Fiber Reinforced Plastic (FRP) Market - Forecast(2022 - 2027)

Report Code: CMR 1386 Report Format: PDF + Excel

Fiber Reinforced Plastic (FRP) Market Overview

Fiber Reinforced Plastic (FRP) market size is forecast to reach $172.2 billion by 2026, after growing at a CAGR of 4.2% during 2021-2026. Fiber Reinforced Plastic (FRP) composite is termed as a polymer that is reinforced with Fiber such as glass fiber, carbon fiber, aramid fiber, basalt fiber, and Others. The major drivers for growth in this market are increasing demand for in the transportation, construction, and electrical and electronics industry owing to its properties like light weight, high strength, resistance to corrosion and others. The epoxy and polyester resin is the foremost preference when it comes to any kind of construction like exterior and interior wall panels, beams, slabs, exterior façade, and others. The Asia-Pacific is expected to remain the largest region by value and volume and it is also expected to experience the highest growth over the forecast period.

COVID-19 Impact

COVID-19 can affect the global economy in three main ways by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outburst of the covid-19 has specified several extraordinary challenges to all manufacturers and production companies. The Fiber Reinforced Plastic (FRP) manufacturer also confronted a lot of difficulties in receiving the workforce as the whole world was under quarantine. The gathering of the raw material and the delivery of the end product all was at stake during the lockdown. The unanticipated outrages have rapidly interrupted the demand and supply chain dynamics were badly hampered.

Fiber Reinforced Plastic (FRP) Market Report Coverage

The report: Fiber Reinforced Plastic (FRP) Market- Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Fiber Reinforced Plastic (FRP) Industry.

By Fiber: Glass Fiber, Carbon Fiber, Aramid Fiber, Basalt Fiber, and Others
By Resin: Thermoplastic (Polyether Ether Ketone (PEEK), Polypropylene, Nylon, Acrylic Resins, Polyamide Resins, PET, Polyphenylene Sulfide (PPS), Polyethylene, Polyurethane, Polyether sulfone, Polyetherimide (PEI), and Others), Thermosetting (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Phenolic, Polyimide Resins, and Others)
By Manufacturing Process: Pultrusion, Vacuum Infusion, Bladder Molding, Compression Molding, Thermoplastic Extrusion, Filament winding, Wet Layup, and Others
By Application: Consumer goods, Paints and coatings, Protective Equipment, Pharmaceutical, Civil Engineering (Dams, Earthworks, Pipelines, Others), Structural applications (Beams, Columns, Bridges, Slabs), and Others
By End Use Industry: Marine, Architectural, Aerospace and Defense, Automotive, Energy, Electrical & Electronics, Medical, Building and Construction, Industrial, and Others
By Geography: By Geography: North America (USA, Canada and Mexico), Europe (UK, France, Germany, Italy, Spain, Russia, Netherlands, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), and RoW (Middle East and Africa).

Key Takeaways

  • Asia Pacific dominates the Fiber Reinforced Plastic (FRP)Market owing to rapid increase in Automotive, Building and construction sector.
  • The market drivers and restraints have been assessed to understand their impact over the forecast period.
  • The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
  • The other key areas of focus include the various applications and end use industry in Fiber Reinforced Plastic (FRP)Market and their specific segmented revenue.
  • Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Fiber Reinforced Plastic (FRP) related industries has been negatively affected, thus hampering the growth of the market. 

Figure: Asia-Pacific Fiber Reinforced Plastic (FRP) Market Revenue, 2020-2026 (US$ Billion)

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Fiber Reinforced Plastic (FRP) Market Segment Analysis - By Fiber

Glass Fiber held the largest share of 38% in the Fiber Reinforced Plastic (FRP) Market in 2020. Glass Fiber is known for its strengthened properties, its composites are used in construction for a host of secondary benefits such as resistance to corrosion, abrasive chemicals, and weather. Government regulations, such as Corporate Average Fuel Economy (CAFÉ) Standards in the US and carbon emission targets in Europe, are pushing load on OEMs to integrate lightweight materials to curb the overall vehicle weight. Besides, United States manufacturers represent about 18% of global production of glass Fiber with an estimation of 1925 million pounds. The rise in demand for glass Fiber in the different sectors will directly impact the growth of Fiber Reinforced Plastic (FRP)Market.

