The latest report by IMARC Group, titled “Reinforcement Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global reinforcement materials market size reached a value of US$ 18.64 Billion in 2021. Reinforcement materials are composite mediums infused with matrix materials to enhance the physical and mechanical properties of the final product. They are cost-effective, highly resistant to corrosion and easy to process, and provide versatility, high insulation, robust strength and low density. Reinforcement materials include various materials, including glass fibers, aramid fiber, and steel rebar, that are preferred choices for end-users. These materials usually add rigidity and greatly impede crack propagation. Consequently, they find applications across various industries such as wind energy, construction, consumer goods, transportation, aerospace, and defense.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Reinforcement Materials Market Trends:
The market is primarily driven by the significant rise of the construction industry. Reinforcement materials such as glass fibers and related composites are increasingly utilized in new and improving infrastructural development projects. They are also extensively used in aircraft manufacturing and lightweight automotive parts, fueling the market growth. Moreover, in the medical industry, carbon and glass hybrid structures and carbon fiber-reinforced polymers are used for binding fibers and surfaces in MRI scanners, C-scanners, X-ray couches, target tools, wheelchairs, and prosthetics. Furthermore, the outbreak of coronavirus disease (COVID-19) pandemic across the globe is increasing the demand for swabs, disposable masks, and personal protection equipment (PPE), which is facilitating the reinforcement materials market. Moreover, manufacturers are introducing green reinforcement materials that are derived from plant and animal-based biomass like wood cellulose. The renewability, biodegradability, nontoxicity, and availability of natural fibers in abundance made them an ideal composite for future utilization in the automotive industry. On account of these factors, the market is expected to reach a value of US$ 28.6 Billion by 2027, exhibiting a CAGR of 7.10% during the forecast period (2022-2027).
- Based on the material type, the market has been segmented into glass, carbon, aramid, natural, and other fibers.
- On the basis of the application, the market has been classified into composite, concrete, and others.
- The market has been categorized based on the end use industry into aerospace and defense, construction, transportation, wind energy, industrial and consumer goods, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being BASF SE, Century Enka Limited, Cordenka GmbH & Co. KG, Dupont De Nemours Inc., Formosa Taffeta Corporation Limited, Honeywell International Inc., Hyosung Advanced Materials, Kolon Industries Inc., N.V. Bekaert S.A., Teijin Limited, Toray Industries Inc., and Toyobo Corporation Limited.
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