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Fiber Reinforced Polymer (FRP) Composites Market Size, Share & Industry Analysis, By Type (Glass Fiber-reinforced Polymer, Carbon Fiber-reinforced Polymer, and Others), By Application (Transportation, Construction, Electronics, Sports & Leisure, and Others), and Regional Forecast, 2024-2032

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI102905

 

KEY MARKET INSIGHTS

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The global Fiber Reinforced Polymer (FRP) composites market size was valued at USD 91.21 billion in 2023 and is projected to grow from USD 98.12 billion in 2024 to USD 189.80 billion by 2032 at a CAGR of 7.6% during 2024-2032.


Fiber Reinforced Polymer (FRP) composites are materials made by combining a polymer matrix with a fibrous reinforcing dispersed phase. The polymer matrix, which is typically a type of plastic, binds the fibers together and helps distribute loads and stresses between them. The fibers, which are usually made from materials such as glass, carbon, aramid, or basalt, provide strength and stiffness to the composite. This combination results in a material that is lightweight, strong, and durable, making FRP composites popular for use in a variety of applications, including aerospace, automotive, marine, and construction industries.


The Fiber Reinforced Polymer (FRP) composites market is experiencing rapid growth, characterized by the incorporation of fibers such as glass, carbon, or aramid embedded in a polymer matrix to create a lightweight and strong material. FRP composites are widely used in various industries, including aerospace, automotive, construction, and sports equipment, due to their high strength-to-weight ratio, corrosion resistance, and durability. The market is expected to grow in the coming years due to increased demand for lightweight and high-performance materials.


The COVID-19 pandemic significantly impacted the global economy, affecting the production and supply of FRP composites. Many FRP manufacturing facilities had to shut down, resulting in decreased production rates temporarily. Additionally, the shutdown of various industries' manufacturing facilities caused a shortage of FRP worldwide. These unprecedented times had affected multiple sectors, causing a dip in the availability of FRP composites.


Fiber Reinforced Polymer (FRP) Composites Market Trends


Growing Adoption of Electric Vehicles is Encouraging FRP Composites Market Growth


The switch to electric vehicles is driving the demand for Fiber Reinforced Polymer (FRP) composites in the market. These composites are lightweight, durable, and offer a high strength-to-weight ratio, making them a perfect fit for the automotive industry. As the world is moving toward more sustainable and eco-friendly means of transportation, the demand for electric vehicles is on the rise, and so is the demand for FRP composites. As per a study conducted by the IEA, electric car sales in 2022 are more than 10 million, with the share of electric cars increasing from 4% in 2020 to 14% in 2022. Such growth is also expected in the coming years.


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Fiber Reinforced Polymer (FRP) Composites Market Growth Factors


Increasing Demand for GFRP Composites in Transportation to Drive Market Growth


The market for glass fiber reinforced polymer (GFRP) composites is witnessing growth due to the increasing demand in the construction and transport sector. The lightweight and high-strength properties of GFRP composites make them a popular choice for automotive, aerospace, and marine applications. This results in fuel efficiency and reduced emissions, making it an attractive option for environmentally conscious consumers.


The demand for glass fiber reinforced polymer (GFRP) composites has been on the rise in recent years due to their superior properties compared to traditional materials. Glass fiber reinforced polymer (GFRP) composites are lightweight, have high strength, and excellent corrosion resistance. This makes them an ideal choice for a transportation application. As the benefits of glass fiber reinforced polymer (GFRP) composites become more widely recognized, the demand for these materials is expected to continue to increase in the years ahead.


RESTRAINING FACTORS


High Cost of Raw Material Restraining the Fiber Reinforced Polymer (FRP) Market Development


The market is facing a significant challenge due to the high cost of raw materials. This challenge is limiting the Fiber Reinforced Polymer (FRP) composites market growth as manufacturers struggle to maintain competitive pricing while ensuring profitability. Despite the many advantages of FRP composites, such as their high strength and durability, the cost issue emerges as a major obstacle for the industry. As a result, companies are exploring various options to reduce costs and improve efficiency, including alternative raw materials and new manufacturing processes. Thus, higher prices of raw materials retrain the growth of the market during the forecast period.


Fiber Reinforced Polymer (FRP) Composites Market Segmentation Analysis


By Type Analysis


Glass Fiber-reinforced Polymer Segment Holds a Dominant Share as it is Suitable for a Variety of Applications


Based on type, the market is segmented into Glass Fiber-reinforced polymer, Carbon Fiber-reinforced Polymer, and others. The Glass Fiber-reinforced Polymer (GFRP) segment dominates the FRP composites market, experiencing high demand for GFRP products across various industries such as construction, automotive, and aerospace. GFRP composites offer numerous benefits, including a high strength-to-weight ratio, corrosion resistance, and design flexibility. These advantages have led to a surge in demand for GFRP composites, which is expected to continue in the coming years.


The Carbon Fiber-reinforced Polymer (CFRP) segment is growing significantly in the FRP composites market. With its exceptional strength, stiffness, and lightweight properties, CFRP is increasingly being used in a wide range of applications, from aerospace to automotive and construction. The impressive performance of Carbon Fiber-reinforced Polymer (CFRP) has made it an attractive alternative to traditional materials such as steel and aluminium, which are not as strong or lightweight.


Furthermore, the growing demand for fuel-efficient vehicles and increasing environmental regulations have resulted in a surge in the adoption of CFRP in the automotive industry. The use of Carbon Fiber-reinforced Polymer (CFRP) in vehicles reduces weight, which in turn improves fuel efficiency and reduces emissions. This has prompted automotive manufacturers to invest heavily in CFRP technology, further driving the growth of the market.


By Application Analysis


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Transportation Segment Secures the Major Share Owing to Growing Consumption from Automotive Industry


Based on application, the market is fragmented into transportation, construction, electronics, sports & leisure, and others.


The transportation segment accounts for the major Fiber Reinforced Polymer (FRP) composites market share. These lightweight and durable materials are used in various applications, including body panels, underbody shields, and structural components, contributing to fuel efficiency, reduced emissions, and improved safety in the automotive sector. Moreover, the demand for FRP composites in the automotive industry is expected to grow in the coming years, driven by the need to meet stringent regulations and the growing trend toward electric vehicles. Manufacturers are investing heavily in R&D to develop innovative solutions that offer higher performance at a lower cost. Due to the increasing benefits of these materials, the automotive segment will continue to dominate the FRP market.


The construction industry is rapidly adopting Fiber Reinforced Polymer (FRP) composites due to their exceptional strength, durability, and lightweight characteristics. These materials are being used in various applications, such as reinforcing concrete, improving seismic resistance, and as cladding materials for buildings. The use of FRP composites in construction has many advantages, including reduced maintenance costs, improved safety, and increased lifespan of structures. Moreover, the construction segment in the FRP market is expected to grow significantly in the coming years, driven by the increasing demand for sustainable and cost-effective solutions. As a result, manufacturers are investing in R&D to develop new products that cater to the specific needs of the construction industry. With the growing awareness of the benefits of FRP composites, the construction segment is rapidly growing in the FRP market.


Similarly, the FRP composites market is experiencing positive growth in certain industries, such as electronics and sports. In the electronics industry, Fiber Reinforced Polymer (FRP) composites are used to manufacture printed circuit boards. In contrast, in the sports industry, they are used to make equipment such as hockey sticks, tennis rackets, and more. With the constant need for innovation and improvement, more and more companies are turning to Fiber Reinforced Polymer (FRP) composites to gain a competitive edge.


REGIONAL INSIGHTS


Based on geography, the market is divided into Latin America, Asia Pacific, North America, the Middle East & Africa, and Europe.


Asia Pacific Fiber Reinforced Polymer (FRP) Composites Market Size, 2023 (USD Billion)

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Asia Pacific is a significant contributor to the FRP composites market, holding a major share on account of the growing demand for lightweight and fuel-efficient vehicles coupled with rapid infrastructure development in the region. With the rise in population and economic growth, the region is witnessing a surge in construction activities, leading to a greater demand for Fiber Reinforced Polymer (FRP) composites in building and construction applications. Moreover, the increasing industrialization and urbanization are expected to drive the demand for FRP composites in various sectors, such as aerospace, defense, and transportation.


