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The FRP panels and sheets market size is forecast to increase by USD 186.5 million, at a CAGR of 7.08% between 2023 and 2028. The market growth is significantly influenced by several key factors. The rise in urbanization and infrastructure development drives demand for advanced materials, including composites, which are essential for modern construction and infrastructure projects. Concurrently, the increasing demand from the automotive industry fuels the need for high-performance composite materials to enhance vehicle efficiency and safety. Additionally, continuous development in the field of recycling composites contributes to market growth by promoting sustainable practices and reducing waste. Innovations in recycling technologies make it more feasible to reuse composite materials, aligning with global sustainability goals. Together, these factors create a dynamic market environment, supporting the expansion and evolution of composite materials across various sectors.
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The Fiber Reinforced Polymer (FRP) panels and sheets market encompasses fiberglass composite materials, which are made up of fibers embedded in a polymer matrix. These panels and sheets offer exceptional properties such as high strength, fire resistance, chemical resistance, and environmental resistance. The market for FRP panels and sheets is witnessing significant growth due to their lightweight nature and high stiffness. FRP panels and sheets find extensive applications in various industries, including the automotive sector for manufacturing lightweight and durable automobiles, and in recreational vehicles for enhancing their structural strength. In the building and construction sector, these panels and sheets are used for their heat resistance and durability in constructing high-rise structures and bridges.
Further, the market is driven by the continuous lamination process, which enables the production of large-sized panels and sheets with consistent quality. The market is also expected to witness growth in the truck and trailer industry due to the demand for lightweight and high-strength materials for manufacturing trailers and truck bodies. FRP panels and sheets offer high stability and durability, making them an ideal choice for various applications. Their free-foam structure ensures excellent bonding with the substrate, providing enhanced performance and longevity. The market is expected to grow significantly due to their increasing adoption in various industries.
Rise in urbanization and infrastructure development is notably driving market growth. Composites, specifically Fiber Reinforced Polymer (FRP) panels and sheets, have gained significant traction in the construction industry due to their unique physical characteristics. These materials offer high stability, durability, and resistance to corrosion, making them suitable for various applications in modern construction techniques. The versatility of FRP composites is evident in their usage for interior wall panels, roofing, and exterior construction. FRP panels and sheets are made using a polymer matrix reinforced with fibers, which are available in various types such as glass, carbon, and aramid. The availability of these fibers ensures that FRP composites cater to diverse construction activities, ranging from commercial properties to residential ones, including affordable housing solutions. FRP panels and sheets exhibit excellent strength, dimensional stability, and resistance to heat, UV rays, and water. These properties make them an ideal choice for automotive production, including automobiles, recreation vehicles, trucks, and trailers.
Additionally, their water-proof installation process makes them suitable for use in the infrastructure sector, including bridges and buildings. The continuous lamination process used in the manufacturing of FRP panels and sheets ensures that they maintain their properties even under extreme conditions. This process also enables the production of large, complex shapes, further expanding their applications. The growing trend of using FRP composites in modern construction techniques is expected to continue, driven by their numerous benefits and the increasing demand for sustainable and durable construction materials. Thus, such factors are driving the growth of the market during the forecast period.
Global emphasis on green buildings is the key trend in the market. FRP panels and sheets, fabricated from Fiber Reinforced Polymer composites, have gained significant traction in the construction sector due to their high stability, durability, and resistance to corrosion, UV rays, and water. These composite materials are increasingly being utilized for interior wall panels, roofing, and exterior construction applications. The physical characteristics of FRP panels and sheets, such as dimensional stability and strength, make them an ideal choice for modern construction techniques. The availability of fibers, including carbon, glass, and aramid, allows for the customization of FRP panels and sheets to meet specific project requirements. The use of FRP in construction activities extends to both commercial and residential properties, providing affordable housing solutions. In the automotive industry, FRP panels and sheets are employed in automobiles, recreation vehicles, trucks, and trailers for their lightweight and robust nature.
Further, the infrastructure sector also benefits from the continuous lamination process used in the production of FRP panels and sheets, ensuring water-proof installation and resistance to corrosion. In the automotive production sector, FRP panels and sheets are used for their heat resistance and free-foam structure, contributing to the overall strength and performance of the vehicles. As energy costs continue to rise, the construction industry is actively investing in energy-efficient solutions without compromising the quality of services provided. The adoption of FRP panels and sheets in construction projects offers numerous advantages, including reduced cooling, lighting, and energy costs, minimized environmental impact, and a shorter payback period. Thus, such trends will shape the growth of the market during the forecast period.
Health hazards associated with FRP panels and sheets is the major challenge that affects the growth of the market. FRP panels and sheets, made from composite materials including plastics and fiber reinforcements, have gained significant popularity in modern construction techniques due to their high stability, durability, and resistance to corrosion, heat, and UV rays. These physical characteristics make FRP an ideal choice for various applications in the interior wall panels, roofing, and exterior construction of commercial and residential properties, as well as affordable housing solutions. In the automotive industry, FRP panels and sheets are extensively used in automotive production for their strength, dimensional stability, and water-proof installation. They are also employed in the manufacturing of recreational vehicles, such as RVs, trucks, and trailers. The continuous lamination process used in the production of FRP panels and sheets ensures a free-foam structure that provides excellent insulation properties.
