PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401774
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401774
Fiber Reinforced Polymer (FRP) Composites Market size was valued at USD 72,510 Million in 2022, expanding at a CAGR of 5.5% from 2023 to 2030.
Engineered materials made of polyester or epoxy resin reinforced with fiber are known as fiber-reinforced polymer, or FRP, composites. The finished FRP product is a lightweight, strong, thin, and long-lasting material with the benefit of easy installation.
Fiber Reinforced Polymer (FRP) Composites Market- Market Dynamics
Increasing demand from construction for high strength fibers to propel market demand
Construction activities are rising significantly as a result of population expansion, falling average per capita income, and rapid urbanization in nations like China, India, and other ASEAN nations. The real estate market is expected to rise because of factors such the growing demand for high-class residential properties, the government's increased spending on residential building, and the main economies' rapid urban migration. Composite made of lightweight FRP reinforced with carbon fibers is called carbon fiber reinforced polymer, or CFRP. Compared to other FRP composites, CFRP offers additional advantageous mechanical features such low density, strength, and modulus of elasticity. Thus, high demand for carbon fiber is expected to bolster the market growth.
Fiber Reinforced Polymer (FRP) Composites Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2023-2030)
Based on Fiber Type segmentation, Glass fiber reinforced polymer (GFRP) composites was predicted to show maximum market share in the year 2022, owing to high tensile strength.
Based on Application segmentation, construction segment was the leading type in 2022, mainly due to increasing number if construction activities across the globe.
Based on End-User segmentation, automotive was the leading type in 2022, mainly due to growing demand for glass and carbon fibers.
On the basis of region, Asia Pacific was the leading revenue generator in 2022, owing to growing demand from manufacturing and industrial sector.
The Global Fiber Reinforced Polymer (FRP) Composites Market is segmented on the basis of Fiber Type, Application, End-User, and Region.
The market is divided into five categories based on Fiber Type: glass FRP, carbon FRP, basalt FRP, aramid FRP, and others. The glass FRP segment dominates the market. The increased demand for stiff and strong fibers is expected to boost the demand for market growth in the coming years.
The market is divided into three categories based on Application: Electrical & electronics, construction, and others. The construction segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to the growing demand for glass and carbon fiber type at construction sector.
The market is divided into five categories based on End-User: manufacturing, automotive, transportation, aerospace & defense, and others. The automotive dominates the market and is likely to maintain its dominance during the forecast period. FRP composites are mainly used in the automotive industry owing to several advantages such as low weight & cost at large scale which is boosting the market growth.
Fiber Reinforced Polymer (FRP) Composites Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to capture a substantial market share over the forecast period. The region's need for FRP composites is rising as a result of the strong demand for applications from nations like China, India, and Japan. The world's most significant construction sector is found in the Asia-Pacific area. Due to urbanization, rising middle-class income, and population growth, it is growing at a strong rate. Due to the growing home building markets in China and India, the Asia-Pacific region is predicted to have the largest increase in housing.
Factors include the expanding demand for upscale residential sector, the government's increased spending in the real estate market for residential building, and the main economies' fast urban migration are contributing to market growth. To obtain a competitive advantage, multinational corporations are funding R&D initiatives to innovate and create novel reinforced polymers. Global participants in the industry include Engineered Composites Ltd., American Fiberglass Rebar, American Grating, LLC, etc.
In March 2023, SGL Carbon launched the new SIGRAFIL® C T50-4.9/235 carbon fiber to expand its material portfolio.
In February 2022, Teijin Automotive Technologies expanded its composites business in China and started commercial operation of a new composites manufacturing facility in the Wujin, China.
The scope of this report covers the market by its major segments, which include as follows: