|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The Global Fiber-reinforced Polymer (FRP) Composites Market is projected to register a CAGR of over 4% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2021. Due to the pandemic, construction activities were stopped temporarily during the lockdown in order to curb the spread of COVID-19. However, the market is excepted to retain a positive growth rate in 2022.
- Over the short term, the increasing demand from the construction sector and the growing demand for energy efficiency in the aerospace and automotive industries are expected to drive the market's growth.
- On the flip side, declining automotive production, high initial cost, and technical challenges regarding the FRP composites outbreak are expected to hinder the growth of the market studied.
- The building and construction industry is expected to dominate the fiber-reinforced polymer (FRP) composites market over the forecast period.
- Asia-Pacific is expected to represent the largest market over the forecast period, owing to the increasing consumption from countries such as China, India, and Japan.
Scope of the Report
Fiber-reinforced polymer (FRP) is a composite material made up of a polymer matrix reinforced with fibers, including carbon, glass, aramid, basalt, and others. The polymer matrix can be based on vinyl ester, epoxy, and others. FRP composites are non-corrosive, lightweight in nature, and offer high specific strength and stiffness, which can be fabricated and tailored easily to meet the performance requirements. The fiber-reinforced polymer (FRP) composites market is segmented by fiber type, end-user industry, and geography. By fiber type, the market is segmented into Glass Fiber-reinforced Polymer, Carbon Fiber-reinforced Polymer, Aramid Fiber-reinforced Polymer, Basalt Fiber-reinforced Polymer, and Other Fiber Types (Polyacrylonitrile, Polyethylene terephthalate). By end-user industry, the market is segmented into Building and Construction, Transportation, Electrical and Electronics, and Other End-user Industries (Sports, Medical). The report also covers the market size and forecasts for the fiber-reinforced polymer (FRP) composites market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).
|Glass Fiber-reinforced Polymer|
|Carbon Fiber-reinforced Polymer|
|Aramid Fiber-reinforced Polymer|
|Basalt Fiber-reinforced Polymer|
|Other Fiber Types (Polyacrylonitrile, Polyethylene terephthalate)|
|Building and Construction|
|Electrical and Electronics|
|Other End-user Industries (Sports, Medical)|
Key Market Trends
Increasing Demand from the Transportation Sector
- 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.
- According to the Boeing Commercial Market Outlook 2020–2039, in the aerospace industry, more than 43,110 new airplane deliveries are required globally. Single-aisle airplanes are likely to command the largest share of new deliveries (with more than 70% share), with the need for more than 32,270 airplanes arising through the next 20 years.
- Over the last decade, growth in passenger air travel averaged 6.5% per year, well above the long-term average of 5%. In this business environment, many of the world’s airlines grew their fleets through deliveries of new airplanes and often delayed airplane retirements to accommodate passenger demand.
- According to OCIA, global automotive production reached 80.14 million units in 2021. The production capacity increased by 3% as compared to 2020. Thus, growth in automotive vehicle production is likely to boost the market for fiber-reinforced polymer (FRP) composite materials.
- The abovementioned factors are likely to affect the demand for the fiber-reinforced polymer composites market during the forecast period.
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Asia-Pacific Region to Dominate the Market
- 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, and India, the demand for the market studied has been increasing.
- The largest producers of fiber-reinforced polymer (FRP) composites are in the Asia-Pacific region. Some of the leading companies in the production of fiber-reinforced polymer (FRP) composites are Sanderson Theme Constructions, Hengshui Jiubo Composites Co., LTD., etc.
- China is in the midst of a construction mega-boom. The country has the largest buildings market in the region and in the world, too, making up 20% of all construction investments globally. The Chinese government is estimated to have an annual limit for new infrastructure bonds worth RMB 3.85 trillion in 2022, up from RMB 3.65 trillion in 2021.
- According to OICA, around 4.39 million vehicles were produced in China in 2021. Furthermore, the Chinese government is promoting electric vehicles and thus positively influencing the market. In April 2020, the Ministry of Finance of the People's Republic of China issued a notice on ways to promote financial subsidies for new electric vehicles. It stated that new EVs purchased between January 1st, 2021, and December 31st, 2022, would be exempted from vehicle purchase tax.
- In India, the electronics market witnessed a growth in demand, with market size increasing at a rapid growth rate. India's electronic goods exports fetched USD 11.11 billion in 2020-21. The growing electronics and appliances market in India and China may push the market growth further in Asia-Pacific.
- Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
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The global fiber-reinforced polymer (FRP) composites market is partially consolidated in nature, with the top five players accounting for a major share of the market studied (over 60%). Some key players include Hexcel Corporation, Teijin Limited, Toray Industries Inc., SGL carbon, and Mitsubishi Chemical Carbon Fiber and Composites Inc., among others.
- The recent developments pertaining to the major players in the market are being covered in the complete study
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demand from the Construction Sector
4.1.2 Growing Demand for Energy Efficiency in the Aerospace and Automotive Industries
4.2.1 High raw material prices
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Fiber Type
5.1.1 Glass Fiber-reinforced Polymer
5.1.2 Carbon Fiber-reinforced Polymer
5.1.3 Aramid Fiber-reinforced Polymer
5.1.4 Basalt Fiber-reinforced Polymer
5.1.5 Other Fiber Types (Polyacrylonitrile, Polyethylene terephthalate)
5.2 End-user Industry
5.2.1 Building and Construction
5.2.3 Electrical and Electronics
5.2.4 Other End-user Industries (Sports, Medical)
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)** /Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Aegion Corporation
6.4.2 AGC Chemicals Americas
6.4.5 Hexcel Corporation
6.4.6 Kordsa Technical Textile Co. Inc.
6.4.7 Mitsubishi Chemical Corporation
6.4.8 Nippon Electric Glass Co. Ltd
6.4.9 OWENS CORNING
6.4.10 PARK AEROSPACE CORP.
6.4.11 SGL carbon
6.4.13 TEIJIN LIMITED
6.4.14 TORAY INDUSTRIES INC.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Fiber-reinforced Polymer (FRP) Composites Market market is studied from 2017 - 2027.
What is the growth rate of Fiber-reinforced Polymer (FRP) Composites Market?
The Fiber-reinforced Polymer (FRP) Composites Market is growing at a CAGR of >4% over the next 5 years.
Which region has highest growth rate in Fiber-reinforced Polymer (FRP) Composites Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Fiber-reinforced Polymer (FRP) Composites Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Fiber-reinforced Polymer (FRP) Composites Market?
Hexcel Corporation , Teijin Limited , Toray Industries Inc. , SGL carbon , Mitsubishi Chemical Carbon Fiber and Composites Inc. are the major companies operating in Fiber-reinforced Polymer (FRP) Composites Market.