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The FRP panels and sheets market share is expected to reach an estimated USD 227.41 million by 2026 at an accelerating CAGR of 8.39%.
This FRP panels and sheets market research report extensively covers FRP panels and sheets market segmentations by:
The FRP panels and sheets market report also offers information on several market vendors, including Ashinishi Mktg. and Engg. CO., Bansal Roofing Products Ltd., Brianza Plastica Spa, Crane 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 among others.
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The rise in urbanization and infrastructure development is notably driving the FRP panels and sheets market growth, although factors such as the health hazards associated with FRP panels and sheets may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the FRP panels and sheets industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key FRP Panels and Sheets Market Driver
One of the key factors driving growth in the FRP panels and sheets market is the rise in urbanization and infrastructure development. The construction industry is the prominent end-user of composites. With the growing urban population around the globe, the number of smart cities is expected to rise significantly during the forecast period due to the increasing congestion of urban areas and major metropolitan cities. Governments of countries such as India, Indonesia, and Thailand are taking initiatives to drive the construction industry in their respective countries, which will improve their economic conditions during the forecast period. Smart Cities Mission, Make in India, and Housing for All initiatives undertaken by the Indian government will remain a huge driver for the construction market of the country. Besides, the policies imposed by the Indian government will ensure quicker approvals. The flow of foreign direct investment (FDI) will positively impact the real estate and construction industries. Such initiatives are expected to drive the construction industry, which, in turn, will increase the demand for composite materials such as FRP panels and sheets.
Key FRP Panels and Sheets Market Trend
The global emphasis on green buildings is a key FRP panels and sheets market trend that is expected to have a positive impact in the coming years. FRP panels and sheets are increasingly being used by building engineers and architects to construct and design passive or low-energy buildings, which qualify as green buildings. The adoption of energy-efficient glass fiber, such as low-E glass, offers several features that contribute to a building being labeled as green. The construction industry is adopting various energy-efficient methods and is actively investing in energy-efficient solutions to counter the rising energy costs without compromising the quality of the services provided. The commercial construction sector is increasingly adopting green systems that promote a healthy and productive environment, increase efficiency, and reduce the impact on the environment. The financial benefits that accrue from energy efficiency and low-energy costs in green buildings have led to continuous investments in technologies, which lead to energy savings. Therefore, the use of FRP panels and sheets is expected to increase.
Key FRP Panels and Sheets Market Challenge
The health hazards associated with FRP panels and sheets will be a major challenge for the FRP panels and sheets market during the forecast period. The use of FRP panels and sheets in various end-user applications, such as buildings and construction, automotive, and consumer goods, poses numerous health risks. It easily enters the body because of its small size and causes certain diseases. Workers involved in the insulation process in building maintenance are more vulnerable to health hazards caused by fiberglass. Short-term exposure, such as direct contact with fiberglass or inhaling dust particles, can cause irritation to the skin, nose, and throat. High-level exposure to airborne fiberglass may cause asthma or bronchitis, lung infection, and lung cancer. Small fibers have a high potential to reach the lower parts of the lungs and cause adverse health effects. Thus, the rising awareness about the side effects of FRP panels and sheets is expected to hamper their demand in end-user industries.
This FRP panels and sheets market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global FRP panels and sheets as a part of the global building products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the FRP panels and sheets market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the FRP panels and sheets market encompasses successful business strategies deployed by the key vendors. The FRP panels and sheets market is fragmented and the vendors are deploying growth strategies such as investing heavily in R&D to compete in the market.
miyabifrp.com - The company offers FRP panels such as fiberglass race seats, fiberglass fairing, fiberglass shells, and fiberglass bar.
miyabifrp.com - Under the unified segment the company offers products such as auto parts, building materials, FRP panels, pipes, and bars.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The FRP panels and sheets market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the FRP panels and sheets market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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35% of the market's growth will originate from North America during the forecast period. The US is the key market for FRP panels and sheets in North America. However, market growth in this region will be slower than the growth of the market in other regions.
The increase in the demand for consumer goods and the rising adoption of FRP panels and sheets in the construction industry will facilitate the FRP panels and sheets market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 outbreak negatively impacted the FRP panels and sheets market in North America. Owing to the rising number of deaths from COVID-19, North American countries, including the US, Canada, and Mexico, implemented nationwide lockdowns, primarily during the first half of 2020. However, the initiation of vaccination drives led to a decline in the number of COVID-19 cases, which resulted in a surge in automotive sales in 2021. In North America, automotive production increased by around 7% in 2021 when compared to that in 2020.
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The FRP panels and sheets market share growth by the automotive segment will be significant during the forecast period. FRP panels and sheets are widely employed in the automotive industry, and their demand is predicted to increase rapidly during the projection period. The need for lightweight composites from the automotive industry will fuel the growth of the FRP panels and sheets in the aftermarket aerodynamics during the projected period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the FRP panels and sheets market size and actionable market insights on post COVID-19 impact on each segment.
FRP Panels and Sheets Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.39% |
Market growth 2022-2026 |
$ 227.41 million |
Market structure |
Fragmented |
YoY growth (%) |
7.4 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Ashinishi Mktg. and Engg. CO., Bansal Roofing Products Ltd., Brianza Plastica Spa, Crane 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 forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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