Global Fiber Reinforced Plastic Panels and Sheets market was valued at USD 1,248.16 million in 2022 and is estimated to reach a value of 1,626.85 by 2028 with a CAGR of 4.4%.
In terms of primary factor, increasing consumption of composites from heavy truck and trailer market is primarily driving the market growth. As per the data released by FTR transportation intelligence states that, preliminary trailer orders surged in March to 36,200 units, an increase of 41% month-over-month and 29% year-over-year. According to FTR, trailer orders for the past 12 months have totaled 252,000 units. Polymer-reinforced composites provide better crash performance than traditional steel. The latter typically absorb only 35 J/kg of energy, while thermoset composites absorb almost twice as much. Thermoplastic composites absorb 5 to 6 times more energy than steel.
A Glimpse of Value Chain Process
Fiber preforms are manufactured through weaving, braiding, stitching, and knitting. Weaving is used in making both two-dimensional and three-dimensional fibers and is suitable for the manufacture of high-value and narrow-width products. It has its downsides, though. For one, weaving multilayer fibers is time-consuming and fairly more expensive. Also, it is difficult to create fabrics with fibers that are oriented to each other at anything other than 90-degree angles. Braiding is way better in that aspect as it allows for fibers to be aligned at 45 degrees to each other. Through two-step braiding, manufacturers can create right about any shape of preform. Knitting typically produces two-dimensional fabric, but the creation of multilayer fabric is possible with machines fitted with more than one needle bed.
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Segmental Analysis
Based on type, the market is segmented into glass composite, carbon composite and others, while on the basis of end use the market is segmented into building and construction, trucks and trailers, recreational vehicles and others.
In terms of volume, glass composites held a share of 65.43% in 2022, Fiberglass reinforced plastic (GFRP), commonly known as fiberglass, is a synthetic composite material made from plastic and very fine fiberglass. This is the largest segment in the composites industry. FRP composites are relatively inexpensive composites compared to carbon and other metal fiber composites. For decades, this synthetic composite has been sought after for its high strength, light weight, and corrosion resistance. Due to its light weight and corrosion resistance, GRP products are in high demand in industries such as wind energy, aerospace, defense, construction and automotive. Developing countries, such as China and India, are expanding their infrastructure. This is expected to lead to the growth of the construction industry and boost the demand for FRP composites. The market for FRP composites is highly competitive, with suppliers with good access to technical and financial resources developing innovative products to offer competitors’ products before entering the market. We are focusing on it. Most of the major players in this market segment have their own R & D departments.
In terms of value, building and construction end user dominated the market with 69.44% in 2022, FRP panels and panels are widely used in applications such as roofing, interior wall panels and exterior facades in the building and construction industry. The global construction industry is growing at a remarkable rate. According to Oxford Economics, a global leader in forecasting and quantitative analysis, the construction industry is expected to grow at an average annual growth rate of 3.9% pa. Until 2030. This steady growth is expected to drive demand for wall panels and roofing solutions, thus driving demand for FRP panels and panels over the next few years. FRP panels and panels are widely used in the building and construction industry repair, brightness and water resistance. As a durable, dirt-resistant and impact-resistant composite material, it can be used in both commercial and residential environments. They are installed over existing wall materials such as concrete, creating a watertight installation and providing a new look for years to come. According to China’s National Development and Reform Commission, the Chinese government has approved 26 infrastructure projects with an estimated investment of $142 billion in 2019, expected to be completed in 2025.
Regional Analysis
Global FRP Panels and Sheets Market is primarily analyzed across North America, Europe, APAC, South America and Middle East and Africa.
China has become the world’s largest producer of FRP. It is expected that the demand for fiberglass will soon surpass that of the United States and is becoming the largest market for demand and application of the global fiberglass industry. This is the world’s top fiberglass enterprise. The main reason for paying attention to the Asian market. Flue gas desulfurization, thermal power generation accounts for more than half of the global power generation, so coal will remain the main fuel for at least the next few decades. All thermal power plants will eventually have a scrubber and desulfurization system, and FRP is the most cost-effective material in this application. Its FGD (smoke gas desulfurization) future investment is mainly in Asia, not the United States and Europe, China will become the largest market for FGD systems, accounting for more than 40% of the world total.
Demand for FRP compound substances is increasing rapidly due to its properties such as lightweight; FRP is 70% lighter compared to various metals and provides high strength like that of metals. FRP composite materials are corrosion resistant and require much lesser maintenance than common metals, wood or embodied products. FRP composite material is non-conductive and non-magnetic.
FRP composite materials have impacted and even revolutionized several major markets such as the wind energy market. FRP composite materials are being used for the nacelles, spinner and turbine blades. The high strength and lightweight FRP composite materials based products allow for longer and wider blades resulting in high production of electrical energy in the wind farms. Apart from these drivers, the market also face challenges such as high cost, mean production velocity or power depth regarding compound materials.
Competitive Analysis
Some of the Major companies operating within the market are Brianza USA Corporation , Captrad Ltd , Crane Composites, Inc. (Crane CO.) , Dofrp (Miyabi FRP) , Hill & Smith Holdings PLC , Kal-Lite , Kalwall , Krempel GmbH , Panolam Industries International, Inc. , Redwood Plastics and Rubber
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Recent Development
In May 2021, Grupo Verzatec S.A. de C.V. acquired the Engineered Materials division from Crane Co. for US$360 million. The company manufactures fiber-reinforced plastic (FRP) composite panels through Crane Composites.
By Type
• Glass Composites
• Carbon Composites
• Others
By End Use
• Building and Construction
• Trucks and Trailers
• Recreational Vehicles
• Others
Global Fiber Reinforced Plastic Panels and Sheets Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Fiber Reinforced Plastic Panels and Sheets market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
Global Fiber Reinforced Plastic Panels and Sheets Market: Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.
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