Global Fiber-reinforced Polymer (FRP) Composites Market Size Booming to Touch USD 385.79 Billion by 2029
In its recent study, BlueWeave Consulting, a leading strategic consulting, and market research firm, estimated the global fiber-reinforced polymer (FRP) composites market size at USD 238.7 billion in 2022. During the forecast period between 2023 and 2029, the global fiber-reinforced polymer (FRP) composites market size is projected to grow at an impressive CAGR of 7.21% reaching a value of USD 385.79 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global fiber-reinforced polymer (FRP) composites market size at USD 238.7 billion in 2022. During the forecast period between 2023 and 2029, the global fiber-reinforced polymer (FRP) composites market size is projected to grow at an impressive CAGR of 7.21% reaching a value of USD 385.79 billion by 2029. Expanding automotive and consumer electronics manufacturing in nations like China and India is one of the key driving reasons for the global fiber-reinforced polymer (FRP) composites industry. Government spending on infrastructure development is also contributing to the growth in the market for FRP composites.
Global Fiber-reinforced Polymer (FRP) Composites Market – Overview
Fiber-reinforced Polymer (FRP) is a composite material composed of a polymer matrix reinforced with fibers. The most common fibers used are glass, carbon, or aramid, although other fibers, such as paper, wood, or asbestos, have occasionally been utilized. Fibers and a polymer matrix are the two main building blocks of FRP composite materials. FRP enables the alignment of thermoplastics' glass fibers to meet specified design objectives. The strength and resistance to deformation of the polymer can be increased by specifying the orientation of the reinforcing fibers.
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Global Fiber-reinforced Polymer (FRP) Composites Market – By Application
Based on application, the global fiber-reinforced polymer (FRP) Composites market is segmented into automotive, construction, firefighting, electronics, defense, and others. The construction sector accounts for the largest market share, as these materials offer a wide range of applications in this industry. Fiber-reinforced polymers are prominently used as reinforcements in concrete structures and underwater piping to prevent corrosion and impact. The automotive industry also covers a substantial market share owing to expanding automobile production, particularly in China and India, as they are used for the production of low-cost and light automobile parts.
Impact of COVID-19 on the Global Fiber-reinforced Polymer (FRP) Composites Market
The COVID-19 pandemic negatively impacted the growth of the global fiber-reinforced polymer (FRP) composites market. The lockdown implemented by the governments of various economies to curb the spread of the virus halted the operations of the end user sectors, particularly in the construction and automobile industries. In addition, constraints on FRP composites' production processes and supply networks themselves resulted in a severe scarcity of supplies, even after the pandemic, forcing the producers to suffer significant losses. However, the market is projected to pick up its pace during the forecast period as industries resume their operations.
Competitive Landscape
Major players operating in the global fiber-reinforced polymer (FRP) Composites market include American Fiberglass Rebar, American Grating, LLC, Engineered Composites Ltd., B&B FRP Manufacturing Inc., TUF-BAR, FRP Composites Inc., Ten Cate NV, Zoltek Companies, Inc., Hyosung Corporation, Mitsubishi Rayon Co., Ltd., SGL Group, and DowAksa. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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