Fiber Reinforced Polymer Market

SKU: DM3926 | Last Updated On: Oct 01 2021 | No. of Pages: 180 | Available Formats

> Global Fiber Reinforced Polymer Market Expected to reach a high CAGR of 8.1% By 2028: DataM Intelligence

Global Fiber Reinforced Polymer Market is segmented End-User (Electronics, Automotive, Construction, Defense, Others), By Type (Glass Fiber Reinforced, Carbon Fiber Reinforced, Basalt Fiber Reinforced, Aramid Fiber Reinforced, Others), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2021-2028

 

Market Overview

The "Global Fiber Reinforced Polymer Market" is predicted to reach at a high CAGR of 8.1% during the forecast period (2021-2028).

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.

 

 Source: DataM Intelligence Analysis (2021)

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

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

Segment 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 (2021-2028)

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.

 

Source: DataM Intelligence Analysis (2021)

Geographical Analysis

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.

 

Source: DataM Intelligence Analysis (2021)

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.

Why Purchase the Report?

  • Visualize the segmentation of the fiber reinforced polymer market by end-user, type and region, highlighting the key commercial assets and players.
  • Identify commercial opportunities in fiber reinforced polymer by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of fiber reinforced polymer market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The global fiber reinforced polymer market report would provide access to an approx: 53 market data tables, 46 figures and 211 pages.

Target Audience

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  • Research Professionals
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Table of Contents

  1. Global Fiber Reinforced Polymer Market Methodology and Scope

    1. Research Methodology
    2. Research Objective and Scope of the Report
  2. Global Fiber Reinforced Polymer Market – Market Definition and Overview

  3. Global Fiber Reinforced Polymer Market – Executive Summary

    1. Market Snippet by End-User
    2. Market Snippet by Type
    3. Market Snippet by Region
  4. Global Fiber Reinforced Polymer Market-Market Dynamics

    1. Market Impacting Factors
      1. Drivers
        1. Rising R&D and investments in the sector
        2. Growing demand for the lighter materials
      2. Restraints:
        1. Undesired properties of the material
        2. YY
      3. Opportunity
      4. Impact Analysis
  5. Global Fiber Reinforced Polymer Market – Industry Analysis

    1. Porter's Five Forces Analysis
    2. Supply Chain Analysis
    3. Pricing Analysis
    4. Regulatory Analysis
  6. Global Fiber Reinforced Polymer Market – COVID-19 Analysis

    1. Analysis of COVID-19 on the Market
      1. Before COVID-19 Market Scenario
      2. Present COVID-19 Market Scenario
      3. After COVID-19 or Future Scenario
    2. Pricing Dynamics Amid COVID-19
    3. Demand-Supply Spectrum
    4. Government Initiatives Related to the Market During Pandemic
    5. Manufacturers Strategic Initiatives
    6. Conclusion 
  7. Global Fiber Reinforced Polymer Market – End-User

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      2. Market Attractiveness Index, By End-User
    2. Electronics*
      1. Introduction
      2. Market Size Analysis and Y-o-Y Growth Analysis (%)
    3. Automotive
    4. Construction
    5. Defense
    6. Others
  8. Global Fiber Reinforced Polymer Market – By Type

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      2. Market Attractiveness Index, By Type
    2. Glass Fiber Reinforced*
      1. Introduction
      2. Market Size Analysis and Y-o-Y Growth Analysis (%)
    3. Carbon Fiber Reinforced
    4. Basalt Fiber Reinforced
    5. Aramid Fiber Reinforced
    6. Others
  9. Global Fiber Reinforced Polymer Market – By Region
    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
      2. Market Attractiveness Index, By Region
    2. North America*
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. U.S.
        2. Canada
        3. Mexico
    3. Europe
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Germany
        2. U.K.
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
    4. South America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    5. Asia-Pacific
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. China
        2. India
        3. Japan
        4. Australia
        5. Rest of Asia-Pacific
    6. Middle East and Africa
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
  10. Global Fiber Reinforced Polymer Market – Competitive Landscape

    1. Competitive Scenario
    2. Market Positioning/Share Analysis
    3. Mergers and Acquisitions Analysis
  11. Global Fiber Reinforced Polymer Market- Company Profiles