Fiber Reinforced Plastic (FRP) Market Segment Analysis - By Resin

Thermoset held the largest share of 53% in the Fiber Reinforced Plastic (FRP) Market in 2020. A thermosetting resin, or thermoset, is a polymer which cures into a hard shape using curing method such as heat or radiation. The curing process is irreversible as it introduces a polymer network crosslinked by covalent chemical bonds. The most preferred thermosets are epoxy and polyester resin owing to their properties like high strength, low Shrinkage, excellent adhesion to various substrates, effective electrical insulation, chemical and solvent resistance, and low cost and low toxicity. For instance, in 2020 Massachusetts Institute of Technology (MIT) have developed a way to modify thermoset plastics with a chemical linker that makes the materials much easier to break down, but still allows them to retain the mechanical strength that makes them so useful. Whereas, in 2020 Huntsman is all set to acquire CVC Thermoset Specialties, a well-known player in thermoset market and has an annual revenue of $115 million, for $300 million. And the acquisition brings valuable complementary technology breadth to their Advanced Materials portfolio and its unique products will make systems using class-leading epoxy-based materials even tougher, stronger, and more durable. Such high demands and developments will enhance the overall market of Fiber Reinforced Plastic (FRP) in the forecast period.

Fiber Reinforced Plastic (FRP) Market Segment Analysis - By Manufacturing Process

Pultrusion dominates the Fiber Reinforced Plastic (FRP) Market growing at a CAGR of 4.5%. Pultrusion is the manufacturing process that creates continuous lengths of Fiber Reinforced Plastic (FRP) (FRP). It produces a product where cross-sections are constant. Pultruded composite profiles have seen an increase in demand in recent years and for good reason. With the high durability and non-corrosive character traits of glass Fiber Reinforced Plastic (FRP), it is a clear advantage to the customer to select a pultruded profile. This process is accepted by almost all the manufacturer of Fiber Reinforced Plastic (FRP) and have enhance the certain growth of Fiber Reinforced Plastic (FRP)Market.

Fiber Reinforced Plastic (FRP) Market Segment Analysis - By Application

Civil Engineering application dominates the Fiber Reinforced Plastic (FRP)Market growing at a CAGR of 5.4%. Civil Engineering such as construction of Dams, Earthworks, Pipelines, and Others, where Fiber Reinforced Plastic (FRP) is massively used for its properties including high strength, high resistance to fatigue failure, and good resistance to corrosion. There are a massive number of developments, initiatives and investments occurring in the construction sector which indirectly drives the market of Fiber Reinforced Plastic (FRP). For instance, in 2021 Power Construction Corporation of China Limited (PCCCL) has signed US$354.6 million contract by the Pakistan Water and Power Development Authority (WAPDA) for civil works of the 1530MW-Tarbela 5th Extension Hydropower Project. 

Fiber Reinforced Plastic (FRP) Market Segment Analysis - By End Use Industry

Automotive held the largest share in the Fiber Reinforced Plastic (FRP) Market in 2020 up to 43%. A high strength to weight ratio is the holy grail for the automotive industry. Fiber Reinforced Plastic (FRP) is precious as metal alternatives in the frames of lavish automobiles and in truck and trailer body sidings. With advanced fracture points than steel, these strong and light materials also amend fuel consumption while increasing the speed. They are also effortlessly molded to form the desired components. Glass-FRPs are for engine components like the intake manifold, reducing up to 60% of its weight and streamlining the design. Multiple components can be combined, saving costs. Glass FRP are weaker and more pliable compared to carbon FRPs. Motor vehicles represent the leading outlets for FRP composites and will provide the best opportunities for growth in 2026. The automotive industry, for instance, had a production rate of 77.6 million in 2020, according to Organisation Internationale des Constructeurs d'Automobiles (OICA). Also, Indian automotive industry is expected to reach US$ 251.4-282.8 billion by 2026 with the increasing rate of production that will generate demand for a variety of Fiber Reinforced Plastic (FRP) products in the forecast period. 

Fiber Reinforced Plastic (FRP) Market Segment Analysis - Geography

Asia Pacific region held the largest share in the Fiber Reinforced Plastic (FRP) in 2020 up to 46% followed by North America and Europe. The rapid increase in population in the region increases the development rate for automotive and infrastruction sectors. Large investments in infrastructure and increasing usage of lightweight materials have favored the growth of Fiber Reinforced Plastic (FRP)in this region. The fast growth of automotive and construction sector in APAC region, China with automotive production of 25.7million, according to Organisation Internationale des Constructeurs d'Automobiles (OICA) and also has approved 26 infrastructure projects with a total expected investment of US$142 billion whereas, in India The Union Budget allocated US$ 1.88 billion for Smart Cities Mission. Besides, Japan is all set to construct the World’s tallest wooden skyscraper in Tokyo worth US$ 5.6 billion. The fast development in the sectors with increased the demand of Fiber Reinforced Plastic (FRP) in all the sectors in the APAC region. 

