Global Fiber Reinforced Polymer Composites (FRP) Market Overview
Fiber Reinforced Polymer Composites (FRP) Market Size was valued at USD 221.9 Billion in 2022. The Fiber Reinforced Polymer Composites (FRP) industry is projected to grow from USD 239.9 Billion in 2023 to USD 447.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.10% during the forecast period (2023 - 2032). The expanding usage of carbon fiber reinforced plastic (CFRP) in aerospace and defense, as well as the need for corrosion-free concrete reinforcement materials, are the key market drivers enhancing the market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Fiber Reinforced Polymer Composites (FRP) Market Trends
Increasing adoption of GFRP composites in transportation is driving the market growth
The strength-to-weight ratio of GFRP composites is higher, which is a significant characteristic in the production of automobiles. Vehicles with lightweight components that are also strong get greater gas mileage and cost less to operate. To comply with CAFÉ rules (36.6 mpg by 2017 and 54.5 mpg by 2025), automakers in the US have moved their attention to the development of lightweight vehicles. They also regard GFRP composites as a replacement for aluminum and steel in high-end vehicles. The transportation sector frequently uses GFRP composites for doors, roof panels, windows, headrest back panels, seats, luggage bins, and cooling ventilators. These factors are promoting the development of novel GFRP composite applications and driving the growth of the GFRP composites market in the transportation sector.
In the transportation sector, fiber-reinforced polymer (FRP) composites are frequently employed in vehicles, aircraft, helicopters, spacecraft, boats, and ships. Fiber-reinforced polymer (FRP) composite material is the best replacement for conventional materials like steel or aluminum in the transportation sector due to weight and cost factors. FRPs are the ideal alternatives to wood in maritime waterfront situations or onboard ships, where they reduce structural weight and improve corrosion resistance. According to the International Organization of Motor Vehicle Manufacturers (OICA), the manufacturing of vehicles increased by about 6% in 2022 compared to the previous year. Approximately 85 million cars were produced in 2022 as opposed to 80 million in 2021. With roughly a third of the production, the United States was the second-largest producer behind China.
Additionally, according to the Bureau of Economic Analysis, the value added by the production of motor vehicles, bodies, and trailers as well as their component parts in the United States during the first three quarters of 2022 was approximately USD 504 billion, or about 5% more than the value added during the same period the year before. According to Boeing's commercial market projection for 2022–2041, new aircraft deliveries will be worth USD 7.2 trillion in 2022–2041, and the world fleet would grow by 80% over that time. By 2041, about 41,170 fleet deliveries will be completed, according to Boeing. In the next 20 years, airlines will need more than 30,880 new single-aisle airplanes, accounting for 75% of total deliveries.Thus, driving the Fiber Reinforced Polymer Composites (FRP) market revenue.
Fiber Reinforced Polymer Composites (FRP) Market Segment Insights
Fiber Reinforced Polymer Composites (FRP) Product Type Insights
The Fiber Reinforced Polymer Composites (FRP) market segmentation, based on Product Type, includes 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. The glass fiber reinforced polymer (GFRP) composites segment accounted for the largest revenue share in 2022. Glass fiber reinforced plastic, or GFRP, incorporates glass fibers within the polymer matrix and is well-liked for a number of reasons, including its ease of drawing into high-strength fibers from the molten state and its ability to be cost-effectively manufactured utilizing various composite manufacturing techniques.
Fiber Reinforced Polymer Composites (FRP) Application Insights
The Fiber Reinforced Polymer Composites (FRP) market segmentation, based on Application, includes automotive, construction, fire fighting, defense, and others. Automotive segment dominated the fiber reinforced polymer composites (FRP) market in 2022.Due to its low weight, low cost, better mechanical qualities (such as strength, stiffness, flexibility, and density), and improved surface polish of molded parts, FRP composites are mostly employed in the automotive sector. The materials most frequently chosen for the production of automobiles and their parts are glass and carbon fiber. Reinforced plastic composites cost more than steel in terms of performance. However, the main factor in composites' rising popularity in the automobile sector is the qualities they offer.
Figure 1: Fiber Reinforced Polymer Composites (FRP) Market, by Application, 2022 & 2032 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Fiber Reinforced Polymer Composites (FRP) Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Fiber Reinforced Polymer Composites (FRP) Market dominated this market in 2022 (45.80%). With the presence of key competitors and strong expansion in the end-user sectors, North America represents an important economic zone for the industry. The regional governments in North America are currently suffering financially as a result of the deterioration of the highway system, thus the authorities are considering the use of appropriate building materials. Further, the U.S. Fiber Reinforced Polymer Composites (FRP) market held the largest market share, and the Canada Fiber Reinforced Polymer Composites (FRP) market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: FIBER REINFORCED POLYMER COMPOSITES (FRP) MARKET SHARE BY REGION 2022 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Fiber Reinforced Polymer Composites (FRP) market accounted for the healthy market share in 2022.The increasing demand in the construction and transportation application sectors is mostly to blame for the industry's expansion across the entire region. However, the situation varies among the region's various nations. For instance, Germany and the nations of Eastern Europe both have above-average growth rates. While several of the Southern European nations are going through a downturn. Further, the German Fiber Reinforced Polymer Composites (FRP) market held the largest market share, and the U.K Fiber Reinforced Polymer Composites (FRP) market was the fastest growing market in the European region.
