The Global Fiber Reinforced Polymer (FRP) market is valued at 2105.4 million US$ in 2020 is expected to reach 2914.2 million US$ by the end of 2027, growing at a CAGR of 4.7% during 2022-2027.
FRP composites is a composite material made of polymer matrix that is reinforced with fibre. The fibres used are typically glass, carbon, aramid or basalt. Polymers normally used are epoxy, vinyl ester or polyester plastic. They are normally used in aerospace, automotive, construction, marine and other sectors. It is applicable in Weight-saving, precision engineering applications and simplification of production. Rising demand for lightweight material but with high strength, flexibility and that can withstand impact and heavy load from Aerospace industry is driving the market. Additionally, increasing R&D for technical advancements in the Automobile industries to make the vehicle light and impact resistant is likely to boost the market growth. For instance, it is used in Rudder of Airbus A310. It reduced approximately 25 % of the total weight and up to 95% reduction in number of components by replacing combining parts with simpler moulded parts.Fiber-reinforced polymer (FRP) composites are widely used in the transportation industry in automotive, aircraft, helicopters, and spacecraft to boats and ships.In the transportation industry, fiber-reinforced polymer (FRP) composite material serves as the best alternative to conventional materials like steel or aluminum owing to weight and cost issues. FRPs are ideal replacements for wood, in marine waterfront environments, or on ships, where they reduce the structural weight and enhance corrosion resistance.
Industry News and Updates:
In July 2017, Owens Corning Infrastructure solutions acquired Aslan FRP, amanufacturer of composite rebars used in the projects that includes constructions of roads, bridges, marine structures, tunnels and other structures.
Toray Advanced Composites announces that it has completed a long-term supply agreement with Joby Aviation for the composite material used for its aircraft. Carbon fiber composite materials provide the strength-to-weight ratio needed for electric aerospace applications to maximize the aircraft's range and speed.
Fiber-reinforced polymer (FRP) composites are widely used in the transportation industry in automotive, aircraft, helicopters, and spacecraft to boats and ships.Fiber-reinforced polymer (FRP) are composites used in almost every type of advanced engineering structure, with their usage ranging from aircraft, helicopters, and spacecraft through to boats, ships and offshore platforms, and to automobiles.
In the aerospace industry, fiber-reinforced polymer (FRP) composite materials have been largely used due to their properties, such as being lightweight, high stiffness, and high strength. In the automotive industry, its application can be found in the production of structural elements, body panels, monocoques, passenger compartments, and semitrailers. In the marine sector, FRP composites are used to build boats, canoes, lifeboats, utility vessels. It is mostly used to build recreational boats due to its durability and cost-efficiency.
Fiber Reinforced Polymer (FRP) Market is segmented based on the type, applications, companies and regions.
By Type, Fiber Reinforced Polymer (FRP) Market has been segmented into
The end user’s industry application on Fiber Reinforced Polymer (FRP) Market are,
By End Use Industry:
The report offers in-depth assessment of the growth and other aspects of the Fiber Reinforced Polymer (FRP) Market in important regions, including the
North America
China is the largest producer of fiber-reinforced composites, with a global market share of about 39% in 2018, followed by the US with about 21%.China being one of the largest markets for construction, the country is a leading driver of composites. The massive demand for advanced composites materials in the fast-growing automotive, railway, construction, and wind energy industries has revolutionized the Chinese composites industry for the past decade.
In China, the construction industry flourished robustly in 2020, but the growth was restricted due to the pandemic. The construction sector had supported the economic growth in the country when significant slowdowns occurred.Asia-Pacific is expected to dominate the market for fiber-reinforced polymer (FRP) composites during the forecast period. Due to the high demand for applications from countries like China, India, and Japan, the demand for the market studied has been increasing.
Report Attributes
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Report Details |
Forecast Period 2022 to 2027 CAGR |
CAGR of 4.7% during the review period (2022 to 2027). |
By Type |
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By Application |
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By Companies
| BASF, DuPont, LAN XESS, DSM, SABIC, Poly One, SOLVAY, RTP, Clanese, Innovation by Chemistry, LG, KINGFA, Shanghai PRET Composites Co.,Ltd, GENIUS, SILVER, GuoEn, Hexce,Koninklijke Ten Cate, Aegion Corporation, Mitsubishi Chemical Corporation, DowAksa, SGL Group, B&B FRP MANUFACTURINGand others. |
Regions Covered
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Countries Covered |
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Base Year
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2022 |
Historical Year
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2017 to 2021 |
Forecast Year
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2022 to 2027 |
Number of Pages | 124 |
Customization Available
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Yes, the report can be customized as per your needs |
Key Takeaways from this Fiber Reinforced Polymer (FRP) Report
The Fiber Reinforced Polymer (FRP) Market is studied from 2022 - 2027.
What is the growth rate of Fiber Reinforced Polymer (FRP) market?
The Fiber Reinforced Polymer (FRP) Market is growing at a CAGR of 4.7% over the next 5 years.
Who are the key players in Fiber Reinforced Polymer (FRP) market?
BASF, DuPont, LAN XESS, DSM, SABIC, Poly One, SOLVAY, RTP, Clanese, Innovation by Chemistry, LG, KINGFA, Shanghai PRET Composites Co.,Ltd, GENIUS, SILVER, GuoEn, Hexce,Koninklijke Ten Cate, Aegion Corporation, Mitsubishi Chemical Corporation, DowAksa, SGL Group, B&B FRP MANUFACTURINGand others.
What region does this Fiber Reinforced Polymer (FRP) market report covers?
North America (the United States, Canada, and Mexico) Europe (Germany, France, UK, Russia, and Italy) Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) South America (Brazil, Argentina, Colombia, etc.) The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
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SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
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REPORT WRITING/ PRESENTATION
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