Fiber Reinforced Plastic (FRP) Market - Drivers

Carbon Fiber Reinforced Plastic (CFRP) in Aerospace and Defense

Carbon Fiber Reinforced Plastic (CFRP) have long been established for use in the aerospace industry, due to their many exceptional material properties, such as particularly low weight, high-tensile strength and stiffness as well as excellent fire protection capabilities. Additionally, aircraft manufacturers and their suppliers are now also focusing more and more on production efficiency and production speed. CFRP reduce the weight by 25% but ensure equal or greater strength when compared to aluminum sheets. CFRP also allows for complex molded part production, reducing the number of parts by an astonishing 95%. This makes production simpler, faster, and cheaper compared to other materials like steel or cast aluminum. Many giant modern aircraft are made of more than 50% carbon-FRP. Helicopter rotor blades on high-end drones are also increasingly being made using FRPs. For instance, the International Space Station (ISS) circles the earth every 92 minutes. Created by a consortium of 15 nations and five space agencies, it has a currently scheduled construction cost that exceeds $60 billion in 2019. With the increase in the development of the aerospace sector, the demand for CFRP in the sector with certainly enhance the growth rate of Fiber Reinforced Plastic (FRP)Market in the forecast period. 

Basalt Fiber Reinforced Plastic (FRP) in Construction

The use of Fiber reinforced polymer bars in concrete structures have been increased in the construction sector due to their excellent corrosion resistance, high tensile strength and lightweight characteristics. Basalt Fiber based (BFRP) bar is a new type of composite reinforced material and it has obtained broad attention in rehabilitation of concrete structures. Basalt Fibers are made from basalt rocks by way of melting process. It is known that the basalt Fibers have higher ultimate tensile strength than glass Fibers. Compared with glass fiber, carbon fiber and aramid fiber, basalt fiber has good mechanical properties, acid-alkali resistance, excellent electrical properties, high wave permeability, non-conductive, and excellent sound insulation and insulation performance. The new trend and demand of Basalt Fiber in construction and automotive sector with have positive impact on the growth rate of Fiber Reinforced Plastic (FRP). 

Fiber Reinforced Plastic (FRP) Market -Challenges 

Carbon Fiber Reinforced Plastic (FRP) face challenges during the combination of materials

The combination of materials in Carbon Fiber Reinforced Plastic (FRP) (CFRP) includes a resin matrix and carbon fibers exhibits an alarming machining challenge. The surrounding substance is vulnerable to oxidation and degradation from excessive heat, and the carbon fibers don’t slice well because they fracture instead of shearing smoothly. Unlike the machining of metals that manufactures continuous twist on the shear plane to form a chip, the machining of composites results in a series of brittle carbon-fiber fractures producing dust-like chips that carry away very little of the heat generated by machining. This setbacks of CFRP production can hamper the all over growth of Fiber Reinforced Plastic (FRP).

Limitation in recycling Fiber Reinforced Plastic (FRP)

The recycling Fiber Reinforced Plastic (FRP)waste are challenging. The recyclates are compression molded into flat pallets and subjected to mechanical testing, which showed a minimum 50–60% decrease in mechanical properties compared to the original composite. However, the CF recycled particle size decreases, the mechanical property increases. Disrupting their physical integrity by mechanical recycling can lead to economic and Fiber property loss. The limitation with the recycling process certainly to put a negative impact in the growth of Fiber Reinforced Plastic (FRP)Market.

Fiber Reinforced Plastic (FRP) Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Fiber Reinforced Plastic (FRP). Major players in the Fiber Reinforced Plastic (FRP) Market are

  • Strongwell Corporation
  • Creative Pultrusions, Inc.
  • Bedford Reinforced Plastics
  • Fiberline Composites A/S
  • Tribeni Fiber Pvt Ltd
  • American Fiberglass Rebar
  • American Grating
  • LLC
  • Engineered Composites Ltd
  • B&B FRP Manufacturing INC
  • DowAksa. 

Acquisitions/Technology Launches/ Product Launches

  • In April,2021 Bedford Reinforced Plastics (Bedford, Pa., U.S.), a full-service supplier offered an extensive line of fiberglass-reinforced plastic (FRP) products and services, launched the ReadySeries, a quick-ship, easy-to-install modular solution to meet access and safety structure needs. ReadySeries is said to be the first modular system of this magnitude made of FRP.
  • In June 2020 Tata Steel introduced the first-ever Fiber Reinforced Polymer Quarantine Units in India. Tata Steel is supplying a range of modular pre-fabricated Completely Built Units (CBUs) to be used primarily as quarantine and isolation cabins, rest rooms, canteens and other service units within the hospital. They are using Fiber Reinforced Polymer (FRP) to manufacture quarantine units as FRP is positioned as a new-age alternative building material that has compelling pros that makes it a viable mass-production solution for the future. 