The Asia Pacific Fiber Reinforced Polymer Composites (FRP) market is expected to register significant growth from 2023 to 2032. Due to the expanding construction and automotive industries in the two countries, FRP sales are growing faster than normal. Over the course of the forecast period, the market in the area is anticipated to develop as a result of the rising demand for the product in numerous end-use applications. Moreover, China’s Fiber Reinforced Polymer Composites (FRP) market held the largest market share, and the Indian Fiber Reinforced Polymer Composites (FRP) market was the fastest growing market in the Asia-Pacific region.
Fiber Reinforced Polymer Composites (FRP) Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Fiber Reinforced Polymer Composites (FRP) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Fiber Reinforced Polymer Composites (FRP) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Fiber Reinforced Polymer Composites (FRP) industry to benefit clients and increase the market sector. In recent years, the Fiber Reinforced Polymer Composites (FRP) industry has offered some of the most significant advantages to medicine. Major players in the Fiber Reinforced Polymer Composites (FRP) market, including 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, are attempting to increase market demand by investing in research and development Product Types.
Owens Corning creates systems for composite and building materials. The business manufactures and sells fiberglass composites. Its product line includes loose-fill insulation, foam sheathing, thermal and acoustical batts, and accessories. The company also offers oxidized asphalt, laminated and strip asphalt roofing shingles, and synthetic packaging materials. The company offers its products under a variety of brand names, such as PINK FIBERGLAS, FOAMGLAS, Paroc, and FOAMULAR. Among the industries that Owens Corning serves include residential, commercial, industrial, defense, automotive, transportation, power, and energy. The company conducts business in the regions of North America, South and Central America, Asia-Pacific, and Europe. The headquarters of Owens Corning are in Toledo, Ohio, in the United States. In July 2017, Owens Corning Infrastructure Solutions acquired Aslan FRP, a manufacturer of composite rebars used in the building of roads, bridges, maritime structures, tunnels, and other structures.
Compagnie de Saint-Gobain (Saint-Gobain) manufactures building materials and construction-related products. Its product line comprises a range of plastics, pipelines and associated goods, building supplies, gypsum, industrial mortar, roofing, and exterior wall products. Additionally, the business sells performance polymers, glass textiles, and mineral ceramics. These products are marketed by the company under a number of names, including ADFORS, British Gypsum, Saint-Gobain Gla, and Isover. The automotive, aerospace, health, defense, energy, security, and food and beverage industries all use Saint-Gobain products. Along with its affiliates and subsidiaries, the corporation conducts business throughout the Americas, Europe, the Middle East, Africa, and Asia-Pacific. The headquarters of Saint-Gobain are located in Courbevoie, Ile-de-France, France. Saint Gobain Sekurit and Corning Incorporated formed a joint venture in January 2016 to develop, produce, and market lightweight glazing solutions for the automotive industry, including Corning, Gorilla, and other enhanced options.
Key Companies in the Fiber Reinforced Polymer Composites (FRP) market include
Ten Cate NV
Mitsubishi Rayon Co., Ltd
B&B FRP Manufacturing Inc.
American Fiberglass Rebar
American Grating, LLC
Fiber Reinforced Polymer Composites (FRP) Industry Developments
August 2022: In order to meet the rising demand for the company's assortment of glass fiber-reinforced polymer (GFRP) materials, Vixen Composites, an Airxcel brand, grew into a new larger 60,000-square-foot facility in Aeroplex Industrial Park, Indiana, in the United States.
Fiber Reinforced Polymer Composites (FRP) Market Segmentation
Fiber Reinforced Polymer Composites (FRP) Product Type Outlook
Glass Fiber Reinforced Polymer (GFRP) Composites
Carbon Fiber Reinforced Polymer CFRP Composites
Basalt Fiber Reinforced Polymer (BFRP) Composites
Aramid Fiber Reinforced Polymer (AFRP) Composites
Fiber Reinforced Polymer Composites (FRP) Application Outlook
Fiber Reinforced Polymer Composites (FRP) Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
|Market Size 2022
||USD 221.9 Billion
|Market Size 2023
||USD 239.9 Billion
|Market Size 2032
||USD 447.3 Billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|Market Forecast Units
||Value (USD Billion)
||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
||Product Type, Application, and Region
||North America, Europe, Asia Pacific, and the Rest of the World
||The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
||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
|Key Market Opportunities
||High demand for GFRP composite pipes in the emerging economies
|Key Market Dynamics
||The growing demand for corrosion-free concrete reinforcing materials in various end-use applications and Carbon Fiber Reinforced Plastic CFRP in aerospace and defense
Frequently Asked Questions (FAQ) :
The Fiber Reinforced Polymer Composites (FRP) market size was valued at USD 221.9 Billion in 2022.
The market is projected to grow at a CAGR of 8.10% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are 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 Glass Fiber Reinforced Polymer (GFRP) Composites Product Type dominated the market in 2022.
The Automotive Application had the largest share in the market.
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