Fiber Reinforced Polymer Market Overview
The Global Fiber Reinforced Polymer Market is predicted to reach at a high CAGR of 8.1% during the forecast period (2024-2031).
Fiber reinforced plastic is a composite material consist of a polymer matrix reinforced with fibers. The fibres are usually carbon, glass aramid, or basalt. Rarely, other fibres such as paper, asbestos or wood have been used. The expanding utilization of fiber reinforced polymer in engineering applications because of its mechanical properties to obtain significant accomplishments in the safety, functionality and economy of construction is also driving the market growth.
The selection of fiber reinforced polymer materials (FRPs) within the construction area has historically been limited to lightweight non-structural elements such as cladding and sanitary items. More recently, the application of FRPs as main structural members has seen a resurgence. Bridges constructed entirely of FRP are now being installed, with asset buyers recognizing the associated benefits.
Market Scope
| Metrics | Details |
| Market CAGR | 8.1% |
| Segments Covered | By Type, By End-User and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Largest Market Share | Asia Pacific |
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Market Dynamics
The global fiber reinforced polymer market growth is driven by increasing demand from the construction sector and growing demand for the lighter materials.
Increasing demand from the construction sector
The global fiber reinforced polymer market is being driven by the increasing demand from the construction sector. According to the industry analysis, construction advances up around 30 %of the total market for FRP composites. The developing demand can be credited to the favourable properties of the product, especially its exceptional corrosion resistance property. It is maturing as a successful alternative to numerous ferrous and nonferrous metals. The projected growth of FRPs for structural applications in the construction sector is expected to rise with UK Composites Strategy 2016 (Composite Leadership Forum, 2016). In addition, various technological advancements will deliver polymers a much more attractive solution.
Various industries and research communities aim to produce fiber reinforced plastic materials that are resistant to damage than existing fiber reinforced polymers. For instance, the recently launched DACOMAT project aims to reveal fiber reinforced plastic materials with a high capacity to defend against damage and fractures, making them suitable for structures demanding high levels of durability. This could result in the enhanced use of such materials in constructions like bridges and other construction areas.
Various companies are coming up with new products developed from FRP to deliver in the booming construction sector. For instance, in 2021- Bedford Reinforced Plastics, a service has announced the launch of ReadySeries, an easy-to-install solution to satisfy access and safety structure needs. ReadySeries is the modular system of this magnitude built of FRP. The system includes industrial platforms, walkways, mezzanines, catwalks, fixed ladders, handrails, stair towers, guardrails, stairs, pedestrian bridges and more for far-reaching configurations.
Growing demand for the lighter materials
Fiber-reinforced composites are strong and light substitutes top the other materials. They are usually stronger than steel and weigh much less. These factors imply the use of composites to make automobiles lighter. Moreover, the fiber-reinforced polymer products offer greater weight saving and thus a better fuel saving than conventional materials such as steel and aluminum.
The automotive industry is moving towards the manufacturing of lighter weight vehicles, which create the demand for the subtitute of lighter weight materials. Vehicle manufacturers are required to reduce the average fuel consumption of vehicles, and this purpose can be met using lightweight products. In addition, expanded demands for eco-friendly and low VOCs products in vehicles intensify the need for fiber reinforced polymer products in the automotive industry.
Undesired properties of the material
The undesired properties of the materials is impacting the fiber reinforced polymer market growth. They usually have a linear elastic response in tension up to failure and a comparatively poor transverse or shear resistance. The materials also have lower resistance to fire and when revealed to high temperatures. The materials lose vital strength upon bending and are sensitive to stress-rupture effects. Moreover, the materials' cost, whether based on force-carrying capacity or per unit weight, is expensive compared to conventional steel reinforcing bars or prestressing tendons.
From a structural engineering perspective, FRP reinforcements' problems are the need for plastic behavior and low shear strength in the transverse direction. Such features may lead to premature tendon rupture, especially when combined forces are present, such as at shear-cracking planes in reinforced concrete beams where dowel action exists. However, it is expected that the unit cost of FRP reinforcements is assumed to decrease significantly with expanded market share and demand. Moreover, some polymers possess problems in recycling and come with certain limitations, such as low stiffness and the rigidity necessary for certain. Moreover, the prices of the fiber-reinforced have been fluctuating, which is creating a negative impact on the market growth.
