Market Research Future (MRFR) has published a cooked research report on the “Global Fiber Reinforced Polymer Composites (FRP) Market” that contains information from 2018 to 2032. The fiber reinforced polymer composites (FRP) market is estimated to register a CAGR of 8.10% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global fiber reinforced polymer composites (FRP) market— Ten Cate NV, Saint Gobain, Asahi Fiberglass, Owen Corning, Mitsubishi Rayon Co., Ltd, B&B FRP Manufacturing Inc., American Fiberglass Rebar, and American Grating, LLC.
The global fiber reinforced polymer composites (FRP) market is accounted to register a CAGR of 8.10% during the forecast period and is estimated to reach USD 447.3 Billion by 2032.
High durability, lightweight qualities, corrosion resistance properties, and increased manufacturing and building activities are key drivers driving the growth of the fiber-reinforced polymer (FRP) composites market. Furthermore, the usage of these materials in building operations is the newest trend since they give corrosion resistance. These materials are in high demand in nations such as Germany and Europe. Some of the challenges impeding market expansion include the fact that, despite their great flexibility and strength, these materials are not extremely stiff, which restricts their applications.
The global fiber reinforced polymer composites (FRP) market has been segmented product type and application.
On the basis of product type, the market is segmented into glass fiber reinforced polymer (GFRP) composites, carbon fiber reinforced polymer (CFRP) composites, basalt fiber reinforced polymer (BFRP) composites, and aramid fiber reinforced polymer (AFRP) composites. Glass fiber reinforced polymer (GFRP) composites segment accounted for the largest revenue share in 2022. Glass fiber reinforced plastic, or GFRP, incorporates glass fibers into the polymer matrix and is popular for a number of reasons, including how simple it is to draw high-strength fibers from the liquid state and how easily it can be produced affordably using a variety of composite manufacturing techniques.
Based on application, the global fiber reinforced polymer composites (FRP) market has been segmented into automotive, construction, fire fighting, defense, and others. Automotive segment dominated the global Fiber Reinforced Polymer Composites (FRP) market in 2022. FRP composites are mostly used in the automobile industry due to their light weight, low cost, superior mechanical properties (such as strength, stiffness, flexibility, and density), and increased surface polish of molded parts.
The global fiber reinforced polymer composites (FRP) market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe fiber reinforced polymer composites (FRP) market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The fiber reinforced polymer composites (FRP) market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World fiber reinforced polymer composites (FRP) market comprises of Middle East, Africa, and Latin America.
The North America fiber reinforced polymer composites (FRP) market dominated this market in 2022 (45.80%). North America is a significant economic region for the business due to the presence of major rivals and rapid end-user sector expansion. The deterioration of the highway system in North America is currently causing the regional governments to experience financial hardship, thus the authorities are thinking about using appropriate building materials.
Moreover, Europe fiber reinforced polymer composites (FRP) market accounted for the healthy market share in 2022. The industry's growth throughout the entire region is mostly attributable to the escalating demand in the building and transportation application sectors. However, the circumstances differ between the various countries in the region. For instance, the growth rates of Germany and the countries of Eastern Europe are both higher than average. While several of the countries in Southern Europe are experiencing a downturn
Additionally, the Asia Pacific fiber reinforced polymer composites (FRP) market is expected to register significant growth from 2023 to 2032. FRP sales are increasing more quickly than usual because of the two countries' burgeoning construction and automobile industries. The market in the region is predicted to grow over the course of the forecast period as a consequence of the product's expanding demand across several end-use applications.
Furthermore, the rest of the world's fiber reinforced polymer composites (FRP) market is divided into the Middle East, Africa, and Latin America. Latin America's FRP market serves industries like construction, transportation, and aerospace. The region's need for durable and lightweight materials, coupled with infrastructure developments, fuels the demand for FRP composites.
Key Findings of the Study