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FRP panels stand for fiberglass reinforced plastic panels. The raw material such as fiberglass, polyester resin, epoxy resin, and filers are used in the manufacturing of FRP panels. They can be easily customizable and available in a variety of colours based on the application needed. They can adhere directly to plywood or gypsum walls with different trowel-on adhesives. Additionally, the FRP panels do not rot, corrode, or conduct electricity and heat. They are ideal for providing toughness, water-resistant, easy to install, durability, and easy to maintain properties. This leads to a surge in its demand in a wide range of applications such as automotive, building & construction, aerospace, and marine.
The rapid growth in the building & construction industry will boost the consumption of fiberglass reinforced plastic panels. The product provides a variety of abstract prints, woodgrain, visual textures, and plus tactile. In the building & construction industry, FRP panels highly find its use in the interior and exterior wall panels, pedals, partitions, door panels, and cold storage. It also helps in enhancing hospital rooms, classrooms, offices, waiting rooms, corridors, hallways, recreational areas, and dining rooms. The innovation in the panels coupled with rapid growth in the construction industry will surge the product demand. Hence, rising demand will fuel fiberglass reinforced plastic panels market growth during the forecast timeline.
However, the less awareness amongst the people regarding the use and benefits of FRP panel is restricting its adoption in various applications. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
The rising demand for FRP Panel in building & construction industry to drive the market growth.
Key Market Restraint -
Less awareness of the FRP Panel to restrict the market growth
Based on raw material, the FRP panels market is segmented into fiberglass, polyester resin, epoxy resin, filers, and others. Based on application, the market is segmented into automotive, building & construction, aerospace, marine, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the FRP panels market include Fiber-Tech Industries, Inc., Crane Composites, Lowe's, POLSER INC., MaxGrate, Qingdao CIMC Composites Co., Ltd., Nudo, Everest Composites Pvt. Ltd., Panolam Industries International, Inc., and Marlite.
Asia Pacific is anticipated to witness the highest growth in the FRP Panel market. The rapidly growing building & construction industry has surged product demand. Further, increasing the adoption of polyester and epoxy resin in the manufacturing of FRP panels will fuel the market growth in this region. In Europe, growth is due to the rising adoption of the product in the automotive industry. The rising use of the product in the aerospace industry will fuel the market growth in North America, in which the US and Canada are the leading countries. The Middle East & Africa is anticipated to witness significant growth, owing to the adoption of the product in the marine industry.
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