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Fiber-Reinforced Polymer (FRP) Composites Market Industry Analysis, Size, Share, Growth, Trends and Forecast, 2022-2030 | (CAGR) of 9.5%

Report Ocean published the latest research report on the Fiber-Reinforced Polymer (FRP) Composites market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Fiber-Reinforced Polymer (FRP) Composites market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

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The global fiber-reinforced polymer (FRP) composites market size was US$ 161.8 billion in 2021. The global fiber-reinforced polymer (FRP) composites market is forecast to grow to US$ 418.2 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.5% during the forecast period from 2022 to 2030.

Fiber-reinforced polymer (FRP) composites offer high flexibility as they are lightweight and corrosion-resistant. In addition, they possess high strength. These composites find wide applications in aerospace, automobile, and civil industries.

Factors Influencing the Market

Growing industrialization is the primary factor driving the fiber-reinforced polymer (FRP) composites market forward. In addition, the amplifying rate of population growth and the growing number of construction activities will fuel the growth of the global fiber-reinforced polymer (FRP) composites market during the forecast period.

Fiber-reinforced polymer (FRP) composites find wide applications in automotive, aerospace, electronics, defense, and other industries. Thus, all of these growing industries will drive the growth of the fiber-reinforced polymer (FRP) composites market during the study period. In addition, growing disposable income and rising employment rate will also prompt the growth of the global fiber-reinforced polymer (FRP) composites market during the study period.

Strict government regulation associated with the use of fiber-reinforced polymer (FRP) composites may limit the growth of the market during the analysis period. On the contrary, innovative strategies by industry players are expected to benefit the market in the coming years. For instance, Teijin and Safran signed a deal to purchase high-performance composite materials in 2020.

COVID-19 Impact Analysis

The wake of the COVID-19 pandemic halted the construction activities. In addition to that, industrialization also witnessed significant drawbacks due to the pandemic, which created a shortage of raw materials. Furthermore, the decline in investments and consumer purchasing power further impacted the growth of the fiber-reinforced polymer (FRP) composites market. The manufacturers in the fiber-reinforced polymer (FRP) composites market also witnessed the unavailability of raw materials due to import-export bans during the pandemic, which hampered the market growth.

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Regional Analysis

The Asia-Pacific fiber-reinforced polymer (FRP) composites market is forecast to emerge as the largest market, owing to rapid urbanization and favourable government policies. In addition to that, rising disposable income will contribute to the growth of the market. Governments in the region are also introducing various projects aiming at infrastructure development, which include roads, dams, and railway networks. Thus, it will drive the market forward. Other factors like expanding middle-class population and changing demographics, will propel the fiber-reinforced polymer (FRP) composites market forward during the forecast period.

Competitors in the Market

  • American Grating, LLC
  • Engineered Composites Ltd
  • American Fiberglass Rebar
  • TUF-BAR
  • FRP Composites Inc.
  • Ten Cate NV
  • Zoltek Companies, Inc.
  • Hyosung Corporation
  • Mitsubishi Rayon Co., Ltd.
  • B&B FRP Manufacturing Inc.
  • SGL Group
  • Other Prominent Players

Market Segmentation

The global fiber-reinforced polymer (FRP) composites market segmentation focuses on Fiber, Application, and Region.

By Fiber Type Outlook

  • Glass FRP
  • Carbon FRP
  • Basalt FRP
  • Aramid FRP
  • Others

By Application Outlook

  • Automotive
  • Construction
  • Electronic
  • Defense
  • Others

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By Regional Outlook

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
  • Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
  • Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
  • South America
  • Brazil
  • Argentina
  • Rest of South America

What factors are taken into consideration when assessing the key market players?

  • The report analyzes companies across the globe in detail.
  • The report provides an overview of major vendors in the market, including key players.
  • Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
  • This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
  • Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.

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