COVID-19 Impact Analysis on Fiber Reinforced Polymer Market
Due to the pandemic, stakeholders across the fiber reinforced polymer industry have seen a notable impact as all the production work, factories and other activities were closed. As a result, production was hindered by halts and supply chain disruption globally. After the pandemic, the governments still imposed various restrictions, such as working with half the workforce and fewer operating hours hindering the production cycle of the market. The losses were incorporated due to the pause of the constriction activities and fewer demand from the automotive industry. The market conditions (demand & supply) has been unstable in the presents time as an impact of covid-19. The current decline in automotive production, the high initial cost of fibers and technical challenges of the FRP composites are hindering the growth of the market.
On the other hand, demand for fiber reinforced polymer has seen a positive demand from some segments during the outbreak. The COVID-19 pandemic has forced a ramp up of our healthcare infrastructure. For instance, in 2020- Tata Steel has built the Fiber Reinforced Polymer Quarantine Units in India. To help the frontline healthcare professionals in their efforts, Tata Steel is working on developing a 500-bed Greenfield hospital in Kasargod, Kerala, India
Fiber Reinforced Polymer Market Segmentation Analysis
By end-user, the fiber reinforced polymer market is classified into glass fiber reinforced, carbon fiber reinforced, basalt fiber reinforced, aramid fiber reinforced and others.
The glass fiber reinforced polymer market is expected to grow at the fastest CAGR during the forecast period (2023-2030)
Glass fiber reinforced is expected to hold the largest fiber reinforced polymer market in the forecast period. The demand for a low-cost, automated manufacturing process to create complex and customized parts in the aerospace, automotive and wind energy end-user industry is driving the use of additive manufacturing in the glass fiber reinforced polymer market.
Glass polymers composites have a greater strength-to-weight ratio that is an essential factor in automobile manufacturing. Vehicles with high strength and low-weight materials are preferred because of better mileage and lower fuel costs. In various countries, automakers have changed their focus to lightweight vehicle production to meet the regulations. GFRP composites are presently used as a substitute for aluminum and steel in high-end cars. The typical applications of GFRP composites in the transportation industry include doors, headrest back panels, roof panels, luggage bins, windows, seats, and cooling ventilators. These factors are growing the GFRP composites market in the transportation industry and promoting the invention of the latest GFRP composites applications.
Market Geographical Share
Asia-Pacific region holds the largest market for the global fiber reinforced polymer globally
Asia-Pacific region holds the largest market share for the fiber reinforced polymer market globally and is expected to continue its dominance in the forecast period. FRP market in the region is experiencing significant growth due to the rising automotive and construction industries. For instance, Asia-Pacific leads global automobile production in recent years. China is the leading producer of automobiles. The country manufactured almost 20 million passenger cars and 5 million commercial vehicles in 2020. Leading automotive manufacturers in the region are focusing on fiber reinforced polymers for numerous applications. For instance, in 2020- Nissan has announced to improve on the production process for carbon fiber reinforced plastic parts allowing for faster manufacturing. The company aims to use the new process to mass-produce CFRP parts and introduce them in more cars for customers.
The Ministry of Housing and Urban Affairs of India has announced significant investment for the development of 100 cities under the smart cities plan, with the deadline for the projects initiated between 2019 and 2023. The Chinese government is also focused on massive construction plans, with a focus on accommodating an additional 255 million residents in cities by 2050, generating significant scope for construction activity and the fiber reinforced polymer composites market in the region. Hence, the growing applications in the construction sector in the region are expected to create the demand for the fiber reinforced polymer market over the forecast period.
Companies and Competitive Landscape
The fiber reinforced polymer market is highly competitive with the local player’s presence, followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the market's growth are Owens Corning, Miyabifrp Corporate, Mitsubishi Chemical Corporation, B&B FRP Manufacturing, Saint Gobain , Nippon Sheet Glass, SCL Carbon, Aksaca, Glassonweb, AGC Inc, Guardian Industries, Hengshui Jiubo Composites Co. Ltd, Composite & Metal Products USA Inc., Veplas d.d., and others. The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions, and collaborations, contributing to the global growth of the fiber reinforced polymer market.
AGC Inc
Overview: AGC Inc is a world-leading supplier of display glass, automotive, chemicals, ceramics and other high-tech materials and components. The group has over 50,000 employees and have 217 companies.
Product Portfolio: The Company manufactures various types of products for glass, chemicals, ceramics and electronics.
Key Development: In 2021, AGC Inc has announced transferred all of the shares of AGC Matex Co., Ltd., a 100% subsidiary, to Nippon Molymer Co. Ltd.
The global fiber reinforced polymer market report would provide access to an approx: 53 market data tables, 46 figures and 180 pages.
