According to Fortune Business Insights, The global Fiber Reinforced Polymer (FRP) composites market size was valued at USD 91.21 billion in 2023 and is projected to grow from USD 98.12 billion in 2024 to USD 189.80 billion by 2032 at a CAGR of 7.6% during 2024-2032. Asia Pacific dominated the fiber reinforced polymer composites (FRP) market with a market share of 43.59% in 2023. Fiber Reinforced Polymer (FRP) composites are materials made by combining a polymer matrix with a fibrous reinforcing dispersed phase. The polymer matrix, which is typically a type of plastic, binds the fibers together and helps distribute loads and stresses between them.
The global fiber reinforced polymer (FRP) composites market is anticipated to gain momentum from their extensive usage in a wide range of sectors, such as marine, construction, automotive, and aerospace. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Fiber Reinforced Polymer (FRP) Composites Market Size, Share & Industry Analysis By Product Type (Glass Fiber Reinforced Polymer (GFRP) Composites, Carbon Fiber Reinforced Polymer (CFRP) Composites, Basalt Fiber Reinforced Polymer (BFRP) Composites, Aramid Fiber Reinforced Polymer (AFRP) Composites), By Application (Automotive, Construction, Fire Fighting) and Regional Forecast, 2024-2032.” The report further states that fiber reinforced polymer composites are best suited for simplification of production, precision engineering, and weight-saving applications.
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List of the reputed fiber reinforced polymer composites manufacturers operating in the market are as follows:
- Ten Cate NV
- Saint Gobain
- Asahi Fiberglass
- Owen Corning
- Mitsubishi Rayon Co., Ltd.
- B&B FRP Manufacturing Inc.
- American Fiberglass Rebar
- American Grating, LLC
- Other key market players
What Does This Report Contain?
- Elaborate data about the segments in the market.
- Historical, present, and estimated sizes of the market.
- Profiles of prominent players and their crucial strategies.
- In-depth analysis of the growth drivers, dynamics, and hindrances.
Drivers & Restraints-
Rising Demand from Automotive Industry to Bolster Growth
The rising demand for lightweight material with high flexibility and strength from the aerospace industry is set to drive the fiber reinforced polymer composites market growth in the near future. The industry is in urgent need for material that can withstand heavy load and impact.
In addition to that, the rising research and development activities in the automobile industry to make vehicles impact resistant and light would contribute to growth. Airbus A310, for instance, is equipped with FRP composites in its rudder. It aids in lowering about 95% of additional components and 25% of the total weight by installing simpler moulded parts instead of combining parts. However, the increasing concerns of the recyclability of fiber reinforced polymer composites may hinder growth.
Regional Analysis-
High Demand for Passenger Cars & Commercial Vehicles to Favor Growth in Europe
Geographically, North America is anticipated to lead throughout the forthcoming period by procuring the largest fiber reinforced polymer composites market share. This growth is attributable to the increasing construction activities in the region. Also, the rising demand for FRP composites from the aerospace & defense industry would accelerate growth.
Asia Pacific, on the other hand, is set to exhibit moderate growth fueled by the ongoing developments in the construction industry in South Korea, India, and China. Europe is expected to show considerable growth backed by the high demand for commercial vehicles and passenger cars in the region.
Information Source: https://www.fortunebusinessinsights.com/fiber-reinforced-polymer-composites-frp-market-102905
Competitive Landscape-
Key Companies Focus on Acquisition & Joint Venture Strategies to Compete with Rivals
The market for FRP composites houses numerous companies that are striving persistently to compete against their rivals. To do so, they are engaging in acquisition and joint ventures with multinational and local firms. Below are two significant industry developments:
- May 2023 – Avient Corporation expanded its production line for OnForce and Complēt long fiber reinforced thermoplastic composites in Asia Pacific. This new line will help the company meet the increasing demand related to composite materials.
- May 2022 – Avient Corporation launched Bio-Based polymer solutions for medical applications, aiming to capture more market share in the composite market.