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Increase in use of reinforcement materials in construction and automotive industries played a major role in the growth of the reinforcement materials market. Furthermore, rise in urbanization and growing economies in Vietnam are expected to boost the demand for these reinforcement materials in the coming years.
Yash Doshi
Senior Research Analyst, Materials and Chemicals at AMR
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.
Access Full Summary at :https://www.alliedmarketresearch.com/vietnam-reinforcement-materials-market
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. 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.
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.
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Vietnam Reinforcement Materials Market by Material Type (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), and End User (Construction [Residential, Infrastructure and Industrial] and Others) - Opportunity Analysis and Industry Forecast, 2018-2024
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