LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global fiber reinforced polymer (FRP) composites market to grow at a CAGR of over 10% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the increasing popularity of bio-based FRP as one of the key emerging trends in the global fiber reinforced polymer composites market. Bio-based FRP composites are fiber-reinforced materials that are partially or completely made from renewable raw materials. The matrix material and the reinforcement fiber can have natural origins. Like synthetic FRPS, bio-based composites are used in applications such as construction, automotive, and electronics casings. Conventional bio-based composites were introduced late into the market as they were costly and had a high processing cost. Bio-based resins, bioplastics, and fibrous materials are easily available and used in a variety of composite applications. Fiber reinforcing materials, such as glass, can be replaced by bio-based fiber reinforcements such as natural fibers, viscose, and polylactic acid.
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In this report, Technavio analysts highlight the growth in the automotive industry as a key factor contributing to the growth of the global fiber reinforced polymer composites market:
Growth in the automotive industry
The automotive markets in Southeast Asia, especially in China and India, and North Africa are registering growth. Eastern Europe is experiencing steady growth, whereas South America and South Africa are registering irregular growth patterns. In countries such as China, the government offers Ad-hoc incentives that has proliferated automotive sales in the country. The gradual reduction in purchase tax incentives has surged the demand for small-engine vehicles. The domestic production has improved significantly and increase capacity utilization.
According to a senior analyst at Technavio for plastics, polymers, and elastomers, “In countries such as India, increase in the sale of light vehicles supports the domestic demand for automotive. Exports and the rising domestic sales lead to an increase in production. During the forecast period, India’s economy is likely to witness a steady growth. Economic reforms are likely to have a positive impact on the market as well.”
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Global fiber reinforced polymer composites market segmentation
This market research report segments the global fiber reinforced polymer composites market into the following applications (automotive, construction, electronics, and defense), types (glass fiber reinforced polymer and carbon fiber reinforced polymer), and key regions (the Americas, APAC, and EMEA).
Of the four major applications, the automotive segment held the largest market share in 2017, accounting for nearly 40% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is defense, which will account for nearly 12% of the total market share by 2022.
EMEA was the leading region for the global fiber reinforced polymer composites market in 2017, accounting for a market share of nearly 42%. By 2022, APAC is expected to witness the highest market growth.
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