Reinforcement Materials Market Growth Will be Fueled by Rising Demand and Consumption by 2024 at a CAGR of 7.9%
According to a new report published by Allied Market Research, titled, Vietnam Reinforcement Materials Market, by Material Type and End User: Opportunity Analysis and Industry Forecast, 2018-2024,” the Vietnam reinforcement materials market was $49,453 thousand in 2017 and is expected to reach $84,478 thousand by 2024, expanding at CAGR of 7.9% from 2018-2024.
Reinforcement materials form composites where a homogeneous matrix component is fortified by a robust additive that is usually fibrous in nature. Sustainability and structural strength of reinforcement materials has made it ideal for use in automotive, consumer goods, marine products, and construction among other markets.
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Key end user industries include construction, and others. Construction segment further sub classified as residential, infrastructure and industrial. Construction segment will show fastest market growth over the forecast period, owning to rapid urbanization, industrialization and developing economic conditions.
Reinforcement materials are 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 the market. Technological advancements in the carbon and aramid fiber molding processes, have created numerous growth opportunities for the market players.
Based on material type, market is divided into glass fiber (roving, woven roving, fabrics, CSM/CFM, chopped strand, and others), carbon fiber (woven fabric, thermoset UD prepreg, thermoset fabric prepreg, thermoplastic prepreg, raw fiber, and molding compounds), and others. Glass fibers accounted for around two-thirds of the reinforcement materials industry revenue in 2017. The roving materials segment dominated the glass fibers market, generating nearly one-fourth of the total reinforcement materials industry revenue in the same year.
At present, the glass fiber segment contributes for the highest market share among all materials, and is anticipated to continue to remain dominant during the forecast period. Glass fibers are readily produced from raw materials, which are available in virtually unlimited supply. Glass fibers are used in the manufacture of structural composites, printed circuit boards, and a wide range of special-purpose products. Glass fibers preferably used for reinforcement due to some factors such as lower cost, stability, and inertness, as well as desirable fiber properties such as strength, flexibility, and stiffness. Increase in construction sector, growing urbanization, developing automotive industry, increasing foreign direct investment and developing economic condition are expected to drive the market growth of glass fibers in Vietnam. Even with these opportunities the Vietnam glass fiber market is challenging due to increasing costs in energy and transportation through sea freight.
Key Findings of the Vietnam Reinforcement Materials Market :
- This report provides an extensive analysis of the current trends and forecasts estimations and dynamics in the reinforcement materials industry in Vietnam.
- Comprehensive analysis of factors that drive and restrain the growth of the Vietnam reinforcement materials market share is provided in the report.
- It offers a quantitative analysis from 2017 to 2024, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
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