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The global fibre reinforced polymer market is expected to grow at a CAGR of 11% in the forecast period of 2024-2032.
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Based on product, glass fibre reinforced polymers (GFRP) lead the fibre reinforced polymer industry. This can be attributed to the high flexibility and strength of glass fibre reinforced polymers, however, they lack rigidity that is necessary for certain applications. Further, it has better resistance to chemical corrosion, which proves to be very useful in a variety of corrosive environments. Moreover, different composite-manufacturing techniques can be employed to produce GFRP at an economical rate. These factors are aiding the growth of the segment, which, in turn, is further contributing to the growth of the overall market.
Europe and North America account for a significant share in the industry. Within Europe, glass fibre reinforced systems (GRP) remained the dominant material in terms of quantity and accounted for more than 90% of reinforced plastics/composites production in the region. The major application sectors of glass fibre reinforced systems (GRP) are the construction and automotive sectors in Europe. Meanwhile, the Asia Pacific is expected to witness a healthy growth in the forecast period owing to the rapid industrialisation and urbanisation in the region and the increasing use of fibre reinforced polymers in engineering applications.
Fibre reinforced polymer (FRP) composite, also known as fibre reinforced plastic, is a polymer reinforced with fibre. It belongs to a class of materials that is referred to as composite materials. FRP composites are known for their strength as they have a high ratio of strength to density. They also possess exceptional corrosion resistance and convenient electrical, magnetic, and thermal properties as compared to traditional construction materials.
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By product, the market is divided into:
Based on resin type, the industry can be segmented into:
On the basis of manufacturing process, the industry can be categorised into:
By application, the industry can be divided into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The global fibre reinforced polymer industry is being driven by the increasing demand from major application sectors, particularly automotive and construction. The increasing demand can be attributed to the favourable properties of the product, particularly its exceptional corrosion resistance property, due to which it is becoming a popular alternative to various ferrous and nonferrous metals. Thus, the growing automotive industry and increasing infrastructure spending in emerging nations are significantly contributing to the market growth. Further, the increasing utilisation of fibre reinforced polymer in engineering applications because of its mechanical properties to obtain significant achievements in the functionality, safety, and economy of construction is also propelling the market growth.
The leading players are continuously working on a wide range of innovative products and product enhancements, such as the development of high-performance (carbon fibre reinforced) sheet moulding compound (SMC) and others, which is expected to significantly contribute to the industry growth in the forecast period.
The report gives a detailed analysis of the following key players in the global fibre reinforced polymer market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Resin Type |
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| Breakup by Manufacturing Process |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market is projected to grow at a CAGR of 11% between 2024 and 2032.
The major drivers of the industry include the growing popularity of the glass fibre reinforced polymers (GFRP), favourable properties of the product like corrosion resistance property, rapid industrialisation and urbanisation, and various technological advancements.
The increasing demand from the major application sectors such as automotive and construction and the increasing utilisation in engineering applications are the key trends propelling the market growth.
The major regions in the industry are North America, Latin America, Europe, Middle East and Africa, and Asia Pacific with Europe and North America accounting for the largest share in the market.
Glass fibre reinforced polymers (GFRP)is the dominant product in the industry.
Based on resin type, the industry can be segmented into polyester, vinyl ester, and epoxy, among others.
On the basis of the manufacturing process, the industry can be categorised into pultrusion, vacuum infusion, bladder moulding, compression moulding, thermoplastic extrusion, and filament winding, among others.
The major applications include automotive, electronic, defence, energy, and construction, among others.
The major players in the industry are Mitsubishi Chemical Corporation, BASF SE, Aegion Corporation, Toray Industries, Inc., Celanese Corporation, Advanced Composites Inc., and SGL Carbon SE, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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