Report Description Report Description and Highlights

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 animalbased 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$ 30.5 Billion by 2028, exhibiting a CAGR of 6.8% during the forecast period (2023-2028).

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).