Global reinforcement materials market was valued at $13,020 million in 2015, growing with a CAGR of 8.4% to reach $22,826 million by 2022. Reinforcement materials form composites where a homogeneous matrix component is fortified by a robust additive that is usually fibrous in nature, but may have a woven or strand shape. The reactive injection and resin transfer molding processes for fiber reinforced composites has supplemented the growth rate for reinforced composites.
Portland, OR -- (SBWIRE) -- 03/05/2018 -- The reinforcement material composite is lighter in weight as compared to individual components, resulting in increased applications in the automotive, aerospace & defense, and construction industries. However, the high production cost of reinforcement materials could hamper the growth of global reinforcement materials market. Technological advancements in the carbon and aramid fiber molding processes, specifically related to medical devices have created numerous growth opportunities for market players.
Based on material type, the market is subsegmented into glass fiber, carbon fiber, aramid fiber, natural fiber, and steel rebar. The following figure represents the market attractiveness of different material types. Aramid fiber material is expected to grow at a CAGR of 8.8% during the forecast period and has the highest potential for investment owing to its various applications and versatility in usage.
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Product launch & approval and expansion were the most commonly adopted strategies by market players to enhance their product portfolio and expand their geographic reach. Product launch & approval accounted for 39.8% of the total business strategies adopted by key market players. In addition, agreements and collaborations together accounted for around one-third of the total strategies adopted by major companies in the market.
Major companies have adopted agreement, product launches, and expansions to sustain the intense competition in this market. The key players profiled in the report include Toray Industries, Inc., Teijin Limited, Mitsubishi Rayon Co. Ltd., Hyosung Corporation, Cytec Industries Inc., Honeywell International, Inc., E. I. du Pont de Nemours and Company, BASF SE, Owens Corning, 3B-The Fiberglass Company, Jushi Group Co., Ltd., Bast Fiber LLC, AgroFiber SAS, NFC Fibers GmBh, and NJR Steel Holdings (PTY) Ltd.
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Others players (not profiled in report) active in value chain include, Taishan Fiberglass, Inc., CPIC Brazil Glass Fiber Company Limited, Toho Tenax Co. Ltd., Hexcel Corp., SGL Group, Formosa Plastics Corp., PPG Industries, Inc., Kolon Industries, Inc., Saneco S.A., Euchora S.R.L.
KEY BENEFITS FOR STAKEHOLDERS:
- This report provides an extensive analysis of the current trends and forecasts estimations and dynamics in the reinforcement materials industry.
- Competitive intelligence of leading manufacturers and distributors of reinforcement materials assists in understanding the competitive scenario across the geographies.
- Comprehensive analysis of factors that drive and restrain the growth of the global reinforcement materials market share is provided in the report.
- Extensive analysis of the reinforcement materials industry is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key market players are profiled and their strategies are analyzed, which provide a competitive outlook of the market.
REINFORCEMENT MATERIALS MARKET KEY SEGMENTS
BY MATERIAL TYPE
- Glass Fiber
o Woven Roving
o Chopped Strand