Fiber Reinforced Polymer (FRP) Composites Market - Forecasts from 2023 to 2028

The fiber reinforced polymer (FRP) composites market is predicted to grow at a CAGR of 7.84% from US$224.723 billion in 2021 to US$381.212 billion by 2028.

The construction, transportation, and defense sectors primarily drive the global market. The fiber reinforced polymer composites are employed as a substitute for steel building constructions in the construction sector. Composites made of polymers are 25% lighter and 25% stronger than steel. They also provide resistance to rust and wear and tear. The automobile parts are lighter, stronger, and more moldable than aluminum car parts, making them safer and more fuel-efficient. They are employed in the creation of structural elements for automobiles.

Moreover, it is anticipated that during the projected period, demand for FRP composites will also increase due to the expansion of the electric vehicle market. By lowering the weight of the drive train, the use of composite materials will aid in extending the range of EVs. Also, it will enhance the mechanical and electrical characteristics of the driving systems. The fiber-reinforced polymer (FRP) composites market is driven by rising demand in the construction and transportation sectors.

The transportation sector extensively uses fiber-reinforced polymer (FRP) composites in everything from cars to ships and boats to planes and helicopters.

Due to weight and cost considerations, fiber-reinforced polymer (FRP) composite material is an ideal substitute for traditional materials like steel or aluminum in transportation. In maritime waterfront settings or on ships, where they lessen the structural weight and improve corrosion resistance, FRPs are the perfect substitutes for wood. Further, worldwide deliveries of more than 43,110 new airplanes are required, as stated in Boeing, with over 70% of new deliveries projected to be single-aisle aircraft, and demand for more than 32,270 aircraft is expected to increase by 2040. The average annual growth rate for passenger air travel over the past ten years was 6.5%, significantly higher than the long-term average of 5%. To meet passenger demand, numerous airlines worldwide increased the number of aircraft in their fleets by taking delivery of new aircraft.

Similarly, OCIA estimated that 80.14 million automobiles will be produced worldwide in 2021. Compared to 2020, the production capacity grew by 3%. Consequently, an increase in automotive vehicle manufacturing and aircraft deliveries is projected to increase demand for composite materials made of fiber-reinforced polymer.

Market Developments:

• In July 2021, Markforged, an American company that developed an integrated metal and carbon fiber additive manufacturing platform named The Digital Forge, announced its commitment to supporting manufacturers operating in highly-regulated industries, including aerospace and defense.

Based on the end-user industry, the fiber-reinforced polymer (FRP) composites market is expected to grow positively in the automotive segment.

The automotive market is primarily driven by the increasing demand for lightweight materials to improve fuel efficiency and reduce emissions and the need for materials with high strength-to-weight ratios for vehicle components. Some of the top players in the automotive segment of the FRP composites market include Owens Corning, SGL Group, Teijin Limited, Mitsubishi Chemical Corporation, Toray Industries, and Gurit Holding AG. These companies offer a range of FRP composite products for automotive applications, including body panels, structural components, and interior parts.

Additionally, the increasing use of electric and hybrid vehicles is expected to drive further the growth of the FRP composites market in the automotive sector, as these vehicles require lightweight materials to maximize their battery range. As a result, FRP composites are becoming increasingly popular as they offer high strength-to-weight ratios and are corrosion-resistant. In addition, FRP composites can be molded into complex shapes, allowing for greater design flexibility in manufacturing electric vehicle components.

The electric car market is a rapidly evolving and dynamic area of clean energy. With advancements in battery technology and increasing concerns about climate change and air pollution, the demand for electric cars is growing at an unprecedented rate. This growth is driven by a combination of factors, including government incentives and regulations, improvements in charging infrastructure, and the development of new and innovative electric car models by automakers. As electric vehicles require lightweight materials to maximize their battery range, FRP composites are becoming increasingly popular as they offer high strength-to-weight ratios and are corrosion-resistant. In addition, FRP composites can be molded into complex shapes, allowing for greater design flexibility in manufacturing electric vehicle components.

North America accounted for a major share of the global fiber reinforced polymer (FRP) composites market.

By geography, the fiber reinforced polymer (FRP) composites market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

The aerospace industry is a key consumer of FRP composites in North America, driven by the need for lightweight materials that can improve fuel efficiency and reduce carbon emissions. FRP composites are used in various aircraft components, such as wings, fuselage, and tail sections, and their demand is expected to grow in the coming years. This driver is expected to continue driving growth in the North American FRP composites market. The construction industry is also a significant consumer of FRP composites in North America, especially for strengthening and retrofitting infrastructure. FRP composites offer several advantages over traditional materials, such as a high strength-to-weight ratio, corrosion resistance, and ease of installation. The increasing investments in infrastructure development in the region are expected to drive demand for FRP composites in the coming years. According to the US Census Bureau, construction spending in the US was estimated at $1.44 trillion in 2020. The increasing investments in infrastructure development, such as highways, bridges, and airports, are expected to drive demand for FRP composites in the construction industry.

Segmentation:

BY TYPE

• Aramid Fiber Reinforced Polymer (AFRP) Composites
• Glass Fiber Reinforced Polymer (GFRP) Composites
• Basalt Fiber Reinforced Polymer (BFRP) Composites
• Carbon Fiber Reinforced Polymer (CFRP) Composites
• Others

BY END-USER INDUSTRY

• Automotive
• Electrical & Electronics
• Building & Construction
• Defense
• Others

BY GEOGRAPHY

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• South Africa
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others