Fiber-reinforced Composites Market – Snapshot
Fiber Reinforced Composites are made by combining two or more materials (fibers with matrix materials) to give a unique combination of properties It consists of a continuous phase called the matrix and a dispersed phase called the reinforcement. There are three basic types of composites: metal matrix composites (MMC), non-metal matrix composites (CMC), and polymer matrix composites (PMC). These are used in various end-use industries such as construction, transportation, industrial, sports, energy, aerospace, consumer goods, and electrical & electronics.
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The global fiber reinforced composites market is expected to expand at a rapid pace during the forecast period owing to increase in demand for lightweight vehicles. Automotive manufacturers and OEMs are seeking innovative materials to reduce vehicle weight and achieve fuel efficiency and carbon emission targets due to stringent environmental norms and government regulations. Composites offer several structural and weight advantages over traditional steel and injection molded automotive parts. These are used as raw material to manufacture various structural, interior, exterior, and other automobile components. Composites offer high stiffness, tensile strength, temperature tolerance, low weight, and thermal expansion; therefore, these are preferred to manufacture automobiles. For instance, polymer-reinforced composites offer excellent crash performance as compared to traditional steel. While the latter typically absorbs only 35J/kg of energy, thermoset composites absorb nearly twice of this, and thermoplastic composites 5-6 times more energy than steel. Therefore, along with weight reduction, composites in vehicles offer better safety. These factors are anticipated to drive the fiber reinforced composites market during the forecast period.
Composite components require complex manufacturing process and high cycle time. Manufacture of components from substitute materials such as engineered plastics, TPOs, TPUs, aluminum, and other metal alloys is easier and they can be mass-produced in a shorter duration. Hence, availability of substitutes such as engineered plastics, TPOs, TPUs, aluminum, and other metal alloys and high cost of composites compared to traditional materials are likely to restrict the fiber reinforced composites market during the forecast period.
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Key players profiled in the global fiber reinforced composites market are BASF SE, E. I. du Pont de Nemours and Company, Hexcel Corporation, Huntsman International LLC., Reliance Industries Limited, Owens Corning, Toray Industries Inc., TPI Composites, Inc., Nippon Electric Glass Company Limited, Kineco Kaman Composites-India Private Limited, PLASAN CARBON COMPOSITES, RTP Company, Enduro Composites, Inc., COTESA GmbH, HITCO Carbon Composites, Inc., The Quadrant Group of Companies etc. Major players are adopting strategies such as increase in production capacities, geographical expansion, and upgrades in existing solutions and offerings.
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