The global fiber-reinforced polymer (FRP) composites market size was US$ 161.8 billion in 2021. The global fiber-reinforced polymer (FRP) composites market is forecast to grow to US$ 418.2 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.5% during the forecast period from 2022 to 2030.
Fiber-reinforced polymer (FRP) composites offer high flexibility as they are lightweight and corrosion-resistant. In addition, they possess high strength. These composites find wide applications in aerospace, automobile, and civil industries.
Factors Influencing the Market
Growing industrialization is the primary factor driving the fiber-reinforced polymer (FRP) composites market forward. In addition, the amplifying rate of population growth and the growing number of construction activities will fuel the growth of the global fiber-reinforced polymer (FRP) composites market during the forecast period.
Fiber-reinforced polymer (FRP) composites find wide applications in automotive, aerospace, electronics, defense, and other industries. Thus, all of these growing industries will drive the growth of the fiber-reinforced polymer (FRP) composites market during the study period. In addition, growing disposable income and rising employment rate will also prompt the growth of the global fiber-reinforced polymer (FRP) composites market during the study period.
Strict government regulation associated with the use of fiber-reinforced polymer (FRP) composites may limit the growth of the market during the analysis period. On the contrary, innovative strategies by industry players are expected to benefit the market in the coming years. For instance, Teijin and Safran signed a deal to purchase high-performance composite materials in 2020.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic halted the construction activities. In addition to that, industrialization also witnessed significant drawbacks due to the pandemic, which created a shortage of raw materials. Furthermore, the decline in investments and consumer purchasing power further impacted the growth of the fiber-reinforced polymer (FRP) composites market. The manufacturers in the fiber-reinforced polymer (FRP) composites market also witnessed the unavailability of raw materials due to import-export bans during the pandemic, which hampered the market growth.
Regional Analysis
The Asia-Pacific fiber-reinforced polymer (FRP) composites market is forecast to emerge as the largest market, owing to rapid urbanization and favourable government policies. In addition to that, rising disposable income will contribute to the growth of the market. Governments in the region are also introducing various projects aiming at infrastructure development, which include roads, dams, and railway networks. Thus, it will drive the market forward. Other factors like expanding middle-class population and changing demographics, will propel the fiber-reinforced polymer (FRP) composites market forward during the forecast period.
Competitors in the Market
Market Segmentation
The global fiber-reinforced polymer (FRP) composites market segmentation focuses on Fiber, Application, and Region.
By Fiber Type Outlook
By Application Outlook
By Regional Outlook
