With the emergence and long-term Impact of COVID-19, the Global Fiber-reinforced Polymer (FRP) Composites Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Fiber-reinforced Polymer (FRP) Composites Market is poised to raise up to USD XX Billion by 2030. Fiber Reinforced Polymer (FRP) composites, also known as Fiber Reinforced Plastics, are a type of composite material made of a polymer matrix reinforced with fibers. They are designed to combine the high strength and stiffness of the fibers with the lightweight and corrosion-resistant properties of the polymer matrix. In FRP composites, the fibers provide the primary mechanical properties, while the polymer matrix holds the fibers together and transfers the loads between them. The key factor driving the market growth is rising demand from the construction sector and growing demand for energy efficiency in the aerospace and automotive industries. Moreover, the growing construction industry has played a significant role in supporting the growth of the Fiber-reinforced Polymer (FRP) Composites market. FRP composites are increasingly being used in various construction applications due to their superior properties and benefits over traditional materials such as steel and concrete. Thus, the growing construction industry is anticipated to support the market growth. According to Statista, in 2020, the size of the global construction market was valued at USD 6.4 trillion; in 2022 the value reached USD 8.2 trillion and it is anticipated to reach USD 10.3 trillion by 2025. Additionally, rising infrastructure investment is anticipated to create a lucrative growth opportunity for the market during the forecast period. However, the fluctuating raw material prices and environmental issues regarding recyclability stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Fiber-reinforced Polymer (FRP) Composites Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 with largest market share owing to the presence of key market players, growing construction and automotive industry is the region. Whereas, the Asia Pacific region is expected to grow at fastest growth rate during the forecast period, owing to factors such as the rising construction activities, growing demand in automotive industry, growing demand for the lightweight and high strength materials in various end use industries in the region.
The global Fiber-reinforced Polymer (FRP) Composites Market is highly competitive owing to the presence of several key manufacturers such as American Fiberglass Rebar, American Grating, LLC, Engineered Composites Ltd, B&B FRP Manufacturing INC., TUF-BAR, FRP Composites Inc., Ten Cate NV, and others.
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Global Fiber-reinforced Polymer (FRP) Composites Market Size study & Forecast, by Type (Glass Fiber Reinforced Polymer (GFRP) Composites, Carbon Fiber Reinforced Polymer (CFRP) Composites, Basalt Fiber Reinforced Polymer (BFRP) Composites, Aramid Fiber Reinforced Polymer (AFRP) Composites, Others), by Application (Automotive, Construction, Electronic, Defense, Others) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Fiber-reinforced Polymer (FRP) Composites Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the Application segment, Automotive emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the growing construction and automotive industry.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- Glass Fiber Reinforced Polymer (GFRP) Composites
- Carbon Fiber Reinforced Polymer (CFRP) Composites
- Basalt Fiber Reinforced Polymer (BFRP) Composites
- Aramid Fiber Reinforced Polymer (AFRP) Composites
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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