estimated at 71.07 (USD Billion) in 2022. The Fiber Reinforced Composite Market is expected to grow from 76.63 (USD Billion) in 2023 to 150.9 (USD Billion) by 2032. The Fiber Reinforced Composite Market CAGR (growth rate) is expected to be around 7.82% during the forecast period (2024 - 2032).
Key Fiber Reinforced Composite Market Trends Highlighted
The fiber reinforced composite market is projected to showcase substantial growth in the coming years, primarily driven by the increasing demand for lightweight and durable materials across various industries.
The automotive sector is expected to be a major growth driver, as composites offer significant advantages in terms of fuel efficiency and performance.
The aerospace and defense industries are also anticipated to contribute to the market's growth, as composites provide superior strength-to-weight ratios and corrosion resistance.
Recent trends in the fiber-reinforced composite market include the development of advanced composites with enhanced mechanical properties and the integration of sensors and electronics into composite structures.
These advancements are expected to open new opportunities for composites in various applications, such as smart structures, wearable devices, and medical implants.
Additionally, the growing emphasis on sustainability and the need for lightweight and energy-efficient materials are driving the demand for composites in renewable energy, construction, and other industries.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Fiber Reinforced Composite Market Drivers
Rising Adoption of Lightweight Materials in Automotive and Aerospace Industries
Fiber reinforced composites are utilized by automotive and aerospace industries which are large consumers, because these materials have high strength-to-weight ratio, durability and do not corrode.
As the fuel-efficiency need increases, the market for fiber reinforced composite is growing too, since these materials retain the combination of peculiar features, suitable for both vehicles and aircraft.
Such characteristics include strength, lightweight, resistance to corrosion, which is caused by vehicular fluids and battery materials, and electrical insulation.
Cars and planes are made of such composite materials, and they are used for different products such as structural parts of cars, interior and exterior panels, and aircraft wings and fuselages.
The demand for reduced weight, steel volume, enhanced fuel efficiency, and performance boosts the transportation industry to use fiber-reinforced composites. In addition, the government's regulations for vehicles and aircraft to release less carbon stimulate the demand for lightweight materials.
That is why the automotive and aerospace industries help the Fiber Reinforced Composite Market grow.
Increasing Demand for Infrastructure Development
Fiber-reinforced composites are increasingly being used in infrastructure development due to their durability, corrosion resistance, and ability to withstand extreme weather conditions. They are used in a variety of applications, including bridges, buildings, and pipelines.
The demand for fiber reinforced composites in infrastructure is expected to grow as governments around the world invest in infrastructure projects to improve transportation, energy, and water systems.
The use of fiber-reinforced composites in infrastructure offers several benefits, including reduced maintenance costs, longer lifespan, and improved resistance to natural disasters.
This is expected to drive the demand for fiber-reinforced composites in the Fiber Reinforced Composite Market.
Technological Advancements and New Product Development
The ongoing advancements in technology cause the emergence of new ground for the development of novel types of FRCs with enhanced properties and performance.
For instance, novel types of fibers, such as carbon nanotubes and graphene, as well as recycling or the incorporation of organic sources, such as resins, are currently being explored.
In such a way, the GFRP market is expected to see the introduction of new products and technologies that expand their applications and create new avenues of growth within the Fiber Reinforced Composite Market.
Fiber Reinforced Composite Market Segment Insights
Fiber Reinforced Composite Market Fiber Type Insights
The fiber reinforced composite market has been segmented by fiber type into glass fiber, carbon fiber, aramid fiber, basalt fiber, and other fibers. Among these, the glass fiber segment accounted for the largest share in 2023 and is expected to dominate the market throughout the forecast period.
The growth of the glass fiber segment is attributed to its low cost, high strength, and versatility. Glass fiber is used in a wide range of applications, such as automotive, construction, and wind energy.
The carbon fiber segment is expected to grow at a significant rate over the forecast period due to its high strength-to-weight ratio, stiffness, and thermal stability.
Carbon fiber is used in a wide range of applications, such as aerospace, automotive, and sporting goods. The aramid fiber segment is also expected to grow at a moderate rate due to its high strength, toughness, and flame resistance.
Aramid fiber is used in a wide range of applications, such as protective clothing, ropes, and cables. The basalt fiber segment is a relatively new segment, but it is expected to grow at a rapid rate over the forecast period due to its high strength, stiffness, and resistance to chemicals and heat.
Basalt fiber is used in a wide range of applications, such as construction, automotive, and aerospace.
Finally, the other fibers segment includes a variety of other fibers, such as polyethylene terephthalate (PET) fiber, polyacrylonitrile (PAN) fiber, and nylon fiber. These fibers are used in a wide range of applications, including textiles, packaging, and filtration.
The growth of the market is attributed to the increasing demand for lightweight and high-performance materials in a wide range of industries.
