Sarasota, FL -- (SBWIRE) -- 11/13/2018 -- Zion Market Research has published a new report titled "Fiber Reinforced Composites (FRC) Market by Product (Short Fiber-Reinforced Composites and Long Fiber/Continuous Reinforced Composites), by Fiber Type (Glass, Carbon, and Aramid), by Matrix (Polymer Matrix, Metal Matrix, and Non-metal Matrix) by End-user (Automotive, Building & Construction, Aerospace, Electrical & Electronics, Marine, Sports & Leisure, and Other End-User Industries): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, global fiber-reinforced composites (FRC) market was valued at USD 123.49 billion in 2017 and is expected to reach USD 214.40 billion by 2024, growing at a CAGR of 8.20% between 2018 and 2024.

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Fiber-reinforced composites (FRC) are more utilized in our daily lives. The fiber reinforced composites give advantageous mechanical properties to the end product including high-stiffness and lightweight properties.

Fiber-reinforced composites (FRC) are suitable for various end-user industries and generated huge demand. The rising end-user demand for fiber-reinforced composites (FRC) is anticipated to propel this market in the foreseeable future. Strong product demand across the global automotive industry is likely to accelerate the fiber reinforced composites (FRC) market growth. Abundant raw material availability is expected to elevate the demand for the fiber reinforced composites (FRC) market. The variable prices of the raw materials may obstruct the growth of the fiber reinforced composites (FRC) market.

Based on the product; global fiber reinforced composites (FRC) market includes short fiber reinforced composites (FRC) and long fiber/continuous reinforced composites. Long fiber/continuous reinforced composites are likely to witness the highest growth during the upcoming years. Long fiber/continuous reinforced composites are more preferable in various end-user industries. The automobile end-user industry segment accounted for the largest fiber reinforced composites (FRC) market share in 2017. Fiber reinforced composites (FRC) contain high strength to weight ratio which helps in contributing towards lesser fuel consumption. In global fiber reinforced composites (FRC) market, the automobile industry was the second largest segment of the market. Furthermore, it is expected to maintain its superiority in the upcoming years.

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Automobile manufacturers such as BMW, Mercedes-Benz, Chevrolet, Lamborghini, and McLaren have dedicated themselves to reduce the weight of the vehicles. These automotive manufacturers are trying to utilize fiber reinforced composites (FRC) same as carbon fiber to reduce vehicle components weight. The polymer matrix segment is estimated to expand at a rapid pace during the forecast period, as it offers high strength at low weight, ability to retain under in-service conditions, compression, fatigue, and electric properties; which enhance the overall efficiency of fiber reinforced composites (FRC). Ceramic matrix composites have contributed majorly towards non-metal matrix composites segment share. These properties are projected to fuel the demand for the polymer matrix over the forthcoming years.

North America was the leading market for fiber reinforced composites (FRC) in 2017. In terms of value, North America accounted for more than 30% of the overall fiber reinforced composites (FRC) market share in 2017. Moreover, Asia Pacific is the fastest growing market for fiber reinforced composites (FRC) within the forecast period. In addition, it is expected to generate more demand for fiber reinforced composites (FRC) as a result of the favorable government regulations in the region. In 2017, Europe was the second largest market for fiber reinforced composites (FRC). Furthermore, changing consumer dynamics and favorable government policies in the region are expected to have a positive effect on the demand for fiber reinforced composites (FRC) in the region.

Some of the major players of the global fiber reinforced composites (FRC) market include E. I. du Pont de Nemours and Company, BASF SE, Huntsman International LLC., Hexcel Corporation, Owens Corning, Reliance Industries Limited, TPI Composites, Inc., Toray Industries, Inc., Kineco Kaman Composites India Private Limited, Nippon Electric Glass Company Limited, RTP Company, Plasan Carbon Composites, COTESA GmbH, Enduro Composites, Inc., The Quadrant Group of Companies, and HITCO Carbon Composites, Inc. among others.

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This report segments the global fiber reinforced composites (FRC) market as follows:

Global Fiber-Reinforced Composites Market: Product Analysis

Short Fiber-reinforced Composites
Long Fiber/Continuous Reinforced Composites

Global Fiber-Reinforced Composites Market: Fiber Type Analysis

Glass
Carbon
Aramid
Others

Global Fiber-Reinforced Composites Market: Matrix Analysis

Polymer Matrix
Metal Matrix
Non-metal Matrix

Global Fiber-Reinforced Composites Market: End-Use Analysis

Automotive
Building & Construction
Aerospace
Electrical & Electronics
Marine
Sports & Leisure
Others

Global Fiber-Reinforced Composites Market: Regional Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa