Global Fiber Reinforced Polymer Market – Industry Trends and Forecast to 2029

Global Fiber Reinforced Polymer Market, By Product (Glass Fiber Reinforced Composites, Carbon Fiber Reinforced Composites, Basalt Fiber Reinforced Composites, Aramid Fiber Reinforced Composites and Others), Application (Automotive, Construction, Electronics, Defense and Others) – Industry Trends and Forecast to 2029.

Fiber Reinforced Polymer Market Analysis and Size

The science and technology continues to grow at a constant pace due to steady research and development activities and advancements in technology. The importance of fiber reinforced polymers is growing day-by-day due to their several features such as strength, fatigue resistance, ease of shaping, high stiffness, and low density over steel and other nonferrous metals. The “Carbon fiber reinforced polymer” is the highest growing stimulus segment of the market due to their superior properties such as high strength, modulus of elasticity and low density over the forecast period.

Data Bridge Market Research analyses that the fiber reinforced polymer market is expected to undergo a CAGR of 11.80% during the forecast period. This indicates that the market value, which was USD 199.35 billion in 2021, would rocket up to USD 486.58 billion by 2029.  In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Fiber Reinforced Polymer Market Scope and Segmentation

Market Definition

Fiber reinforced polymer is a composite material which consist polymer matrix reinforced with fibers. The fibres are usually glass aramid, carbon or basalt. Rarely, other fibres such as wood, paper, or asbestos have been used. The increasing use of fiber reinforced polymer in engineering applications due to its mechanical properties to attain significant accomplishments in the functionality, safety and economy in several industries.

Global Fiber Reinforced Polymer Market Dynamics

Drivers

• Growing demand for the lighter materials

Fiber reinforced polymers are light and strong than other substitutes or other materials. They are usually less in weight and stronger than steel. The automotive sector is focussing on the manufacturing of lighter-weight automobiles, which create the demand for the lighter weight materials. Automobile manufacturers are need to decrease the average fuel consumption of vehicles, and this purpose can be met by using lightweight materials such as fiber reinforced polymers. The rising demand of light weight material are expectd to drive the growth rate of the fiber reinforced polymers market.

• High usage of carbon fiber reinforced polymer

Carbon fiber reinforced polymer (CFRP) is a lightweight fiber reinforced polymer containing carbon fibers. This fiber reinforced polymer offers other beneficial mechanical properties such as high strength, low density and modulus of elasticity over other fiber reinforced polymer. The rising demand of carbon fiber reinforced polymer are expected to drive the growth rate of the fiber reinforced polymer market.

• Increasing demand fiber reinforced polymer in defence and aerospace sector

The demand of fiber reinforced polymer from defence and the aerospace sector will generate exceptional demand for the product. In the aerospace industry, aerospace equipment requires ultra-edge fiber reinforced polymer which can sustain the product, this factor may be the reason for the excellent revenue growth in the fiber reinforced polymer market. 

Opportunities

• Economic sustainability

The durability and long lifetime of fiber reinforced polymers. Fiber reinforced polymers products have saved money and time in that way, they do not need any on-site works or heavy lifting gear, feature and generally long maintenance-free service life. These are some factors which will act as market drivers and further increase beneficial opportunities for the market's growth rate.

• Increase focus towards expansion

The major companies are mostly shifting their focus towards introducing new and innovative products and growing their production capacities into the fiber reinforced polymer market to attain a competitive advantage. Also, the rising number of partnership for developing advanced fiber reinforced polymer is projected to boost market growth.

Restraints/Challenges

• Fluctuation in the price of raw material

Fluctuation in the price of raw material used to manufacture fiber reinforced polymer will act as market restraint in the above mentioned period.

• Associated side-effects with fiber reinforced polymer

Fiber reinforced polymers are very harmful for human health which are expected to restrain the growth rate of the fiber reinforced polymer market during the forecast period

This fiber reinforced polymer market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fiber reinforced polymer market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Fiber Reinforced Polymer Market

The outbreak of COVID-19 pandemic is anticipated to have a short-term impact on the overall growth of fiber reinforced polymers market globally. The demand for fiber-reinforced polymer from the several industries is expected to decrease due to lockdown restrictions and cross-border transportation and trade restrictions. On the other hand, the demand of fiber reinforced polymers has increased from the medical field which is anticipated to grow the market value of fiber reinforced polymer. However, post Covid-19 situation will favor the market because new developments will take place during the forecast period. 

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Fiber Reinforced Polymer Market Scope

The fiber reinforced polymer market is segmented on the basis of product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Glass Fiber Reinforced Composites
• Carbon Fiber Reinforced Composites
• Basalt Fiber Reinforced Composites
• Aramid Fiber Reinforced Composites
• Others

Application

• Automotive
• Construction
• Electronics,
• Defense
• Others

Fiber Reinforced Polymer Market Regional Analysis/Insights

The fiber reinforced polymer market is analysed and market size insights and trends are provided by country, product and application as referenced above.

The countries covered in the fiber reinforced polymer market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the fiber reinforced polymer market in terms of market revenue due to growing number of construction activities, growing disposable income in this region.

Europe will continue to project the highest compound annual growth rate during the forecast period of 2022-2029 due to increasing demand in the transport and construction application sectors in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Fiber Reinforced Polymer Market Share Analysis

The fiber reinforced polymer market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fiber reinforced polymer market.

Some of the major players operating in the fiber reinforced polymer market are:

• BASF SE (Germany)
• Mitsubishi Chemical Corporation (Japan)
• Saint-Gobain (France)
• AGC Inc.(Japan)
• PPG Industries, Inc.  (U.S.)
• MST Rebar Inc. (Canada)
• Nippon Sheet Glass Co., Ltd (Japan)
• Guardian Industries (U.S.)
• SGL Carbon (Germany)
• Saudi Arabian Amiantit Co (Saudi Arabia)
• Veplas d.d. (Solvenia)
• Graphite India Limited (India)
• Fibrex (U.S.)
• Smithlinecomposites (UAE)