[FURL=https://www.industryarc.com/Report/19582/fiber-reinforced-plastic-frp-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Fiber Reinforced Plastic (FRP) Market[/FURL] Fiber Reinforced Plastic (FRP) market size is forecast to reach $172.2 billion by 2026, after growing at a CAGR of 4.2% during 2021-2026. Fiber Reinforced Plastic (FRP) composite is termed as a polymer that is reinforced with Fiber such as glass fiber, carbon fiber, aramid fiber, basalt fiber, and Others. The major drivers for growth in this market are increasing demand for in the transportation, construction, and electrical and electronics industry owing to its properties like light weight, high strength, resistance to corrosion and others. The epoxy and polyester resin is the foremost preference when it comes to any kind of construction like exterior and interior wall panels, beams, slabs, exterior façade, and others.Key Takeaways
Asia Pacific dominates the Fiber Reinforced Plastic (FRP)Market owing to rapid increase in Automotive, Building and construction sector.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Fiber Reinforced Plastic (FRP)Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Fiber Reinforced Plastic (FRP) related industries has been negatively affected, thus hampering the growth of the market.
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Fiber Reinforced Plastic (FRP) Market Segment Analysis - Geography
Asia Pacific region held the largest share in the Fiber Reinforced Plastic (FRP) in 2020 up to 46% followed by North America and Europe. The rapid increase in population in the region increases the development rate for automotive and infrastruction sectors. Large investments in infrastructure and increasing usage of lightweight materials have favored the growth of Fiber Reinforced Plastic (FRP)in this region. The fast growth of automotive and construction sector in APAC region, China with automotive production of 25.7million, according to Organisation Internationale des Constructeurs d'Automobiles (OICA).
Fiber Reinforced Plastic (FRP) Market - Drivers
Carbon Fiber Reinforced Plastic (CFRP) in Aerospace and Defense
Basalt Fiber Reinforced Plastic (FRP) in Construction
Fiber Reinforced Plastic (FRP) Market Landscape
Major players in the Fiber Reinforced Plastic (FRP) Market are Strongwell Corporation, Creative Pultrusions, Inc., Bedford Reinforced Plastics, Fiberline Composites A/S, Tribeni Fiber Pvt Ltd, American Fiberglass Rebar, American Grating LLC, Engineered Composites Ltd, B&B FRP Manufacturing INC, DowAksa.
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