FRP Panels & Sheets Market: Demand Analysis and Growth Forecast:
Fiber reinforced plastics (FRP) is a combination of two or more materials, generally fibers with polymer matrix materials. Such amalgamation enhances the panels with consistent properties such as high strength, low weight, and high resistance to corrosion. On the basis of such traits, FRP panels and sheets find employment in various flourishing sectors such as transportation, construction, electrical and electronics, industrial, and aerospace. Volatile prices of steel and demand for a light-weight material with high resistance to impact and corrosion is driving the market. As per the market outlook has foreseen by the IndustryARC’s business intelligence report, there will be a profitable progression in the global FRP panels & sheets market during the forecast period of 2019 to 2024.
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(2019 - 2024)”
Automotive Industry at the Forefront of Demand Generation
Automotive and original equipment manufacturers are stroking the market with opportunities by their demand for a material with weight advantages to promote fuel efficiency and curb carbon emission. FRP meets the criteria and also offers high tensile strength and stiffness than contemporary steel. Apart from these, the flourishing recreational vehicle sector is also set to propel the market. Increasing disposable earnings and gaining popularity of outdoor activities are supporting these trends.
In the construction sector, FRP sheets and panels find extensive applications in the roof panel, interior, and side wall panels. FRP is also functional to reinforce the beams, columns, and slabs of infrastructures and bridges. Linear panels are economical and durable and are applied in walls and ceilings and also where sanitation standards are to be taken care of because it repels dirt and stains. Corrugated sheets are suitable for warehouse, port amenities, and wastewater treatment infrastructures.
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The aerospace sector employs FRP sheets and panels because of its weight advantage and flexible properties, which meets the design requirements in the manufacturing of rudders, cabin, and cargo hold furnishings and wings. And the transportation sector utilizes it because of its ability to increase truck and trailer cubage (area), giving a larger capacity to cargos as the FRP trailers do not require internal posts. Larger cargo capacity supplements more revenue generation.
North America Dominates FRP Panels and Sheets Market
As per the regional insights in the IndustryARC market research report, North America will dominate the demand in the near future, with the U.S contributing the most prominent share. Rise in the industrialization and increase in demand for these sheets and panels in the building and construction sector in this region is the factor supporting such dominance. North America is followed by the APAC region with countries such as India and China fueling the demand for panels and sheets for their flourishing construction and industrialization sectors. The market in this research report is segmented under the types of fiber which includes glass, basalt, carbon, aramid, asbestos, and under the types of resins including thermoset and thermoplastic. Under the fiber, glass and carbon sub-segments are leading the market because of their applications in aerospace and construction sectors mainly.
Global FRP Panels and Sheets Market: Competitive landscape
A number of major companies that are ahead of the curve in this market are profiled in IndustryARC’s report, including Crane Composites, Inc. (U.S), Kalwall Corporation (U.S), Polser FRP Panels Inc (Turkey), and Strongwell Corporation (U.S). The major trends followed by companies to sustain in this competitive landscape are collaborations, mergers and acquisitions, geographical expansion, and development of new products. These manufacturers make different types of panels and sheets and plastic laminates such as linear and corrugated to be implemented in various end-user industries.
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As per the market analysis, application of FRP panels and sheets as a replacement of steel by various sectors is the prime growth driver of the market. Such composite material is in demand by various industries such as construction, aerospace, automotive and transportation. The ability of FRP panels and sheets to absorb double impact than the traditional steel and hence upgrade the safety standards of products is stroking greater uptake. Apart from these, the other areas of application are commercial kitchens, public restrooms, hospitals, schools, restaurants, car washes, meat, and dairy facilities, coolers and freezers, supermarkets, clean rooms, and laboratories. Such a wide range of applications are forecasted to push the market toward exponential growth.
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