NEW YORK, June 11, 2022 /PRNewswire/ — As per the Zion Market Research study, The global fiber reinforced composites (FRC) market was worth roughly USD 88.1 billion in 2021 and is expected to increase to over USD 135.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.2 percent. The study examines the drivers, restraints, and challenges in the fiber reinforced composites (FRC) industry, as well as their impact on demand throughout the forecast period. The study also looks into the market for fiber reinforced composites (FRC).
Key Industry Insights & Findings of the Fiber Reinforced Composites (FRC) Market Reports:
- As per the analysis shared by our research analyst, the Fiber Reinforced Composites (FRC) Market is expected to grow annually at a CAGR of around 6.2% (2022-2028).
- Through the primary research, it was established that the Cognitive and Memory Enhancer Drugs Market was valued at approximately USD 88.1 Billion in 2021 and is projected to reach roughly USD 135.1 Billion by 2028.
- North America is expected to lead the global fiber reinforced composites (FRC) market during the forecast period. In recent years, North America has become one of the greatest markets for fiber reinforced composites.
- The construction industry is the primary market for fiber reinforced composites (FRCs), and it is predicted to offer the highest potential for market growth throughout the forecast period.
- Due to increased demand from sports/leisure, wind turbine, and defense & aerospace industries, this area is predicted to have the biggest demand for FRC.
Zion Market Research published the latest report titled “Fiber Reinforced Composites (FRC) Market By Fiber Type (Carbon Fibers, Glass Fibers, Aramid Fibers, And Others), By Resin Type (Thermoset Composites And Thermoplastic Composites), By End-User Industry (Building & Construction, Automotive, Electrical & Electronics , Aerospace & Defense, Sporting Goods, Wind Energy, And Others) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” into their research database.
Fiber Reinforced Composites (FRC) Market: Overview
Fiber reinforced composite (FRC) is a material made up of reinforcement fibers and a matrix. They provide exceptional strength and rigidity at a low weight when appropriately chosen. The reinforcement fiber’s job is to give the matrix strength, while the matrix protects the fiber from external wear and tear. Natural fiber and synthetic fiber are the two types of reinforcement fibers used in FRCs. Luffa, hemp, palm, and coir are examples of natural fibers, while carbon, glass, and aramid materials are examples of manufactured fibers. Natural Fibers are inexpensive and degradable, making them environmentally beneficial. Synthetic fibers provide additional rigidity. Attempts are being undertaken to combine two different types of fibers and blend them with a matrix material to create a hybrid material.
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Fiber Reinforced Composites (FRC) Market: Growth Drivers
- Rising demand for carbon fiber composite in aerospace industry to foster the market growth.
The FRC industry is primarily driven by the desire for carbon fiber composite for long-haul and fuel-efficient aircraft. The usage of carbon fiber composites in wings can lower the aircraft’s weight by up to 50,000 pounds. It has a minimal thermal expansion, has a high strength-to-weight ratio, is rigid and chemically resistant. Its mechanical qualities can also be customized to the needs of the application. The use of matrix composites in commercial transport planes is advantageous since the lighter airframe allows for higher fuel economy and , as a result, lower operating costs. Carbon fiber is being used in the aircraft sector for a variety of reasons, including lower tooling & assembly costs, fewer parts, and decreased maintenance & longer design life. Owing to all such beneficial factors, carbon fiber composite in the aerospace industry is likely to drive the market.
Fiber Reinforced Composites (FRC) Market: Restraints
- High costs associated with the FRC production hinder the market growth.
Fiber reinforced composites manufacture is capital-intensive, …