Dublin, April 04, 2022 (GLOBE NEWSWIRE) -- The "Fiber Reinforced Polymer (FRP) Composites Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The fiber reinforced polymer (FRP) composites market is projected to grow at a CAGR of 7.32% to reach US$375.100 billion by 2026, from US$228.761 billion in 2019. FRP stands for fiber-reinforced polymer, which is a composite material made up of a polymer matrix reinforced with fibers such as carbon, glass, aramid, basalt, and others.
FRP composites are non-corrosive, lightweight, and have high specific strength and stiffness, and they may be easily manufactured and customized to suit particular performance requirements. Many expensive metals have been substituted in industrial process equipment such as pipes, ductwork, tanks, and reaction vessels due to the unique features of FRP composite materials such as corrosion resistance. A polymer resin is combined with strong reinforcing fibers to create FRP composite materials.
The two most common production techniques for FRP composite materials are pultrusion and vacuum infusion. Polyester, vinyl ester, polyurethane, epoxy, and other resins are often used in FRP composite materials, whereas aramid, glass, and carbon are commonly used fibers. The market for fiber-reinforced polymer (FRP) composites is growing due to the increased demand for corrosion-resistant materials for various applications.
The transition from ferrous and nonferrous metals to FRP composites is also boosting demand for these materials in a variety of sectors. Increasing R&D efforts by leading industry players to create bio-based fiber reinforced polymers (FRPs) derived from a variety of renewable resources would support the growth of the FRP composites market throughout the forecast period. When utilized in the automotive and aerospace sectors, the developed FRP composites are lightweight and high-strength composite materials that offer potential energy reduction while also decreasing emissions owing to the vehicles' reduced total weight. Due to the wide range of manufacturing and building uses, contractors and architects prefer FRP composite materials to metal and timber materials.
Nowadays, the ore extraction process employs extractive metallurgy, in which the equipment is exposed to acids, organic and inorganic salts, and other chemicals. In such cases, FRP composite materials, rather than traditional metals, are critical for protecting the equipment from external harm. FRP composite materials are used extensively in the fabrication of equipment for chemical processing, pulp and paper, power generation, metal refining, and a variety of other sectors. Where powerful chemicals are employed, as well as where textiles may be harmed, FRP composite materials are an excellent alternative. Due to its features such as being lightweight; FRP is 70% lighter than various metals and delivers high strength comparable to metals, demand for FRP composite substances is quickly growing. Corrosion-resistant FRP composite materials require far less upkeep than typical metals, wood, or other goods. FRP is a non-conductive and non-magnetic composite material.
Due to expanding automotive and consumer electronics production in countries such as China and India, APAC is expected to be the fastest-growing regional FRP composites market over the forecast period. The expansion of the APAC FRP composites market is being aided by increased governmental expenditure on infrastructure development.
Growth Factors
Increasing demand in the construction sector will fuel the market growth
One of the major reasons for the growth of the fiber reinforced polymers (FRP) composites market is the growing demand for fiber-reinforced polymer (FRP) composites in the construction sector. Engineered materials comprised of polyester or epoxy resin reinforced with fiber are known as fiber-reinforced polymer (FRP) composites. The finished FRP product is a strong, durable, thin, and lightweight material with the added benefit of easy installation.
For concrete buildings, FRP bars are utilized as interior reinforcement. FRP bars, sheets, and strips are used to reinforce concrete, masonry, wood, and steel constructions. Fiber-reinforced polymers are utilized to build specific constructions that need to be electrically neutral. The growing construction activities and the increasing infrastructural projects in developing nations especially in the Asia Pacific region will boost the market demand for these fiber-reinforced polymers (FRP) composites. As a result, demand for fiber-reinforced polymer (FRP) composites is projected to rise throughout the forecast period, owing to rising applications in the construction industry, particularly in the Asia-Pacific region.
Restraints
The high cost of FRP composites is a key stumbling block to the market's expansion
A major restraint in the growth of fiber reinforced polymer composites market is the high cost associated with fiber reinforced polymer (FRP) composites. Because traditional processing techniques for fabricating composites, such as wet hand lay-up, autoclave, and resin transfer molding, need a large quantity of specialized work to cut, stack, and consolidate into a finished component, labor costs are likewise expensive.
FRPs are used in applications where performance takes precedence above cost. Chemical storage FRP tanks, subterranean fuel storage FRP tanks, blending FRP tanks, and other applications may all benefit from the fundamental characteristics of FRP composites. The sole constraint limiting market expansion is the price of the product. However, certain attempts have resulted in FRP composites being more affordable.
Impact of COVID-19 on the Fiber Reinforced Polymer (FRP) Composites Market
The COVID-19 impact on fiber reinforced polymers (FRP) composites market has been negative owing to the production halt by industries due to the temporary lockdown implemented by several governments to break the cycle of the virus.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Fiber Reinforced Polymer (FRP) Composites Market Analysis, by Type
5.1. Introduction
5.2. Aramid Fiber Reinforced Polymer (AFRP) Composites
5.3. Glass Fiber Reinforced Polymer (GFRP) Composites
5.4. Basalt Fiber Reinforced Polymer (BFRP) Composites
5.5. Carbon Fiber Reinforced Polymer (CFRP) Composites
5.6. Others
6. Fiber Reinforced Polymer (FRP) Composites Market Analysis, by End-User Industry
6.1. Introduction
6.2. Automotive
6.3. Electrical & Electronics
6.4. Building & Construction
6.5. Defense
6.6. Others
7. Fiber Reinforced Polymer (FRP) Composites Market Analysis, by Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. American Fiberglass Rebar
9.2. Mitsubishi Chemical Corporation
9.3. SGL Carbon SE
9.4. DowAksa
9.5. Engineered Composites Ltd
9.6. TUF-BAR
9.7. Owens Corning
9.8. Advanced Composites Inc.
9.9. Aeron Composite Pvt Ltd
9.10. Dextra Group
For more information about this report visit https://www.researchandmarkets.com/r/u7jrr1
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