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The market in North America is expected to witness significant growth in the coming years. The U.S. is a major contributor to the material market in North America, accounting for a considerable share of the region's overall market.  This is due to the increasing adoption of FRP composites in various end-use industries such as automotive, construction, and aerospace. The benefits of FRP composites, such as their lightweight, high strength, and durability, make them an ideal choice for many applications. Furthermore, the region has a well-established infrastructure for the manufacturing and distribution of Fiber Reinforced Polymer (FRP) composites, which further supports the market growth. As the demand for FRP composites continues to rise, manufacturers are investing in research and development to introduce new products and improve existing ones. This is a positive sign for the future of the FRP composites market in North America.


The market is also experiencing a growing demand in Europe. Moreover, the stringent regulations related to carbon emissions in Europe are driving the demand for lightweight materials, which is further boosting the demand for FRP composites. The region, with well-established automotive and aerospace industries, serves as significant consumers of Fiber Reinforced Polymer (FRP) composites. Manufacturers are focusing on developing new products to cater to the growing demand and provide cost-effective solutions to their customers. With the increasing demand and innovation in the FRP composites market, Europe is expected to witness significant growth in the years to come.


The FRP composites market is also witnessing positive growth in Latin America and the Middle East & Africa. In Latin America, the growing demand for Fiber Reinforced Polymer (FRP) composites is driven by the increasing use of these materials in the construction and infrastructure industries. The benefits of FRP, such as high strength, durability, and resistance to corrosion, make them an ideal choice for these applications.


List of Key Companies in Fiber Reinforced Polymer (FRP) Composites Market


Key Players Focus on Acquisition and Expansion Strategies to Increase their Market Share


The market's competitive landscape reflects consolidation and intense competition. Leading global players have made substantial investments in research and development to enhance technological advancements and improve product output. Growth strategies employed by market leaders include prioritizing superior operational efficiency and pioneering technology development. Moreover, major players are actively engaged in acquisition and expansion strategies to augment their market share.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • May 2023 – Avient Corporation expanded its production line for OnForce and Complēt long fiber reinforced thermoplastic composites in Asia Pacific. This new line will help the company meet the increasing demand related to composite materials.

  • May 2022 – Avient Corporation launched Bio-Based polymer solutions for medical applications, aiming to capture more market share in the composite market.

  • May 2022 – Hexcel Corporation launched a new product, namely, the HexPly Nature Range. This newly launched product is made with bio-derived resin content with natural fiber reinforcements. This product addresses demands in automotive, marine, wind energy, and winter sports applications.


REPORT COVERAGE


An Infographic Representation of Fiber Reinforced Polymer Composites (FRP) Market

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The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading end-use industries. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.


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Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 7.6% during 2024-2032



Unit



Value (USD Billion), Volume (Kilo Ton)



Segmentation



By Type



  • Glass Fiber-reinforced Polymer

  • Carbon Fiber-reinforced Polymer

  • Others



By Application



  • Transportation

  • Construction

  • Electronics

  • Sports & Leisure

  • Others



By Region



  • North America (By Type, Application, and Country)

    • U.S.  (By Application)

    • Canada (By Application)



  • Europe (By Type, Application, and Country)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • U.K. (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Type, Application, and Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Type, Application, and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  •  Middle East & Africa (By Type, Application, and Country)

    • UAE (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa (By Application)








Frequently Asked Questions

According to Fortune Business Insights, the global market size was USD 91.21 billion in 2023 and is projected to reach USD 189.80 billion by 2032.

Growing at a CAGR of 7.6%, the market will exhibit steady growth in the forecast period (2024-2032).

The transportation segment is the leading application segment of the market in 2023.

Increasing use in the transportation industry is the key factor driving the market.

SGL Carbon, Avient Corporation, Hexcel Corporation, ASAHI YUKIZAI CORPORATION, Owens Corning, Mitsubishi Chemical Group Corporation, Park Aerospace Corp., NIPPON STEEL Chemical & Material Co., Ltd., TORAY Industries, Inc., TEIJIN Limited are the top players in the market.

Asia Pacific held the largest market share in 2023.

Rising demand from the transportation and construction industries supports product adoption.

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