Market Research Report
Global Reinforcement Materials Market Forecast 2019-2028
|Global Reinforcement Materials Market Forecast 2019-2028|
Published: September 25, 2020
Content info: 206 Pages
Delivery time: 2-3 business days
The global reinforcement materials market is estimated to grow with a CAGR of 6.09% in terms of revenue, during the forecast years of 2019 to 2028. In terms of volume, the market is set to register a CAGR of 5.27%. The market's key drivers include the enhancement of product properties due to reinforcement, the increasing preference for lightweight materials, the growth of defense and aerospace industries, and the growing end-use applications.
Reinforcement materials are primarily used in applications such as, transportation, construction, aerospace, consumer goods, and others. They help develop and improve the overall product strength, which, in turn, helps enhance the materials' properties and also increase the quality. Besides, the fiber types used are aramid fiber, glass fiber, natural fiber, steel rebar, and carbon fiber.
Longer fibers increase the plastics' strength, thereby enhancing its properties and making it more competitive to metal. Moreover, due to the development of glass fiber composites, there has been an increased use of lightweight materials, across the aerospace division. The market is also fueled by introducing glass fiber, owing to its benefits like, bodyweight reduction. Besides, such composites are nearly 60% lighter than steel, and 35% lighter than aluminum. As a result, the increasing preference for lightweight materials is expected to drive the market growth, during the forecast period.
The global reinforcement materials market growth is assessed across Europe, the Asia Pacific, North America, and the rest of the world. The Asia Pacific is anticipated to be the fastest-growing and dominating region for reinforcement materials, over the forecast years. Factors like, the rapidly expanding urbanization, the surging high-end investment in defense goods in developing economies like China and India, and new infrastructure, are anticipated to propel the region's market growth.
The industrial rivalry is estimated to be high over the forecast years, because of the growing demand for reinforcement materials in numerous application sectors like friction materials, security and protection, rubber reinforcements, and optical fibers. Additionally, the entry of fresh players is predicted to intensify the competition, in the upcoming years. Key enterprises operating in the market include, Honeywell International Inc, BASF, Toray Industries Inc, NFC Fibres GmbH, Tejin Ltd, etc.