LONDON, Nov. 28, 2017 /PRNewswire/ — Fiber Reinforced Polymer (FRP) Composites Market Analysis By Fiber Type (Glass, Carbon, Basalt, Aramid), By Application (Automotive, Construction, Electronic, Defense), By Region, And Segment Forecasts, 2014 – 2025
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The global fiber reinforced polymer (FRP) composites market is anticipated to reach USD 282.9 billion by 2025, according to a new report by Grand View Research, Inc.
Numerous properties such as strength, flexibility, conductivity, and low cost offered by FRP products are anticipated to boost the industry growth over the forecast period.
The global players present in the market are collaborating with research agencies for developing new & improved synthetic and natural fiber-based reinforced polymer to gain a competitive edge over other companies. The players are also trying to develop new manufacturing techniques to reduce the production cost and increase production capacity.
Glass fiber reinforced polymer (GFRP) composites dominated the overall market with over 65% market share in 2016. The product is relatively cheaper and can be economically fabricated using different manufacturing techniques. GFRP is preferred over other FRP composites in applications or products that require high conductivity.
Basalt FRP composites market is expected to grow at a steady rate over the forecast period. Basalt is found in volcanic rocks, which originate from the frozen molten rock. They have better tensile strength in comparison to GFRP composites. Basalt fibers replace glass fibers owing to their high strength in the engineering and transport applications.
Further key findings from the report suggest:
• The global fiber reinforced polymer (FRP) composites industry was valued at USD 114.13 billion in 2016. The market is anticipated to reach USD 282.97 billion by 2025, denoting a CAGR of 10.7% from 2017 to 2025.
• Automotive segment dominated the overall industry in 2016 owing to various advantages provided by the product such as low weight & cost and enhanced mechanical properties
• Construction segment was ranked at the second position in 2016 owing to various mechanical properties such as strength and corrosion resistance offered by the product
• North America and Europe together dominated the global FRP composites market in 2016
• Asia Pacific is expected to be the fastest-growing region, grabbing over 20% of the overall industry share by 2025. The region is projected to denote a CAGR of 11.5% over the forecast period.
• The industry is highly competitive in nature with the presence of several global players
• Some of the key players operating in the industry are