Fiber Reinforced Plastic Global Market

The Fiber Reinforced Plastic (FRP) Market is continuously growing in the global scenario at a significant pace. Fiber-reinforced plastics (FRP) are a category of composite plastics specifically using fiber materials to mechanically enhance the elasticity and strength of the plastic. They consist of a polymer matrix – the original plastic which is usually tough but weak – which is blended with a reinforcing material to yield a final product with the desired material or mechanical properties. Growth in the automotive sector, lower life cycle cost and increasing popularity of bio-based FRP are the substantial driving factors of the market during the forecast period. Moreover, growing demand from developing economies is the major factor that is likely to create numerous opportunities in the near future. In addition, FRP offers several benefits such as corrosion resistance lightweight, high strength, flexibility and so. With these benefits, demand for Fiber Reinforced Plastic (FRP) is increasing among its end-users across the globe. However, the high cost of production is one of the major factors that limiting the market growth of FRP during the forecast period.

Global Fiber Reinforced Plastic (FRP) Market valued approximately USD 67.9 billion in 2020 is anticipated to grow with a healthy growth rate of more than 8.2% over the forecast period 2021-2027 and is estimated to reach 117.89 Billion.

The regional analysis of the Global Fiber Reinforced Plastic (FRP) Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. North America is the leading/significant region across the world in terms of market share due to rising government initiatives and increasing usage of lightweight materials across the region. Europe is estimated to grow at a stable growth rate in the global Fiber Reinforced Plastic (FRP) market over the upcoming years. Further, Asia-Pacific is anticipated to exhibit a higher growth rate / CAGR over the forecast period 2018-2025 owing to the rising construction and automotive sector in the region.
The major market player included in this report are Hexcel, Toray, Cytec, Teijin, TenCate, Mitsubishi Rayon, SGL Carbon

The detailed segments and sub-segment of the market are explained below:

By Type: PAN-based, Pitch-based

By Application: Aerospace, Energy, Construction, Infrastructure, Marine

By Regions: North America, Europe, Asia Pacific, Latin America, Rest of the World

Furthermore, the years considered for the study are as follows:

Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025

Target Audience of the Global Fiber Reinforced Plastic (FRP) Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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Bizwit Research & Consulting LLP