In the infrastructure sector, FRP is used for water-proof installation and bridge reinforcement, among other applications. Despite their numerous benefits, it is essential to handle FRP panels and sheets with care during installation and maintenance activities due to the availability of fibers that can cause health hazards. Short-term exposure to fiberglass can lead to skin and respiratory irritation, while long-term exposure may result in more severe health issues, such as asthma, bronchitis, lung infection, and lung cancer. Workers involved in the installation and maintenance of FRP panels and sheets should take necessary precautions to minimize their exposure to fiberglass fibers. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Brianza Plastica Spa - The company offers FRP that is suitable for different applications, like billboards and architectural decoration.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automotive segment is estimated to witness significant growth during the forecast period. FRP (Fiber-reinforced Polymer) panels and sheets, fabricated from a polymer matrix reinforced with fibers such as glass, carbon, aramid, basalt, are gaining significant traction in various industries, including automotive, building and construction, transportation, electronics and electrical, and consumer products. These materials offer superior properties, including high strength, stiffness, fire resistance, chemical resistance, and temperature tolerance. In the automotive sector, FRP composites are utilized extensively in exterior and interior components, structural parts, and lightweight panels for vehicles, trailers, and recreational vehicles. Their use contributes to improved fuel efficiency, reduced vehicle weight, and compliance with environmental norms and carbon emission regulations.
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The automotive segment was the largest and was valued at USD 107.7 million in 2018. Automotive manufacturers leverage FRP composite materials to produce lightweight, high-performance parts, such as fiberglass composite panels, gel-coat sheets, bead sheets, and structural components. These materials exhibit excellent dimensional stability, low weight, thermal expansion, and resistance to corrosion and UV radiation. The growing popularity of electric vehicles (EVs) further bolsters the demand for lightweight, high-strength materials, making FRP panels and sheets an indispensable solution for the automotive industry.
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APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Fiberglass composite panels and sheets, made from materials consisting of fibers embedded in a matrix of resin, exhibit superior fire resistance and chemical resistance. These high-performance panels are widely utilized in various industries, including automotive, building and construction, transportation, electronics and electrical, and consumer products. In the automotive sector, fiberglass composite panels are valued for their lightweight properties, which contribute to fuel efficiency and reduced vehicle weight, aligning with environmental norms and carbon emission regulations. These panels are also used as exterior and interior structural components in electric vehicles, offering temperature tolerance, tensile strength, and low weight. Fiber-reinforced polymers (FRPs), including fiberglass composite panels, are gaining popularity due to their high strength and environmental resistance. The matrix can be made of various fibers such as glass, carbon, aramid, basalt, and others. The fiberglass composite panels are available in different forms like gel-coat sheets, fiberglass sheets, and bead sheets. These panels offer stiffness, making them suitable for use in structural components, and have excellent thermal expansion properties.
In addition, automotive manufacturers increasingly use fiberglass composite panels in vehicle production to meet the growing demand for lightweight materials that improve fuel efficiency and reduce vehicle weight. The transportation sector also benefits from these panels due to their high strength and temperature tolerance. In the building and construction industry, fiberglass composite panels are used for their fire resistance, chemical resistance, and low weight, making them an ideal choice for various applications. Similarly, in the electronics and electrical industry, fiberglass composite panels offer excellent insulation properties, making them suitable for use in various applications. In the consumer products sector, fiberglass composite panels are used to create durable and lightweight products.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Fiber-reinforced polymers (FRP) are gaining popularity in various industries due to their unique properties, including high strength, fire resistance, chemical resistance, and environmental resistance. Two major types of FRP panels and sheets are fiberglass composite panels and sheets, which are widely used in building and construction, transportation, electronics and electrical, and consumer products. Fiberglass composite panels consist of a fiberglass mat as the reinforcement and a polymer matrix as the binder. They offer excellent stiffness, temperature tolerance, and low weight, making them ideal for use as exterior and interior structural components in automobiles, buildings, and other applications. Fiberglass sheets, on the other hand, are made by laying down fiberglass mats or rovings and applying a gel-coat or bead sheet on both sides. These sheets are known for their high strength, chemical resistance, and temperature tolerance, making them suitable for use in various industries. In the automotive sector, fiberglass composite panels and sheets are used to manufacture lightweight and fuel-efficient vehicles.
In addition, automotive manufacturers are increasingly turning to these materials to meet environmental norms and reduce carbon emissions. The use of FRP composite materials in electric vehicles (EVs) is also on the rise due to their high performance and low weight. In the building and construction industry, FRP panels and sheets are used for their excellent fire resistance, chemical resistance, and structural strength. They are also used in transportation applications, such as in the production of bus bodies and train interiors, due to their lightweight properties and ability to withstand extreme temperatures. Furthermore, FRP composite materials are used in various industries for their high performance and versatility. For instance, in the electronics and electrical industry, they are used to manufacture high-performance components due to their excellent electrical insulation properties. In consumer products, they are used to make lightweight and durable items, such as sports equipment and outdoor furniture. In summary, the market for FRP panels and sheets is expected to grow significantly due to the increasing demand for lightweight, high-performance, and environmentally-friendly materials in various industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
131 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
Market growth 2024-2028 |
USD 186.5 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.48 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ashinishi Mktg. and Engg. CO., Bansal Roofing Products Ltd., Brianza Plastica Spa, Crane Holdings Co., Dongguan MIYABI-FRP, Grupo Verzatec SA de CV, Higoal FRP, Hill and Smith Holdings Plc, Intec FRP Products, Kalwall Corp., LAMILUX Heinrich Strunz Holding GmbH and Co. KG, Panolam Industries International Inc., POLSER Composite Products Industry and Trade Inc., Redwood Plastics and Rubber, Rochling SE and Co. KG, Shiv Shakti Fiber Udyog, Strongwell Corp., Taizhou Zhongsheng FRP Co. Ltd., US Liner Co., and VETRORESINA LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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