Rising Construction Activity, Motor Vehicle Production Will Support Increases
CLEVELAND, Dec. 19, 2019 /PRNewswire/ — US demand for fiber-reinforced plastic (FRP) composites is forecast to rise 1.7% per annum in volume terms through 2023, according to Fiber-Reinforced Plastic Composites: United States, a report recently released by Freedonia Focus Reports. Gains will be driven by rising construction activity and the expanding production of items that utilize composites, such as motor vehicle components, electronic parts, and wind turbine blades. FRP composites will continue to gain market share from traditional materials like aluminum and steel due to their performance advantages, including light weight, strength, stiffness, and corrosion resistance, in addition to increased design flexibility and the ability to consolidate many parts into one piece.
Through 2023, construction and motor vehicles will remain the leading markets for FRP composites, with demand aided by expanding construction activity and more intensive use of composites in motor vehicle applications. Ongoing technological developments that improve the manufacturing process and produce more advanced composites will also spur gains. However, further gains will be restrained by continued competition from metals and other alternative materials, as well as by competition from lower-cost end-use products manufactured offshore with foreign composites.
These and other key insights are featured in Fiber-Reinforced Plastic Composites: United States. This report forecasts to 2023 US FRP composites demand in pounds. Total demand is segmented by resin in terms of:
Total demand is also segmented by market as follows:
- motor vehicles
- computer and electronic
- electrical equipment
- other markets such as aerospace equipment, consumer durables, and medical devices
To illustrate historical trends, total demand and the various segments are provided in annual series from 2008 to 2018.
As defined in this report, reinforced plastics are combinations of polymer resins and reinforcing fibers, including short fibers, chopped fibers, and fabric reinforcements. Data in this report include the weight of the basic resins, the reinforcing fibers, and other fillers or additives. The words “fiber-reinforced plastic composites”, “reinforced plastics”, and “composites” are used synonymously. Both captive and merchant consumption are included in the data.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Industrials reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
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SOURCE The Freedonia Group