Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 88.1 Billion | USD 135.1 Billion | 6.2% | 2021 |
FrequentlyAsked Questions
The FRC industry is primarily driven by the desire for carbon fiber composite for long-haul and fuel-efficient aircrafts. 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.
According to the Zion Market Research report, the global fiber reinforced composites (FRC) market was worth about 88.1 (USD billion) in 2021 and is predicted to grow to around 135.1 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 6.2 percent.
Geographically, 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.
Röchling Group, Plasan Carbon Composites, Mitsubishi Chemical Holdings, Hexcel Corporation, Avient Corporation, TPI Composites Inc., Toray Industries Inc., Solvay SA, SGL Carbon SE, and Saudi Basic Industries Corporation (SABIC), among others are some of the major players that are operating in the global fiber reinforced composites (FRC).
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.
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