Fiber-reinforced composites offer a unique combination of properties, such as high strength, stiffness, and corrosion resistance, which make them ideal for use in a wide range of applications, such as automotive, construction, and aerospace.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Fiber Reinforced Composite Market Matrix Material Insights
The Fiber Reinforced Composite Market segmentation by Matrix Material is classified into Polymer Matrix Composites, Metal Matrix Composites and Ceramic Matrix Composites.
In the case of the fiber reinforced composite market revenue by matrix material, PMCs accounted for the highest share, since they offer a high strength to weight ratio, are easy to fabricate and cost-effective.
In addition, the MMCs segment is anticipated to record remarkable growth, as these types are known for their high thermal and electric conductivity and for their capability to withstand extreme temperatures.
Furthermore, the CMC segment is expected to hold a niche market opportunity since these products are well known for their exceptional wear resistance and good high-temperature capability.
As a result, data relating to the Fiber Reinforced Composite Market illustrates that due to the high mechanical properties and lightweight nature of these products the demand of fiber reinforced composites is increasing across the construction, automotive, aerospace and wind energy sectors.
Fiber Reinforced Composite Market Manufacturing Process Insights
The Fiber Reinforced Composite Market is segmented based on Manufacturing Process into Hand Lay-up, Resin Transfer Molding (RTM), Vacuum Infusion, Pultrusion, and Other Processes.
Among these segments, Hand Lay-up is expected to hold the largest market share in 2023, owing to its low cost and simplicity.
However, Resin Transfer Molding (RTM) is projected to witness the highest growth rate during the forecast period due to its ability to produce high-quality composites with complex shapes.
Vacuum Infusion is another rapidly growing segment, as it offers advantages such as reduced emissions and improved surface finish.
Pultrusion is a specialized process used for producing continuous fiber-reinforced profiles, and it is expected to account for a significant share of the market in the coming years. Other Processes, such as Automated Fiber Placement (AFP) and Filament Winding, are also gaining traction in the market due to their ability to produce high-performance composites with complex geometries.
Fiber Reinforced Composite Market End-Use Industry Insights
The Fiber Reinforced Composite Market segmentation by End-Use Industry offers valuable insights into the diverse applications of these materials across various industries.
Aerospace Defense remains a significant end-user, driven by the demand for lightweight and high-strength composites in aircraft and spacecraft.
Automotive Transportation is another major segment, with increasing adoption of vehicle components to enhance fuel efficiency and performance. Construction is witnessing growing demand for composites in infrastructure, bridges, and buildings, owing to their durability and resistance to corrosion.
Energy is a promising segment, with composites finding use in wind turbine blades and solar panels due to their lightweight and high strength-to-weight ratio.
Sports Leisure is another important end-use industry, utilizing composites in sporting goods, such as golf clubs, tennis rackets, and fishing rods, for their lightweight and high-performance characteristics. Other Industries, including marine, medical, and electronics, also contribute to the overall market growth.
Fiber Reinforced Composite Market Regional Insights
Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest market for fiber reinforced composites, accounting for over 35% of the revenue in 2023.
The region is home to many automotive and aerospace manufacturers, which are major consumers of fiber-reinforced composites. Europe is the second largest market, with a market share of over 30%.
The region has a strong presence in wind energy and construction industries, which are driving the demand for fiber-reinforced composites.
APAC is the fastest growing region, with a CAGR of over 8%. The region is witnessing a rapid growth in the automotive, aerospace, and construction industries, which is fueling the demand for fiber reinforced composites.
South America and MEA are relatively smaller markets but are expected to grow at a steady pace over the forecast period.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Fiber Reinforced Composite Market Key Players and Competitive Insights
The key participants of the Fiber Reinforced Composite Market are continuously trying to have a competitive edge by promoting their new products and technologies.
Leading players of the Fiber Reinforced Composite Market are focused on creating lightweight and superior performance composites with a high application gain in end-use industries.
Within the Fiber Reinforced Composite Market development outlook, strategic collaboration and partnerships are becoming popular among key participants to combine their skills and capabilities for product development.
Besides, the frequency of M events is very high when mature companies acquire smaller players to maintain their long-term product portfolio development and an extended market reach.
Growth of the Fiber Reinforced Composite Market Competitive Landscape Key Companies is prominent, and it will continue between now and 2023.
Players will compete for the acquisition of new markets and technologies. Based in the U.S., one of the largest companies of the Fiber Reinforced Composite Market is Hexcel Corporation.
Hexcel is a leading player in the market, offering state-of-the-art product development for advanced composite materials.
The products are widespread across various industries, such as aerospace, automotive, and industrial. Hexcel is a skilled player with a long history of research and technology advancements and a wide range of partnerships and collaborations.
Hexcel has not been acquired yet and it maintains its product portfolio at a fast pace with distribution and sales networks to serve clientele across the globe.
Based in Japan, Toray Industries, Inc. is the company from a different industry, one of the key products of which is composite materials. The company’s product line is widely applied across aerospace, automotive, and electronics industries.