    1. AGC Inc*
      1. Company Overview
      2. Product Portfolio and Description
      3. Key Highlights
      4. Financial Overview
    2. Owens Corning
    3. Miyabifrp Corporate
    4. Mitsubishi Chemical Corporation
    5. B&B FRP Manufacturing
    6. Saint Gobain
    7. Nippon Sheet Glass
    8. Hengshui Jiubo Composites Co. Ltd
    9. Veplas d.d.
    10. SCL Carbon(*LIST NOT EXHAUSTIVE)
  12. Global Fiber Reinforced Polymer Market – Premium Insights

  13. Global Fiber Reinforced Polymer Market – DataM

    1. Appendix
    2. About Us and Services
    3. Contact Us

List of Tables & Figures

List of Tables

Table 1   Global Fiber Reinforced Polymer Market Value, By End-User, 2020, 2024 & 2028 (US$ Million)

Table 2  Global Fiber Reinforced Polymer Market Value, By Type, 2020, 2024 & 2028 (US$ Million)

Table 3  Global Fiber Reinforced Polymer Market Value, By Region, 2020, 2024 & 2028 (US$ Million)

Table 4  Global Fiber Reinforced Polymer Market Value, By End-User, 2020, 2024 & 2028 (US$ Million)

Table 5  Global Fiber Reinforced Polymer Market Value, By End-User, 2020-2028 (US$ Million)

Table 6  Global Fiber Reinforced Polymer Market Value, By Type, 2020, 2024 & 2028 (US$ Million)

Table 7   Global Fiber Reinforced Polymer Market Value, By Type, 2020-2028 (US$ Million)

Table 8  Global Fiber Reinforced Polymer Market Value, By Region, 2020, 2024 & 2028 (US$ Million)

Table 9  Global Fiber Reinforced Polymer Market Value, By Region, 2020-2028 (US$ Million)

Table 10 North America Fiber Reinforced Polymer Market Value, By End-User, 2020-2028 (US$ Million)

Table 11 North America Fiber Reinforced Polymer Market Value, By Type, 2020-2028 (US$ Million)

Table 12 North America Fiber Reinforced Polymer Market Value, By Country, 2020-2028 (US$ Million)

Table 13 South America Fiber Reinforced Polymer Market Value, By End-User, 2020-2028 (US$ Million)

Table 14 South America Fiber Reinforced Polymer Market Value, By Type, 2020-2028 (US$ Million)

Table 15 South America Fiber Reinforced Polymer Market Value, By Country, 2020-2028 (US$ Million)

Table 16 Europe Fiber Reinforced Polymer Market Value, By End-User, 2020-2028 (US$ Million)

Table 17 Europe Fiber Reinforced Polymer Market Value, By Type, 2020-2028 (US$ Million)

Table 18 Europe Fiber Reinforced Polymer Market Value, By Country, 2020-2028 (US$ Million)

Table 19 Asia-Pacific Fiber Reinforced Polymer Market Value, By End-User, 2020-2028 (US$ Million)

Table 20 Asia-Pacific Fiber Reinforced Polymer Market Value, By Type, 2020-2028 (US$ Million)

Table 21 Asia-Pacific Fiber Reinforced Polymer Market Value, By Country, 2020-2028 (US$ Million)

Table 22 Middle East & Africa Fiber Reinforced Polymer Market Value, By End-User, 2020-2028 (US$ Million)

Table 23 Middle East & Africa Fiber Reinforced Polymer Market Value, By Type, 2020-2028 (US$ Million)