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1. Fiber Reinforced Plastic (FRP) Market- Market Overview
    1.1 Definitions and Scope 
2. Fiber Reinforced Plastic (FRP) Market - Executive Summary
    2.1 Key Trends by Fiber
    2.2 Key Trends by Resin
    2.3 Key Trends by Manufacturing Process
    2.4 Key Trends by Application
    2.5 Key Trends by End Use Industry
    2.6 Key Trends by Geography
3. Fiber Reinforced Plastic (FRP) Market – Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Fiber Reinforced Plastic (FRP) Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Fiber Reinforced Plastic (FRP) Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Fiber Reinforced Plastic (FRP) Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
    6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Fiber Reinforced Plastic (FRP) Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. Fiber Reinforced Plastic Market – By Fiber (Market Size -$Million/Billion)
    8.1 Glass Fiber 
    8.2 Carbon Fiber 
    8.3 Aramid Fiber 
    8.4 Basalt Fiber 
    8.5 Others
9. Fiber Reinforced Plastic (FRP) Market – By Resin (Market Size -$Million/Billion)
    9.1 Thermoplastic
        9.1.1 Polyether Ether Ketone (PEEK)
        9.1.2 Polypropylene
        9.1.3 Nylon
        9.1.4 Acrylic Resins
        9.1.5 Polyamide Resins
        9.1.6 PET
        9.1.7 Polyphenylene Sulfide (PPS)
        9.1.8 Polyethylene
        9.1.9 Polyurethane
        9.1.10 Polyether sulfone
        9.1.11 Polyetherimide (PEI)
        9.1.12 Others
    9.2 Thermosetting
        9.2.1 Epoxy Resin
        9.2.2 Polyester Resin
        9.2.3 Vinyl Ester Resin
        9.2.4 Phenolic
        9.2.5 Polyimide Resins
        9.2.6 Others
10. Fiber Reinforced Plastic (FRP) Market- By Manufacturing Process (Market Size-$Million/Billion)
    10.1 Pultrusion
    10.2 Vacuum Infusion
    10.3 Bladder Molding
    10.4 Compression Molding
    10.5 Thermoplastic Extrusion
    10.6 Filament winding
    10.7 Wet Layup
    10.8 Others
11. Fiber Reinforced Plastic (FRP) Market- By Application (Market Size-$Million/Billion)
    11.1 Consumer goods
    11.2 Paints and coatings
    11.3 Protective Equipment
    11.4 Pharmaceutical
    11.5 Civil Engineering
        11.5.1 Dams
        11.5.2 Earthworks
        11.5.3 Pipelines
        11.5.4 Others
    11.6 Structural applications
        11.6.1 Beams
        11.6.2 Columns
        11.6.3 Bridges
        11.6.4 Slabs
    11.7 Others
12. Fiber Reinforced Plastic (FRP) Market – By End Use Industry (Market Size -$Million/Billion)
    12.1 Marine 
    12.2 Architectural 
    12.3 Aerospace and Defense
    12.4 Automotive 
    12.5 Energy 
    12.6 Electrical & Electronics
    12.7 Medical
    12.8 Building and Construction
    12.9 Industrial
    12.10 Others
13. Fiber Reinforced Plastic (FRP) Market - By Geography (Market Size -$Million/Billion)
    13.1 North America
        13.1.1 USA
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Netherlands
        13.2.6 Spain
        13.2.7 Russia
        13.2.8 Belgium
        13.2.9 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zealand
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 Middle East
            13.5.1.1 Saudi Arabia
            13.5.1.2 UAE
            13.5.1.3 Israel
            13.5.1.4 Rest of the Middle East
        13.5.2 Africa
        13.5.2.1 South Africa
        13.5.2.2 Nigeria
        13.5.2.3 Rest of Africa
14. Fiber Reinforced Plastic (FRP) Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Fiber Reinforced Plastic (FRP)– Industry/Segment Competition Landscape  Premium
    15.1 Company Benchmarking Matrix – Major Companies
    15.2 Market Share by Key Region - Major companies
    15.3 Market Share by Key Country - Major companies
    15.4 Market Share by Key Application - Major companies
    15.5 Market Share by Key Product Type/Product category - Major companies
16. Fiber Reinforced Plastic (FRP) Market – Key Company List by Country Premium Premium
17. Fiber Reinforced Plastic (FRP) Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"