Fiber Reinforced Polymer Composites Market expected to reach a valuation of US$ 420.2 billion by 2030

United States, New York, 2023-Feb-08 — /EPR Network/ —The global fiber-reinforced polymer (FRP) composites market size is expected to grow from USD 163.8 billion in 2021 to USD 420.2 billion by 2030, at a CAGR of 12.5% from 2022 to 2030. Fiber-reinforced polymer composites are made up of fiber-reinforced polymer matrix. The polymers utilized to manufacture fiber-reinforced polymer composites (FRPC) include phenol-formaldehyde resins, thermosetting plastic, polyester, vinylester, and epoxy. FRPCs are majorly used in various industries such as aerospace, marine, automotive, and construction.

Growing population and increasing industrialization have led to a rise in demand for FRPC in the construction sector. Increasing participation to sustain the demand coupled with the reduced raw material prices is projected to drive the FRPC market over the forecast period. Manufacturing companies are shifting their focus towards developing regions such as the Asia Pacific and Central & South America (CSA) on the availability of cheap labor.

FRPC market is governed by strict regulations for its use in the construction and automobile industry. Specialty FRPC products are expected to comply with U.S. Leadership in Energy and Environmental Design standards to be used for green buildings. In addition, FRPC fabricators are also expected to comply with specifications by the U.S. Federal Emergency Management Agency (FEMA) on account of use in the defense industry for safety applications. Technological innovations aim to develop a cost-effective manufacturing process that is expected to remain the critical success factor for market growth over the forecast period.

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Definition of Global Fiber Reinforced Polymer Composites Market

Fiber-reinforced plastic (FRP) is a composite material made of polymer-supported fibers for added strength. Fiber-reinforced plastic may also be known as a fiber-reinforced polymer.

Global Fiber Reinforced Polymer Composites Market Dynamics

Drivers: Growth in the building and construction industry in developing countries

Glass FRPs are increasingly being used in construction applications. Glass FRP, in particular, is being employed in roofing applications and the manufacturing of glass windows. In developing countries, glass FRP is replacing standard glass in roofing applications on account of its high strength properties. Furthermore, numerous car manufacturers employ carbon and glass FRP in the production of windows for automobiles on account of its tendency of not breaking into small parts as opposed to standard glass and fiber, which leaves back sharp pieces on breakage, which could lead to serious human injuries and possible life threats, in case of an accident.

Restraints: Raw material price volatility and availability

Volatility does not always mean an increase in prices; volatility can be a sudden increase and a decrease in prices. Soda ash, pitch resins, polyacrylonitrile fibers, rayon, and silica sand are key raw materials used in manufacturing FRPCs. Various FRP glass-manufacturing companies such as Asahi Glass Co. Ltd., and Guardian Industries, have established extra FRPC production lines.

Glass FRP manufacturing is a high-temperature process which is a constant economic and environmental challenge for companies to utilize minimum energy. The cost of logistics for Chinese and European manufacturers is less as compared to Indian manufacturers.

Global Fiber Reinforced Polymer Composites Market Segmentation

The fiber-reinforced polymer composites market has been categorized based on the fiber type, application, and region.

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By Fiber Type Outlook (Sales, USD Million, 2017–2030)

• Glass FRP
• Carbon FRP
• Basalt FRP
• Aramid FRP
• Others

By Application Outlook (Sales, USD Million, 2017–2030)

• Automotive
• Construction
• Electronic
• Defense
• Others

By Region Outlook (Sales, USD Million, 2017–2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The glass FRP segment accounts for the largest market share, by fiber type

Based on fiber type, the market is divided into glass FRP, carbon FRP, basalt FRP, aramid FRP, and others. In terms of revenue, the glass FRP composites segment dominated the market in 2021, with over 61.7% share. GFRP contains glass fibers within the polymer matrix and is popular for the several reasons; for instance, it can be easily drawn into high-strength fibers from a molten state and be economically fabricated using different composite-manufacturing techniques. In addition, when coupled with plastics, glass fiber possesses a chemical inertness, which is very useful in various corrosive environments.

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However, the product comes with certain limitations, such as despite high flexibility and strength, it is not very stiff. Furthermore, it does not display the rigidity that is necessary for certain applications such as bridges and airplanes. GFRP is usually used for reinforcing fibers for polymeric matrix composites. Moreover, it is the least expensive and is widely used in the fiber-reinforced plastic industry.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global fiber reinforced polymer composites market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is the fastest-growing region with a CAGR of 11.5% during the forecast period. The Asia Pacific includes countries such as China, Japan, India, Australia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, and Singapore. Rapid urbanization, better government balance sheets resulting in augmented infrastructure spending, and rising disposable income in the reign are the major factors contributing to the growth of regional construction industry. Governments have entered into PPP for developing new projects such as roads, dams, and railway networks. Moreover, focused efforts taken by the governments for providing affordable housing is driving the construction industry.

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Macroeconomic factors in the Asia Pacific, such as expanding the middle class, rising disposable income, education, changing demographics, and rapid urbanization, are driving the electrical and electronics industry growth in the region. The demand from especially consumer electronics is high in the region. The rising presence of key industry players in the region is expected to boost the overall growth.

Key Market Players

The fiber-reinforced polymer composites market is mildly concentrated, with few global players operating in the market such as American Grating, LLC, Engineered Composites Ltd, American Fiberglass Rebar, TUF-BAR, FRP Composites Inc., Ten Cate NV, Zoltek Companies, Inc., Hyosung Corporation, Mitsubishi Rayon Co., Ltd., B&B FRP Manufacturing INC., SGL Group, and DowAksa.. Every company follows its own business strategy to attain the maximum market share.