Table 24 AGC Inc: Overview

Table 25 AGC Inc: Product Portfolio

Table 26 AGC Inc: Key Developments

Table 27 Owens Corning: Overview

Table 28 Owens Corning: Product Portfolio

Table 29 Owens Corning: Key Developments

Table 30 Miyabifrp Corporate: Overview

Table 31 Miyabifrp Corporate: Product Portfolio

Table 32 Miyabifrp Corporate: Key Developments

Table 33 B&B FRP Manufacturing: Overview

Table 34 B&B FRP Manufacturing: Product Portfolio

Table 35 B&B FRP Manufacturing: Key Developments

Table 36 Saint Gobain : Overview

Table 37 Saint Gobain : Product Portfolio

Table 38 Saint Gobain : Key Developments

Table 39 Nippon Sheet Glass: Overview

Table 40 Nippon Sheet Glass: Product Portfolio

Table 41 Nippon Sheet Glass: Key Developments

Table 42 Hengshui Jiubo Composites Co. Ltd: Overview

Table 43 Hengshui Jiubo Composites Co. Ltd: Product Portfolio

Table 44 Hengshui Jiubo Composites Co. Ltd: Key Developments

Table 45 Veplas d.d: Overview

Table 46 Veplas d.d: Product Portfolio

Table 47 Veplas d.d: Key Developments

Table 48 Mitsubishi Chemical Corporation: Overview

Table 49 Mitsubishi Chemical Corporation: Product Portfolio

Table 50 Mitsubishi Chemical Corporation: Key Developments

Table 51 SCL Carbon: Overview

Table 52 SCL Carbon: Product Portfolio

Table 53 SCL Carbon: Key Developments

List of Figures

Figure 1    Global Fiber Reinforced Polymer Market Share, By End-User, 2020 & 2028 (%)

Figure 2   Global Fiber Reinforced Polymer Market Share, By Type, 2020 & 2028 (%)

Figure 3   Global Fiber Reinforced Polymer Market Share, By Region, 2020 & 2028 (%)

Figure 4   Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 5   Global Fiber Reinforced Polymer Market Y-o-Y Growth, By End-User, 2020-2028 (%)

Figure 6   Electronics: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 7    Automotive: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 8   Construction: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 9   Defense: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 10 Others: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 11  Global Fiber Reinforced Polymer Market Y-o-Y Growth, By Type, 2020-2028 (%)

Figure 12 Glass Fiber Reinforced: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 13 Carbon Fiber Reinforced: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 14 Basalt Fiber Reinforced: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 15 Aramid Fiber Reinforced: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 16 Others: Global Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 17  Global Fiber Reinforced Polymer Market Y-o-Y Growth, By Region, 2020-2028 (%)

Figure 18 North America Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 19 North America Fiber Reinforced Polymer Market Share, By End-User, 2020 & 2028 (%)

Figure 20 North America Fiber Reinforced Polymer Market Share, By Type, 2020 & 2028 (%)

Figure 21 North America Fiber Reinforced Polymer Market Share, By Country, 2020 & 2028 (%)

Figure 22 South America Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 23 South America Fiber Reinforced Polymer Market Share, By End-User, 2020 & 2028 (%)

Figure 24 South America Fiber Reinforced Polymer Market Share, By Type, 2020 & 2028 (%)

Figure 25 South America Fiber Reinforced Polymer Market Share, By Country, 2020 & 2028 (%)

Figure 26 Europe Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 27 Europe Fiber Reinforced Polymer Market Share, By End-User, 2020 & 2028 (%)

Figure 28 Europe Fiber Reinforced Polymer Market Share, By Type, 2020 & 2028 (%)

Figure 29 Europe Fiber Reinforced Polymer Market Share, By Country, 2020 & 2028 (%)

Figure 30 Asia-Pacific Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 31 Asia-Pacific Fiber Reinforced Polymer Market Share, By End-User, 2020 & 2028 (%)

Figure 32 Asia-Pacific Fiber Reinforced Polymer Market Share, By Type, 2020 & 2028 (%)

Figure 33 Asia-Pacific Fiber Reinforced Polymer Market Share, By Country, 2020 & 2028 (%)

Figure 34 Middle East & Africa Fiber Reinforced Polymer Market Value, 2020-2028 (US$ Million)

Figure 35 Middle East & Africa Fiber Reinforced Polymer Market Share, By End-User, 2020 & 2028 (%)

Figure 36 Middle East & Africa Fiber Reinforced Polymer Market Share, By Type, 2020 & 2028 (%)

Figure 37 AGC Inc: Financials

Figure 38 Owens Corning: Financials

Figure 39 Miyabifrp Corporate: Financials

Figure 40 B&B FRP Manufacturing: Financials

Figure 41 Saint Gobain : Financials

Figure 42 Nippon Sheet Glass: Financials

Figure 43 Hengshui Jiubo Composites Co. Ltd: Financials

Figure 44 Veplas d.d: Financials

Figure 45 Mitsubishi Chemical Corporation: Financials

Figure 46 SCL Carbon: Financials

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