Global Fibre Reinforced Polymer Market to be Driven by the Growth of Construction and Automotive Sectors in the Forecast Period of 2021-2026

The new report by Expert Market Research titled, ‘Global Fibre Reinforced Polymer Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global Fibre Reinforced Polymer market, assessing the market based on its segments like source, product, industry, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2016-2026)

Forecast CAGR (2021-2026): 0 %

North America dominates the global fibre reinforced polymer market due to presence of major industry players in the region. It is expected to maintain its position in the forecast period as well. The growth of the construction industry and increasing disposable incomes are expected to drive the North America fibre reinforced polymer market. North America is followed by Europe, in terms of market share by revenue of the fibre reinforced polymer market. Glass fibre reinforced systems (GRP) are the most popular type in terms of quantity within this region and account for more than 90% of reinforced plastics/composites production in Europe. Glass fibre reinforced systems are mainly used in the construction and automotive industries in Europe. The Asia Pacific region is also expected to witness significant growth in the forecast period owing to rapid urbanization and industrialization in the region leading to increasing use of fibre reinforced polymers in engineering applications.

Industry Definition and Major Segments

Fibre reinforced polymer (FRP) composite, also known as fibre reinforced plastic, is a composite material that consists of reinforcing fibres in a polymer matrix. These fibres can be of three types – strands, mat, and fabric. FRP composites have a high ratio of strength to density and are known for their strength and lightweight properties. They possess extraordinary corrosion resistance, convenient thermal, electrical, and magnetic properties as compared to traditional construction materials.

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By product, the industry is categorised into:

Aramid
Glass
Carbon
Basalt
Others

By resin type, the industry is categorised into:

Polyester
Vinyl Ester
Epoxy
Others

Based on resin type, the industry is categorised into:

Pultrusion
Vacuum Infusion
Bladder Moulding
Compression Moulding
Thermoplastic Extrusion
Filament Winding
Others

By end use, the industry is categorised into:

Automotive
Electronic
Defence
Energy
Construction
Others

By region, the industry is categorised into:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Market Trends

The global fibre reinforced polymer market is being driven by the increasing demand from its application sectors, mainly the construction and automotive industries. This increasing demand is attributed to the favorable properties of fibre reinforced polymers, such as its extraordinary corrosion resistance, because of which it has become a popular alternative of various ferrous and non-ferrous metals. The fibre reinforced polymer market is experiencing high growth in the developing economies due to the rising automotive industry in these countries. The market is expected to witness healthy growth in the forecast period because of increasing applications owing to its properties such as low density, high strength and ease of shaping. Furthermore. Increasing infrastructure expenditure in emerging economies is also expected to provide a boost to the market growth in the coming years. Fibre reinforced polymers enable significant achievements in the safety, functionality, and economy of construction, leading to their increased utilization in engineering applications, further contributing to the market growth.

Major industry players have been constantly working on developing a wide range of products enhancements and innovative products, such as the development of high-performance sheet moulding compound (carbon fibre reinforced), which is expected to further propel the market growth in the forecast period. Although fibre reinforced polymers have high flexibility and strength, they are not very stiff, and hence do exhibit rigidity essential for certain applications such as in airplanes and bridges.

Key Market Players

The major players in the market are Mitsubishi Chemical Corporation, BASF SE, Aegion Corporation, Toray Industries, Inc., Celanese Corporation, Advanced Composites Inc., SGL Carbon SE, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.