Fiber Reinforced Polymer Composites Market

Fiber Reinforced Polymer Composites Market Insights

The global fiber reinforced polymer (FRP) composites market is anticipated to grow at a CAGR of more than 10% over the forecast period. Factors such as rising government expenditures on bridges & building construction, highways, and renovation of deficient structures are projected to drive the industry growth over the coming years.

Moreover, fiber reinforced polymer composites are likely to replace conventional materials such as aluminum and steel owing to a large number of benefits such as light weight, stiffness, corrosion resistance, greater design flexibility and enhanced parts consolidation capacities.

The existing global players are collaborating with research institutes for developing new & improved synthetic and natural fiber-based reinforced polymer in order to gain a competitive advantage over other companies.

Also, the companies are developing new manufacturing techniques to minimize the production cost and expand production capacity. However, these technological advancements are anticipated to be threatened by saturated applications in various sectors coupled with the higher cost of FRPs.

Fiber Reinforced Polymer Composites Market: Resin Insights

The fiber reinforced polymer composites market is segmented into Vinyl Ester and Polyester, based on resin type. Vinyl ester resin FRP segment is projected to witness a significant growth over the forecast period. The high demand for this segment is attributed to factors such as excellent corrosion resistance against fuels, vapours, or chemicals coupled with high longevity and tensile strength.

Polyester resin FRP segment accounted for a substantial market share in 2016. Polyester resin acts as a superior alternative to epoxy or stainless steel reinforcement. Factors such as increased use of polyester in construction of new structures, chemical resistance along with ease-of-handling and dimensional stability are likely to enhance the product demand over the coming years.

Fiber Reinforced Polymer Composites Market: Product Insights

The fiber reinforced polymer composites market is divided into glass fiber composites, aramid fiber composites, basalt fiber composites, and carbon fiber composites, based on products.

Glass fiber reinforced polymer composites segment accounted for more than 60% of the total market share in 2016. This growth is primarily attributed to relatively lower price of the product.

Carbon fiber reinforced polymer composites segment is likely to experience a significant rise over the coming years. These FRPs are extensively used in construction of bridges, decks & railings, columns, parking garages, floor slabs, and parapets due to its light weight and strength.

Basalt fiber composites FRP rebar segment is projected to experience a CAGR of around 10% over the coming years. Factors such as low cost, high penetration, and substantial properties are likely to augment the segment growth by 2025.

Fiber Reinforced Polymer Composites Market: Application Insights

On the basis of application, the fiber reinforced polymer composites market is classified into Marine Structures & Waterfronts, Construction, Automotive, Highways, Bridges & Buildings, Water Treatment Plants, and MRI Rooms.

Construction segment is likely to register a significant growth due to increased spending in the residential sector. This, in turn, is expected to generate demand for a variety of products such as fiberglass components and entry doors.

FRP rebar market is projected to witness lucrative growth from marine structures & waterfronts over the forecast period. Factors such as high fatigue endurance, prevention from ruptures and high strengthening properties are likely to foster the growth of this segment.

Highways, bridges & buildings accounted for more than USD 458 million in 2016. Increasing demand for restoration and strengthening of the prevailing deficient structures are projected to drive the industry growth over the years.

MRI rooms segment is anticipated to experience a CAGR of more than 7% over the coming years. Magnetic transparency, thermal and electricity resistance are likely to be the key drivers of the segment growth.

Fiber Reinforced Polymer Composites Market: Regional Insights

Europe is estimated to grow at a sluggish rate over the forecast period. The growth is influenced by increasing demand from the construction and transport application sectors.

Asia Pacific is projected to be the fastest-growing market over the coming years. Countries such as India and China are anticipated to witness accelerated growth due to the increasing construction and automotive industries in the region.

The Middle East and Africa FRP rebar market are predicted to grow at a CAGR of more than 9% over the coming years owing to high infrastructure development in this region. Government regulations for advanced infrastructure coupled with improved safety regulations are further likely to contribute to the regional growth.

Fiber Reinforced Polymer Composites Market: End-Use Landscape

The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global fiber reinforced polymer composites market. The major consumers of the product are Kiewit and Skanska amongst others.

Fiber Reinforced Polymer Composites Market: Competitive Landscape

Major players operating in the global fiber reinforced polymer composites market include Hughes Brothers Inc, Marshall Composites Systems and BP Composites Ltd, American Fiberglass Rebar; Ten Cate NV; Zoltek Companies, Inc.; Hyosung Corporation; Mitsubishi Rayon Co., Ltd.; and SGL Group.

Please note: This is not an exhaustive list of companies profiled in the report.