It has a strong market presence due to its long product history. Toray is focused on technological advances and high-quality customer service to become one of the biggest players of the Fiber Reinforced Composite Market. The company has been on the acquisition spree to enhance its product portfolio and acquisition footprint.
Key Companies in the Fiber Reinforced Composite Market Include
- PPG Industries
- Cytec Solvay Group
- 3M
- Teijin
- SABIC
- SGL Carbon
- Mitsubishi Chemical Holdings
- Hexcel
- Toray Industries
- AOC Holdings
- Gurit
- Owens Corning
- Evonik Industries
- Solvay
- Lanxess
Fiber Reinforced Composite Market Developments
The rising demand for lightweight and durable materials in various industries, including automotive, aerospace, and construction, is driving market growth. Recent advancements in fiber technology and the development of eco-friendly composites are further propelling market expansion.
Key industry players are focusing on strategic collaborations and investments in research and development to enhance product offerings and cater to evolving customer requirements.
The market is witnessing a surge in the adoption of fiber-reinforced composites in infrastructure projects, owing to their superior mechanical properties and corrosion resistance.
Fiber Reinforced Composite Market Segmentation Insights
- Fiber Reinforced Composite Market Fiber Type Outlook
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
- Basalt Fiber
- Other Fibers
- Fiber Reinforced Composite Market Matrix Material Outlook
- Polymer Matrix Composites (PMCs)
- Metal Matrix Composites (MMCs)
- Ceramic Matrix Composites (CMCs)
- Fiber Reinforced Composite Market Manufacturing Process Outlook
- Hand Lay-up
- Resin Transfer Molding (RTM)
- Vacuum Infusion
- Pultrusion
- Other Processes
- Fiber Reinforced Composite Market End-Use Industry Outlook
- Aerospace Defense
- Automotive Transportation
- Construction
- Energy
- Sports Leisure
- Other Industries
- Fiber Reinforced Composite Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
71.07(USD Billion) |
| Market Size 2023 |
76.63(USD Billion) |
| Market Size 2032 |
150.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.82% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
PPG Industries, Cytec Solvay Group, 3M, Teijin, SABIC, SGL Carbon, Mitsubishi Chemical Holdings, Hexcel, Toray Industries, AOC Holdings, Gurit, Owens Corning, Evonik Industries, Solvay, Lanxess |
| Segments Covered |
Fiber Type, Matrix Material, Manufacturing Process, End-Use Industry, Regional |
| Key Market Opportunities |
Lightweight designs, the growing automotive applications, the rising demand for aerospace infrastructure advancements, and increasing wind energy projects |
| Key Market Dynamics |
Rising demand from automotive aerospace and construction industries The growing awareness of lightweight and durable materials Increased focus on sustainability Technological advancements in composite manufacturing Government initiatives promoting composite usage |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Fiber Reinforced Composite market is expected to reach a valuation of USD 76.63 billion in 2023 and is projected to expand at a CAGR of 7.82% from 2024 to 2032, reaching a value of USD 150.9 billion by 2032.
Asia Pacific is expected to dominate the Fiber Reinforced Composite market throughout the forecast period. The region's growth is attributed to increasing demand from the automotive and construction industries, coupled with government initiatives promoting the adoption of lightweight materials.
Fiber Reinforced Composites are used in a wide range of applications across various industries, including aerospace, automotive, construction, electronics, energy, marine, and sporting goods. These composites offer advantages such as high strength-to-weight ratio, durability, corrosion resistance, and electrical insulation.
Key players in the Fiber Reinforced Composite market include Owens Corning, Hexcel Corporation, Toray Industries, Teijin Limited, and SGL Carbon. These companies offer a diverse portfolio of products and solutions to meet the growing demand for lightweight and durable materials.
The growth of the Fiber Reinforced Composite market is driven by increasing demand from the automotive and aerospace industries, coupled with rising awareness about the benefits of lightweight materials. Government regulations promoting fuel efficiency and emission reduction further contribute to the market's expansion.
The Fiber Reinforced Composite market faces challenges related to high production costs, limited availability of raw materials, and complex manufacturing processes. Additionally, competition from alternative materials such as metals and plastics can hinder market growth in certain applications.
Emerging trends in the Fiber Reinforced Composite market include the development of advanced manufacturing technologies such as 3D printing, the increasing use of bio-based and sustainable materials, and the adoption of nano-reinforcements to enhance composite properties.
The COVID-19 pandemic had a moderate impact on the Fiber Reinforced Composite market. Disruptions in supply chains and production schedules led to short-term challenges, but the market is expected to recover as industries resume normal operations and demand for lightweight materials remains strong.
Key opportunities for growth in the Fiber Reinforced Composite market include expanding applications in the automotive and aerospace industries, developing new and innovative composite materials, and exploring emerging markets with high growth potential.
Potential risks and challenges associated with the Fiber Reinforced Composite market include fluctuating raw material prices, intense competition from alternative materials, and the need for continuous innovation to meet evolving customer requirements.
