The fiber reinforcement market was estimated to be worth USD 2.5 billion globally in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% over the course of the forecast period. Materials called fiber-reinforced polymer (FRP) composites are created by mixing a fibrous reinforcing dispersion phase with a polymer matrix. The worldwide construction sector is expected to benefit from the growing population, as well as the fast urbanization and industrialization in emerging nations, which are fueled by increased construction expenditures.

The industry is expanding at a substantial rate due to the growing demand for off-site construction. The market is expanding due to a boom in the construction industry and an increase in the expansion of the commerce sector. The market is being driven by an increase in demand for automobiles that are lightweight and fuel-efficient.

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Growth Drivers

A major factor in the construction industry and the demand for long-lasting and aesthetically pleasing flooring in the form of paving slabs is the expansion of commercial sectors such as food and consumer products, which have necessitated an increase in office and storage space. The industry is experiencing high demand because to the rapid rise of electric vehicles on a global scale. In order to fulfill CO2 and fuel efficiency standards, the automotive and aerospace industries are moving toward lighter parts.

Fiber composites are essential to the massive investment in wind power, especially offshore turbines. Two major factors driving growth in emerging markets are urbanization and government-funded infrastructure, such as bridges and tunnels. In high-performance industries, the need for carbon, steel, glass, and aramid fibers keeps increasing. The demand for environmentally friendly materials is being driven by regulatory pressures in the majority of the world.

Segmentation

Fiber Reinforcement Market by Product

·         Polypropylene

·         Steel

·         Basalt

·         Others

Fiber Reinforcement Market Application

·         Infrastructure

·         Building & Construction

·         Industrial

By Region

·         Asia-Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Key Players

·         SGL Carbon

·         Avient Corporation

·         Hexcel Corporation

·         ASAHI YUKIZAI CORPORATION

·         Owens Corning

·         Mitsubishi Chemical Group Corporation

·         Park Aerospace Corp.

·         NIPPON STEEL Chemical & Material Co., Ltd.

·         TORAY Industries, Inc.

·         TEIJIN Limited

·         Other Players

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