Fiber Processing Resins Market Pegged for Robust Expansion by 2031

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Fiber Processing Resins: Introduction

• Fiber processing resin is a material that comprises polymeric resins with carbon or glass fiber reinforcement, which helps increase the mechanical strength and elasticity of the plastic
• Based on fiber type, the fiber processing resins market can be segmented into carbon fiber, glass fiber, and others. Carbon fiber reinforced resin is a solid or highly viscous substance that is typically convertible into polymers. Carbon fiber reinforced polymers is a strong and light fiber-reinforced plastic that contains carbon fibers as a basic raw material. Another fiber, i.e. glass fiber, is used as reinforcement in thermosetting or thermoplastic resins to produce strong and light plastic materials.
• In terms of resin type, the global fiber processing resins market can be divided into polyester, phenolic, polycarbonate, polyurethane, polyamide, silicone, epoxy, acrylic, polystyrene, and others. Majority of these resins along with fibers are used to manufacture thermosetting and thermoplastic composites, which are employed in a wide range of applications in automotive, aerospace, building & construction, and other industries.

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Key Drivers of Fiber Processing Resins Market

• Fiber processing resins are primarily used in the production of composite materials, which are used as lightweight automotive materials. According to a study conducted by the U.S. Department of Energy, 10% reduction in overall vehicle weight can result in a 6%-8% fuel economy improvement. This reduction in weight can be achieved by replacing cast iron and traditional steel automotive components with lightweight materials such as fiber reinforced plastics. These lightweight materials can directly reduce the weight of a vehicle's body and chassis by up to 25%-35%, thus lowering a vehicle's fuel consumption. The study also indicates that using lightweight polymer composites such as fiberglass filled polypropylene in one quarter of the U.S. fleet (group of U.S. navy ships) could save more than 5 billion gallons of fuel annually by 2030. Automotive manufacturers such as GM and Ford Motor Company have already started to follow the trend of using advanced materials to explore future weight-reduction solutions that could improve performance and fuel efficiency. In 2014, Ford Motor Company unveiled its Lightweight Concept vehicle, F-150, wherein glass fiber polymer composites resulted in a nearly 25% weight reduction as compared to the older version. Enactment of stringent governmental regulations for fuel efficiency and added safety factors is driving the demand for lightweight vehicles. This, in turn, is boosting the fiber processing resins market. The trend is expected to continue during the forecast period.
• Typical applications of fiber processing resins in the oil & gas sector include rigid pipes, wound pipes, rigid and flexible risers, and structural repairs. Engineers are promoting the application of thermoplastic composites instead of metals in the construction phase in order to minimize cost and maintenance in the long term. Thermoplastic composites composed from fiber processing resins act as feasible and cost-effective alternatives owing to their enhanced corrosion resistance, high stiffness and strength, and lower weight. The North Sea remains the largest source of oil and gas in Europe. Several ongoing projects such as Rosebank & Lochnagar oil & gas fields, Johan Castberg Field, and various other drilling projects in North Sea are estimated to start during the forecast period. These projects are likely to boost the demand for thermoplastic composites composed from fiber processing resins in the oil & gas industry.

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Key Restraint of Fiber Processing Resins Market

• Availability of substitutes such as aluminum, steel, and other metal alloys is estimated to hamper the fiber processing resins market. However, the usage of metal for storage tanks, transmission pipelines, oil rigs, steel structures, and other oil vessels cannot resist corrosion in moist, salty, foggy, and corrosive environmental conditions.
• Biofiber reinforced polypropylene is considered environmentally-friendly substitute of glass filled polypropylene. Hexpol AB manufactures a product line of biofiber reinforced polypropylene that uses renewable natural fibers such as ground wood and coconut shells instead of talc, mineral, and glass-based traditional reinforcements. Availability of these eco-friendly substitutes is likely to hamper the fiber processing resins market in the near future.

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 Covid-19 Impact on Fiber Processing Resins Market

• The COVID-19 pandemic has severely impacted end-use industries of fiber processing resins. Aerospace, oil & gas, construction, and automotive are among the worst-hit industries due to the pandemic. On July 07, 2020, The U.S. Energy Information Administration (EIA) released data forecasting a decline in production of crude oil and natural gas in the U.S. in 2020. Sudden decline in production of crude oil and natural gas has adversely impacted the demand for composite material made of fiber processing resins in the oil & gas industry.