Global fiber reinforced polymer composite market trends
According to Technavio's latest report, its market research analysts predict that the global fiber-reinforced polymer (FRP) composite market will grow at a compound annual growth rate of more than 10% between 2018 and 2022.
In this report, Technavio highlighted the growing popularity of biobased FRP as one of the major emerging trends in the global fiber reinforced polymer composites market. Bio-based FRP composites are fiber reinforcements made partially or completely from renewable raw materials. The source of the matrix material and reinforcing fibers is natural. Like synthetic FRPS, bio-based composites can be used in applications such as architectural, automotive and electronics enclosures. Conventional bio-based composites have been introduced on the market late because they are relatively expensive and costly to process. Bio-based resins, bioplastics, and fiber materials are readily available and used in a variety of composite applications. Fiber reinforcements can be replaced by bio-based fiber reinforcements such as natural fibers, viscose fibers, and polylactic acid.
In this report, Technavio analysts emphasized that the growth of the automotive industry is a key factor in the growth of the global FRP composites market:
The growth of the automotive industry
The automotive market in Southeast Asia, especially in China, India, and North Africa, is growing. Eastern Europe is growing steadily, while South America and Southern Africa are experiencing irregular growth patterns. In countries such as China, the government provides special incentives to boost China's car sales. The gradual reduction in purchase tax incentives has spurred public demand for small vehicles. Domestic production has improved significantly and capacity utilization has increased.
According to Technavio's senior analyst for plastics, polymers and elastomers, “In India and other countries, the growth of lightweight car sales has supported domestic demand for cars. The increase in exports and domestic sales has led to an increase in production. During the forecast period, India The economy is expected to maintain steady growth. Economic reforms may also have a positive impact on the market.
Global fiber reinforced polymer composite market segmentation
The market research report divides the global FRP composites market into the following application areas (automotive, construction, electronics and defense), types (glass fiber reinforced polymers and carbon fiber reinforced polymers) and key regions (Americas, Asia Pacific, and Europe, Middle East and Africa).
In the four major application areas, the automotive industry has the largest market share in 2017 – accounting for nearly 40% of the market. The market share of the app is expected to decline by 2022. The fastest-growing application is defense, which will account for nearly 12% of the total market by 2022.
Europe, the Middle East and Africa are key areas of the global FRP composites market in 2017, accounting for nearly 42% of the market. It is expected that by 2022, the Asia-Pacific region will have the highest market growth rate.
