What is Fiber Reinforced Plastics (FRP) - Global Market?
Fiber Reinforced Plastics (FRP), a composite material made of a polymer matrix reinforced with fibers, is gaining traction in the global market. The fibers are usually glass, carbon, aramid, or other materials, which provide strength and stiffness to the plastic, making it more durable and resistant to various environmental factors. The global FRP market is a dynamic and rapidly evolving field, with numerous applications across various industries. The versatility of FRP, coupled with its superior properties such as high strength-to-weight ratio, corrosion resistance, and durability, has led to its increased adoption in various sectors. However, the market is also characterized by certain challenges, such as the high cost of raw materials and the need for specialized manufacturing processes. Despite these challenges, the global FRP market is expected to grow significantly in the coming years, driven by increasing demand from various end-use industries and advancements in manufacturing technologies.
Glass Fiber Type, Carbon Fiber Type, Aramid Fiber Type, Others in the Fiber Reinforced Plastics (FRP) - Global Market:
The global FRP market is segmented based on the type of fiber used, namely, glass fiber, carbon fiber, aramid fiber, and others. Glass fiber reinforced plastics (GFRP) are the most commonly used type, owing to their low cost, high strength, and excellent resistance to heat, chemicals, and electricity. Carbon fiber reinforced plastics (CFRP) are known for their exceptional strength and light weight, making them ideal for applications where high performance is required. Aramid fiber reinforced plastics (AFRP) offer excellent resistance to heat and chemicals, along with high tensile strength, making them suitable for various industrial applications. Other types of FRP include those reinforced with natural fibers, basalt fibers, and hybrid fibers, each offering unique properties and advantages.
Aerospace, Automotive, Electrical & Electronics, Construction, Others in the Fiber Reinforced Plastics (FRP) - Global Market:
FRP is used in a wide range of applications, including aerospace, automotive, electrical & electronics, construction, and others. In the aerospace industry, FRP is used in the manufacturing of aircraft components, owing to its high strength-to-weight ratio and resistance to corrosion. In the automotive industry, FRP is used in the production of lightweight and fuel-efficient vehicles. In the electrical & electronics industry, FRP is used in the manufacturing of insulators, printed circuit boards, and other components. In the construction industry, FRP is used in the production of structural components, roofing materials, and pipes, among others. Other applications of FRP include marine, sports equipment, and renewable energy, among others.
Fiber Reinforced Plastics (FRP) - Global Market Outlook:
The global FRP market, valued at US$ 35660 million in 2022, is expected to reach US$ 43070 million by 2029, growing at a CAGR of 2.7% during the forecast period 2023-2029. This growth is attributed to the increasing demand for lightweight and durable materials in various industries, along with advancements in manufacturing technologies. The market is dominated by major manufacturers such as BASF, DuPont, SABIC, Toray, Daicel, DSM, and Lanxess, with the top 5 accounting for about 25% of the total market. These companies have a strong foothold in the market, owing to their extensive product portfolios, strong distribution networks, and significant investments in research and development.
| Report Metric | Details |
| Report Name | Fiber Reinforced Plastics (FRP) - Market |
| Forecasted market size in 2029 | US$ 43070 million |
| CAGR | 2.7% |
| Forecasted years | 2023 - 2029 |
| Global Fiber Reinforced Plastics (FRP) market, by region: |
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| Global Fiber Reinforced Plastics (FRP) market, Segment by Type: |
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| Global Fiber Reinforced Plastics (FRP) market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
