A Look into Fiber Reinforced Polymer Composites Industry……Deep Analysis…..

Posted by Mrudula Anil Karmarkar on December 23rd, 2020

The global fiber reinforced polymer (FRP) composites market is anticipated to reach USD 282.9 billion by 2025, according to a new report by Grand View Research, Inc. Numerous properties such as strength, flexibility, conductivity, and low cost offered by FRP products are anticipated to boost the industry growth over the forecast period.

Halted manufacturing activities across various end-use industries has led to weakened demand for specialty polymers. The prevailing macroenvironment due to the pandemic shall register indications of recovery depending on the course of COVID-19's prevalence and subsequent resuming of manufacturing activities. The report will account for Covid19 as a key market contributor.

The global players present in the market are collaborating with research agencies for developing new & improved synthetic and natural fiber-based reinforced polymer to gain a competitive edge over other companies. The players are also trying to develop new manufacturing techniques to reduce the production cost and increase production capacity.

Glass fiber reinforced polymer (GFRP) composites dominated the overall market with over 65% market share in 2016. The product is relatively cheaper and can be economically fabricated using different manufacturing techniques. GFRP is preferred over other FRP composites in applications or products that require high conductivity.

Basalt FRP composites market is expected to grow at a steady rate over the forecast period. Basalt is found in volcanic rocks, which originate from the frozen molten rock. They have a better tensile strength in comparison to GFRP composites. Basalt fibers replace glass fibers owing to their high strength in the engineering and transport applications.

Further key findings from the report suggest:

  • The global fiber reinforced polymer (FRP) composites industry was valued at USD 114.13 billion in 2016. The market is anticipated to reach USD 282.97 billion by 2025, denoting a CAGR of 10.7% from 2017 to 2025.
  • Automotive segment dominated the overall industry in 2016 owing to various advantages provided by the product such as low weight & cost and enhanced mechanical properties
  • Construction segment was ranked at the second position in 2016 owing to various mechanical properties such as strength and corrosion resistance offered by the product
  • North America and Europe together dominated the global FRP composites market in 2016
  • The Asia Pacific is expected to be the fastest-growing region, grabbing over 20% of the overall industry share by 2025. The region is projected to denote a CAGR of 11.5% over the forecast period.
  • The industry is highly competitive in nature with the presence of several global players
  • Some of the key players operating in the industry are 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

The global fiber reinforced polymer (FRP) composites market size was worth USD 114.13 billion in 2016. FRP composites offer several features such as ease of shaping, strength, fatigue resistance, high stiffness, and low density over steel and other nonferrous metals. The growing demand for corrosion-free concrete reinforcing materials in various end-use applications is expected to boost the market over the forecast period.

The composites are becoming a popular alternative to various ferrous and nonferrous metals. Composites are manufactured by combining plastic polymer resin and reinforcing fibers. The end product retains unique properties such as strength & stiffness of the raw materials used, resulting in enhanced overall performance of the product.

The U.S. market was valued at USD 21.38 billion in 2016 and is predicted to ascend at a CAGR of 11.3% from 2017 to 2025. Major companies in the market are collaborating with various research agencies for exploring bio-based FRP in which either the reinforcement fibers or polymer matrix, or both are obtained from different renewable resources.

The global players present in the industry are investing in the development of new and innovative techniques for manufacturing cost-effective composites. Earlier Europe was a major producer of the product, however, over the last decade, there has been a clear shift toward the Americas and Asia, especially in India, China, Brazil, and the U.S.

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The industry is highly competitive in nature with the presence of several global market players. The global players are investing in the research & development activities for innovating and producing new reinforced polymers to gain a competitive edge. Some of the global players operating in the industry 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.

Grand View Research has segmented the global fiber reinforced polymer (FRP) composites market into fiber type, application, and region: 

Fiber Type Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)

  •          Glass Fiber Reinforced Polymer (GFRP) Composites
  •          Carbon Fiber Reinforced Polymer (CFRP) Composites
  •          Basalt Fiber Reinforced Polymer (BFRP) Composites
  •          Aramid Fiber Reinforced Polymer (AFRP) Composites
  •          Others

Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)

  •          Automotive
  •          Construction
  •          Electronic
  •          Defense
  •          Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

 

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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