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Fiber Reinforced Polymer (FRP) Composites Market - Growth, Trends, and Forecast (2020-2025)

  • ID: 5025269
  • Report
  • May 2020
  • Region: Global
  • 120 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Aeron Composite Pvt. Ltd.
  • Dextra Group
  • DOFRP
  • Enduro
  • Owens Corning
  • Perfect Composite
  • MORE
The market for Fiber Reinforced Polymer (FRP) Composites is expected to grow at a CAGR of about 4% globally during the forecast period. Major factors driving the market studied are increasing demand from the construction sector and growing applications in automotive body parts. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak are expected to hinder the growth of the market studied.
  • The building & construction industry is expected to dominate the global fiber-reinforced polymer (FRP) composites market over the forecast period.
  • Asia-Pacific region represents the largest market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends

Increasing Demand from the Construction Sector
  • Fiber Reinforced Polymer (FRP) Composites are engineered material composed of a polyester or epoxy resin, reinforced with fiber. The final product made of FRP is strong, durable, thin, lightweight material and has the advantages of quick installation.
  • FRP bars are used as internal reinforcement for concrete structures. FRP bars, sheets, and strips are used for strengthening of various structures constructed from concrete, masonry, timber, and even steel. Fiber-reinforced polymers are used in the construction of special structures requiring electrical neutrality.
  • In the construction sector, most of the use of FRP is confined to repairing and strengthening of structures.
  • The Indian government has announced an investment worth USD 31,650 billion for the construction of 100 cities, under the smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion (~USD 28.18 billion), over the coming five years creating scope for the application of fiber reinforced polymer (FRP) composites.
  • The Chinese government has rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities, over the next ten years creating a major scope for construction activity thereby increasing the market for fiber reinforced polymer (FRP) composites over the coming years.
  • Hence, owing to the growing applications in construction sector especially in Asia-Pacific region, the demand for fiber reinforced polymer (FRP) composites are expected to increase over the forecast period.
Asia-Pacific Region to Dominate the Market
  • Asia-Pacific region is expected to dominate the market for fiber-reinforced polymer (FRP) composites during the forecast period. Due to the high demand application from countries like China, India, and Japan the market for fiber-reinforced polymer (FRP) composites has been increasing.
  • The largest producers of fiber-reinforced polymer (FRP) composites are located in the Asia-Pacific region. Some of the leading companies in the production of fiber-reinforced polymer (FRP) composites are Unimacts, Sanderson Theme Constructions, Hengshui Jiubo Composites Co., Ltd, Aeron Composite Pvt. Ltd, DOFRP, etc.,
  • The total real-estate investment in China rose by about 11.6% in the first two months of 2019 y-o-y over the same time period in 2018. This growth was up from the 9.5% growth, which was reported for the 2018 whole year (National Bureau of Statistics (NBS)). This growth marks the strongest growth for the January-February period since 2014 when investment rose by 19.3% increasing the scope for this market.
  • Apart from construction sector, these FRP composites finds their applications in automobile body parts, aircrafts body lining applications and other weight reducing applications.
  • According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific leads global automobile production in recent years. China is the largest producer of automobiles and China alone produced 2,57,20,665 vehicles in 2019 where the major application of FRP composites is found.
  • Nearly, 9% of India’s GDP is spent on infrastructural services. The government of India has given an enormous momentum to the infrastructural sector, by allocating INR 5.97 lakh crore (~USD 92.22 billion), under the Union Budget 2018-2019 creating a major market for FRP composites in the coming years.
  • The aforementioned factors, coupled with government support, are contributing to the increasing demand for fiber-reinforced polymer (FRP) composites market during the forecast period.
Competitive Landscape

The global Fiber Reinforced Polymer (FRP) Composites market is fragmented with players accounting for a marginal share of the market. Few companies include Owens Corning, Veplas d.d I, Hengshui Jiubo Composites Co., Ltd, Aeron Composite Pvt. Ltd, DOFRP.

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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Aeron Composite Pvt. Ltd.
  • Dextra Group
  • DOFRP
  • Enduro
  • Owens Corning
  • Perfect Composite
  • MORE
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Construction Sector
4.1.2 Growing Application in Automotive Body Parts
4.2 Restraints
4.2.1 Unfavourable Conditions Arisisng Due to Covid-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
4.5 Feedstock Analysis
4.6 Technological Snapshot

5 MARKET SEGMENTATION
5.1 Fiber Type
5.1.1 Glass Fiber Reinforced Polymer
5.1.2 Carbon Fiber Reinforced Polymer
5.1.3 Aramid Fiber Reinforced Polymer
5.1.4 Basalt Fiber Reinforced Polymer
5.1.5 Others
5.2 End-user Industry
5.2.1 Building & Construction
5.2.2 Transportation
5.2.3 Electrical & Electronics
5.2.4 Others
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Aeron Composite Pvt. Ltd.
6.4.2 Composite & Metal Products USA, Inc.
6.4.3 Dextra Group
6.4.4 DOFRP
6.4.5 Enduro
6.4.6 Fibergrate Composite Structures, Inc.
6.4.7 FiberTech Composite Pvt. Ltd
6.4.8 Hengshui Jiubo Composites Co.,LTD
6.4.9 Owens Corning
6.4.10 Perfect Composite
6.4.11 Sanderson Theme Constructions
6.4.12 Unimacts
6.4.13 Veplas d.d. I

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • Aeron Composite Pvt. Ltd.
  • Composite & Metal Products USA, Inc.
  • Dextra Group
  • DOFRP
  • Enduro
  • Fibergrate Composite Structures, Inc.
  • FiberTech Composite Pvt. Ltd
  • Hengshui Jiubo Composites Co.,LTD
  • Owens Corning
  • Perfect Composite
  • Sanderson Theme Constructions
  • Unimacts
  • Veplas d.d. I
Note: Product cover images may vary from those shown
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