Market Size of Fiber-Reinforced Polymer (FRP) Composites Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 75.13 Billion |
| Market Size (2029) | USD 96.95 Billion |
| CAGR (2024 - 2029) | 5.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fiber Reinforced Polymer (FRP) Composites Market Analysis
The Fiber-Reinforced Polymer Composites Market size is estimated at USD 75.13 billion in 2024, and is expected to reach USD 96.95 billion by 2029, growing at a CAGR of 5.23% during the forecast period (2024-2029).
COVID-19 negatively impacted the market from 2020 to mid-2021. Due to the pandemic, construction and manufacturing activities were temporarily stopped, which hampered the market for materials, including fiber reinforced polymer composites to be used in these industries. However, post-pandemic, the industries recovered, and the market is expected to retain its growth trajectory in the coming years.
- 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, the availability of substitutes is expected to hinder the market's growth.
- Nevertheless, the development of new advanced forms of FRP materials and the development of composite materials to be used in the transportation industry are likely to act as opportunities for the market over the forecast period.
- The 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.
