Fiber Reinforced Polymer Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global fiber reinforced polymer market provides qualitative and quantitative analysis for the period from 2021-2030. The revenue generated by the fiber reinforced polymer market was USD 200.83 billion in 2022 and is expected to reach USD 487.26 billion in 2030 and is expected to grow with a CAGR of 10.05% over the forecast period 2023-2030. The study on fiber reinforced polymer market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

The Fiber Reinforced Polymer (FRP) market refers to the industry that produces and utilizes composite materials consisting of strong fibers such as glass, carbon, or aramid, embedded in a polymer matrix. These materials are valued for their high strength-to-weight ratio, corrosion resistance, and durability, making them suitable for a wide range of applications across various sectors such as construction, automotive, aerospace, and marine industries. Additionally, the major driving factor behind the growth of the FRP market is the increasing emphasis on sustainability and environmental concerns. As the world grapples with climate change and strives to reduce carbon emissions, FRP composites offer an eco-friendly alternative to traditional materials such as steel and concrete. They are lighter, require less energy for production, and have a longer lifespan, leading to reduced greenhouse gas emissions throughout their lifecycle.

The automotive sector is emerging as the fastest-growing segment within the Fiber Reinforced Polymer (FRP) market, experiencing remarkable expansion and innovation. Several key factors are driving this accelerated growth such as aimed at reducing carbon emissions and improving fuel efficiency has pushed automobile manufacturers to seek lightweight materials such as FRPs. These materials offer a significant weight reduction advantage over traditional metal components, resulting in enhanced fuel efficiency and reduced greenhouse gas emissions. Additionally, the growing demand for electric and hybrid vehicles has further amplified the use of FRPs. These vehicles require lightweight materials to maximize their range, and FRPs fit the bill perfectly. For instance, during the initial six months of 2023, American consumers purchased a total of 556,707 electric vehicles, marking a substantial 47% increase compared to the same period in the previous year. The market share of electric vehicles in the United States for both cars and light trucks reached 7.2%, a noticeable surge from the 5.7% share recorded in 2022 and a significant leap from the 3.1% share observed in 2021. Moreover, consumer preferences for sleek and stylish vehicle designs have encouraged automakers to explore FRPs for exterior components, such as body panels and hoods, due to their flexibility in shape and design. These factors help to grow the market of fiber reinforced polymer.

North America holds the largest share in the global Fiber Reinforced Polymer (FRP) market. This dominance can be attributed to several key factors that have positioned the region as a leader in the FRP industry such as, North America has a highly developed infrastructure and construction sector that extensively utilizes FRP materials. The region's commitment to sustainable and resilient infrastructure has fueled the demand for FRP composites, which are known for their durability and corrosion resistance. Moreover, North America boasts a robust aerospace and automotive industry, where FRP materials find widespread application in manufacturing lightweight and fuel-efficient components. The region's focus on innovation and technological advancements has further propelled the FRP market's growth.

Report Findings

1) Drivers

• Versatile properties of fiber reinforced polymer which can drive the market.
• Growing demand for fiber reinforced polymers from end-use industries.

2) Restraints

• Complex and costly manufacturing processes can limit market growth for fiber reinforced polymers.

3) Opportunities

• Growing demand for eco-friendly construction materials boosts opportunities in the fiber-reinforced polymer market.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include
1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segment Covered

The global fiber reinforced polymer market is segmented on the basis of product type, and end user.

The Global Fiber Reinforced Polymer Market by Product Type

• Carbon Fiber Reinforced Polymer
• Glass Fiber Reinforced Polymer
• Aramid Fiber Reinforced Polymer
• Basalt Fiber Reinforced Polymer

The Global Fiber Reinforced Polymer Market by End User

• Automotive
• Construction
• Aerospace and Defense
• Electronics
• Others

Company Profiles

The companies covered in the report include

• Mitsubishi Chemical Corporation
• MST Rebar Inc.
• BASF SE
• ProlongComposites
• HUBNER GmbH & Co. KG
• SGL Carbon
• Hengshui Jiubo Composites Co.,LTD.
• TORAY INDUSTRIES, INC.
• Aegion
• Hebei Weitong FRP CO., LTD.

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the fiber reinforced polymer market.
2. Complete coverage of all the segments in the fiber reinforced polymer market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global fiber reinforced polymer market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.

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