Fiber Reinforced Polymer Composites (FRP) Market Size, Share & Industry Analysis By Product Type (Glass Fiber Reinforced Polymer (GFRP) Composites, Carbon Fiber Reinforced Polymer (CFRP) Composites, Basalt Fiber Reinforced Polymer (BFRP) Composites, Aramid Fiber Reinforced Polymer (AFRP) Composites), By Application (Automotive, Construction, Fire Fighting) and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
FRP composites is a composite material made of polymer matrix that is reinforced with fibre. The fibres used are generally glass, carbon, aramid or basalt. Polymers generally used are epoxy, vinyl ester or polyester plastic. They are generally used in aerospace, automotive, construction, marine and other sectors. It is applicable in Weight-saving, precision engineering applications and simplification of production.
Increasing 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.
However rising concerns about the recyclability of FRP composites is likely to hinder the market growth and industry profitability.
Key Market Driver -
Increase in the demand from automobile and aerospace industry.
Key Market Restraint -
Environmental issues regarding the recyclability.
Market Segmentation:
By product type, the market is segmented Glass Fiber Reinforced Polymer (GFRP) Composites, Carbon Fiber Reinforced Polymer (CFRP) Composites, Basalt Fiber Reinforced Polymer (BFRP) Composites, Aramid Fiber Reinforced Polymer (AFRP) Composites. Based on applications, the market is categorised into Industrial, Chemical, Oil & Paint, Pharmaceutical, Automobile, Others, Commercial, Offices and Buildings, Institutions, Residential Buildings and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The major companies in the Global Fiber Reinforced Polymer Composites are Ten Cate NV , Saint Gobain, Asahi Fiberglass, Owen Corning, Mitsubishi Rayon Co., Ltd , B&B FRP Manufacturing Inc., American Fiberglass Rebar , ; American Grating, LLC and Others.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Fiber Reinforced Polymer Composites Market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Regional Analysis:
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Regionally the Fiber Reinforced Polymer Composites (FRP) is segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa. North America is expected to dominate the FRP composites market. Increasing construction activities in the region is driving the market. Additionally increasing applications of FRP in Aerospace & Defence is likely to boost the market growth. Europe is expected to show significant growth attributed to the increase in the demand for passenger cars and commercial vehicles. Asia Pacific is estimated to show moderate growth due to the growing construction industry in the emerging nations like China, India, South Korea and others. Latin America and Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
Segmentation
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Fibre Reinforced Polymer Composites Industry Development
- 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.
- In January 2016, Saint Gobain Sekurit entered in a joint venture with Corning Incoporated to develop, manufacture and market the light-weight glazing solutions like Corning, Gorilla and other improved solutions for Automotive Sector.
- Ongoing
- 2023
- 2019-2022
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