Fiber Reinforced Polymer (FRP) Panels & Sheets Market Size, Share, Growth, and Industry Analysis, By Type (Carbon Fiber Reinforced Polymer (CFRP), Glass Fiber Reinforced Polymer (GFRP), Boron Fiber Reinforced Polymer (BFRP), Aramid Fiber Reinforced Polymer (AFRP)), By Application (Recreational Vehicles, Building & Construction, Trucks & Trailers, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Fiber Reinforced Polymer (FRP) Panels & Sheets Market REPORT OVERVIEW

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The global fiber reinforced polymer (FRP) panels & sheets market size was 815.6 million in 2022 and will touch USD 1337 million by 2031, at CAGR of 5.3% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, fiber reinforced polymer (FRP) panels & sheets experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Fibre-reinforced plastic (FRP; additionally referred to as fiber-reinforced polymer or fiber in American English) is a matrix of polymers reinforced with fibers. Glasses (in fibreglass), carbon, especially the basalt are the most common fibers.

They can be installed directly on masonry surfaces or as drop-in ceilings. The FRP panels is uniquely designed to give superior physical and mechanical qualities as well as durability, ease of maintenance, and sanitation. The increasing need for high-performance, portable and durable composites for use in the automobiles transportation, and aerospace industries is driving market expansion. Improved high-strength plastics are also in high demand in current infrastructure and construction projects. 

COVID-19 Impact: Interruption in Services to Deplete Market Growth

The worldwide economic slowdown, supply chain uncertainties, logistics challenges, and personnel shortages resulting from the COVID-19 pandemic have had a devastating impact on major verticals such as aerospace, automotive, building & construction, gadgets, and others. As a consequence, manufacturing activity has declined significantly in most countries of the world. These developments, combined with the temporary closure of construction projects, have resulted in decreased requests over fiber reinforced polymer (FRP) panels & sheets. Despite the hurdles imposed the fiber reinforced polymer (FRP) panels & sheets market share is expected to grow rapidly through 2027.

The COVID-19 pandemic was having a significant impact on the majority of end-use industries, including aerospace and defense, recreational vehicles, marine, transportation, and construction and building, where fiber reinforced polymer (FRP) panels & sheets are employed due to their portable advantage as well as higher strength when compared with traditional panels and sheets. COVID-19 is still expanding, encircling the key economies and disrupting the market. 

LATEST TRENDS

"Research and Developmental Activities to Stimulate Market Development  "

Market participants are pursuing a variety of strategies to further their development and expansion ambitions, including collaborations, mergers and acquisitions mergers, and partnerships.

These tactics also allow businesses to broaden their product offerings. Manufacturers are also focusing on research and development and innovative products to expand their product offering. To address the growing demand for fiber reinforcing plastic panels and sheets, several companies may establish additional production units or enhance manufacturing capacity at existing ones. Manufacturers' ongoing development will have a beneficial impact on market trends between 2021 and 2027.

Fiber Reinforced Polymer (FRP) Panels & Sheets Market SEGMENTATION

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• By Type

Based on type; the market is divided into carbon fiber reinforced polymer (CFRP), glass fiber reinforced polymer (GFRP), boron fiber reinforced polymer (BFRP), aramid fiber reinforced polymer (AFRP)

Carbon fiber reinforced polymer (CFRP), is the leading part of the type segment.

• By Application

Based on the application; the market is divided into recreational vehicles, building & construction, trucks & trailers, others

Recreational vehicles is the leading part of the application segment.

DRIVING FACTORS

"Building and Construction Industries to Aid Market Expansion "

The building and construction industry will account for a sizable portion of the fiber reinforced polymer (FRP) panels & sheets market growth throughout 2027. Polymers and composite materials having exceptional physical properties play a vital role in modern building. As the urban population grows rapidly, so does the demand for long-lasting and sustainable infrastructure, particularly in emerging countries. The increase in government expenditures in infrastructure improvements and affordable housing options, as well as the resulting increase in the amount of building for both residential and commercial purposes, will provide the industry with a robust growth outlook.

"Newer Opportunities in Electronics and Consumer Goods to Foster Industry Progress "

The FRP panels and sheets business will profit from new opportunities in electronics and consumer goods. Composites made of reinforcing fibers that include carbon fiber, fibers of glass, aramid fiber, and others are known as FRPs. These materials have a high specific strength, excellent corrosion resistance, long durability, a high thermal expansions coefficient, and a capacity to withstand extreme circumstances.

RESTRAINING FACTORS

"Cost of Manufacturing the Finished Product to Limit the Market Evolution "

However, various constraints are limiting the worldwide acid proof lining market growth. The cost of manufacturing the finished product is expensive, which will either cause market setbacks or growth. Furthermore, the availability of various low-cost alternatives is projected to stifle the market expansion.

Fiber Reinforced Polymer (FRP) Panels & Sheets Market REGIONAL INSIGHTS

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"Existence of Renowned Automotive Industries in North America to Support Market Advancement "

The North America fiber reinforced polymer (FRP) panels & sheets market is expected to grow significantly in the future years. The existence of renowned automotive and aerospace industries working on increased fuel economy through weight reduction drives regional product demand. The fiber reinforced polymer (FRP) panels & sheets solutions are preferred for aerospace and automotive components because they are exceptionally durable and lightweight. As airlines, automakers, and OEMs scale up production to meet global demand, regional fiber reinforced polymer (FRP) panels & sheets vendors are set to benefit greatly.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Crane Composites (U.S.)
• Glasteel (U.S.)
• U.S. Liner Company (U.S.)
• Brianza Plastica SpA (Italy)
• Optiplan GmbH (Germany)
• Polser Fiberglass Reinforced Plastics (Turkey)
• Panolam Industries International (U.S.)
• LAMILUX Heinrich Strunz Group (Germany)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.