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Fiber Reinforced Plastic Panels and Sheets Market Analysis By Type(Glass Composites, Carbon Composites), By End Use(Building and Construction, Trucks and Trailers, Recreational Vehicles) & Forecast

  • PUBLISHED ON
  • 2024-10-03
  • NO OF PAGES
  • 265
  • CATEGORY
  • Chemicals & Materials

Market Overview

Global Fiber Reinforced Plastic Panels and Sheets market was valued at USD 1,248.16 million in 2022 and is estimated to reach a value of 1,626.85 by 2033 with a CAGR of 4.4%. In terms of primary factor, increasing consumption of composites from heavy truck and trailer market is primarily driving the market growth. As per the data released by FTR transportation intelligence states that, preliminary trailer orders surged in March to 36,200 units, an increase of 41% month-over-month and 29% year-over-year. According to FTR, trailer orders for the past 12 months have totaled 252,000 units. Polymer-reinforced composites provide better crash performance than traditional steel. The latter typically absorb only 35 J/kg of energy, while thermoset composites absorb almost twice as much. Thermoplastic composites absorb 5 to 6 times more energy than steel.

Report Attributes

Description

Market Size in 2022

USD 1,248.16  Million

Market Forecast in 2033

USD 1,626 Million

CAGR % 2023-2033

4.4%

Base Year

2022

Historic Data

2019-2021

Forecast Period

2023-2033

Report USP

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

Type and End Use

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

Brianza USA Corporation , Captrad Ltd , Crane Composites, Inc. (Crane CO.) , Dofrp (Miyabi FRP) , Hill & Smith Holdings PLC , Kal-Lite , Kalwall , Krempel GmbH , Panolam Industries International, Inc. , Redwood Plastics and Rubber


A Glimpse of Value Chain Process

Fiber preforms are manufactured through weaving, braiding, stitching, and knitting. Weaving is used in making both two-dimensional and three-dimensional fibers and is suitable for the manufacture of high-value and narrow-width products. It has its downsides, though. For one, weaving multilayer fibers is time-consuming and fairly more expensive. Also, it is difficult to create fabrics with fibers that are oriented to each other at anything other than 90-degree angles. Braiding is way better in that aspect as it allows for fibers to be aligned at 45 degrees to each other. Through two-step braiding, manufacturers can create right about any shape of preform. Knitting typically produces two-dimensional fabric, but the creation of multilayer fabric is possible with machines fitted with more than one needle bed.

Key Companies

Brianza USA Corporation ,

Captrad Ltd ,

Crane Composites, Inc. (Crane CO.) ,

 Dofrp (Miyabi FRP) ,

Hill & Smith Holdings PLC ,

 Kal-Lite ,

Kalwall ,

Krempel GmbH ,

Panolam Industries International, Inc. ,

Redwood Plastics and Rubber


COVID Impact

The COVID-19 pandemic has had a mixed impact on the fiber reinforced plastic (FRP) panels and sheets industry.

On one hand, the demand for FRP panels and sheets has increased in certain applications due to the pandemic. For example, FRP panels are being used to build temporary structures such as field hospitals, isolation rooms, and testing centers. FRP sheets are also being used to manufacture protective shields and barriers to help prevent the spread of the virus in public spaces.

On the other hand, the pandemic has also had a negative impact on the FRP industry in other areas. The construction industry, which is a major consumer of FRP panels and sheets, has experienced significant disruptions due to the pandemic, leading to a slowdown in demand for construction-related FRP products. Additionally, supply chain disruptions and production shutdowns have also impacted the availability and cost of raw materials, which has affected the overall production of FRP panels and sheets.

Despite these challenges, the FRP industry has continued to innovate and adapt to the changing market conditions. Some companies have shifted their production focus to meet the demand for COVID-related products, while others have invested in new technologies and processes to improve efficiency and reduce costs. Overall, while the pandemic has posed challenges for the FRP industry, it has also created new opportunities for growth and innovation.


Segmental Analysis

Based on type, the market is segmented into glass composite, carbon composite and others, while on the basis of end use the market is segmented into building and construction, trucks and trailers, recreational vehicles and others.

In terms of volume, glass composites held a share of 65.43% in 2022, Fiberglass reinforced plastic (GFRP), commonly known as fiberglass, is a synthetic composite material made from plastic and very fine fiberglass. This is the largest segment in the composites industry. FRP composites are relatively inexpensive composites compared to carbon and other metal fiber composites. For decades, this synthetic composite has been sought after for its high strength, light weight, and corrosion resistance. Due to its light weight and corrosion resistance, GRP products are in high demand in industries such as wind energy, aerospace, defense, construction and automotive. Developing countries, such as China and India, are expanding their infrastructure. This is expected to lead to the growth of the construction industry and boost the demand for FRP composites. The market for FRP composites is highly competitive, with suppliers with good access to technical and financial resources developing innovative products to offer competitors' products before entering the market. We are focusing on it. Most of the major players in this market segment have their own R & D departments.

In terms of value, building and construction end user dominated the market with 69.44% in 2022, FRP panels and panels are widely used in applications such as roofing, interior wall panels and exterior facades in the building and construction industry. The global construction industry is growing at a remarkable rate. According to Oxford Economics, a global leader in forecasting and quantitative analysis, the construction industry is expected to grow at an average annual growth rate of 3.9% pa. Until 2030. This steady growth is expected to drive demand for wall panels and roofing solutions, thus driving demand for FRP panels and panels over the next few years. FRP panels and panels are widely used in the building and construction industry repair, brightness and water resistance. As a durable, dirt-resistant and impact-resistant composite material, it can be used in both commercial and residential environments. They are installed over existing wall materials such as concrete, creating a watertight installation and providing a new look for years to come. According to China's National Development and Reform Commission, the Chinese government has approved 26 infrastructure projects with an estimated investment of $142 billion in 2019, expected to be completed in 2025.

Regional Analysis

Global FRP Panels and Sheets Market is primarily analyzed across North America, Europe, APAC, South America and Middle East and Africa.

China has become the world's largest producer of FRP. It is expected that the demand for fiberglass will soon surpass that of the United States and is becoming the largest market for demand and application of the global fiberglass industry. This is the world's top fiberglass enterprise. The main reason for paying attention to the Asian market. Flue gas desulfurization, thermal power generation accounts for more than half of the global power generation, so coal will remain the main fuel for at least the next few decades. All thermal power plants will eventually have a scrubber and desulfurization system, and FRP is the most cost-effective material in this application. Its FGD (smoke gas desulfurization) future investment is mainly in Asia, not the United States and Europe, China will become the largest market for FGD systems, accounting for more than 40% of the world total.

Demand for FRP compound substances is increasing rapidly due to its properties such as lightweight; FRP is 70% lighter compared to various metals and provides high strength like that of metals. FRP composite materials are corrosion resistant and require much lesser maintenance than common metals, wood or embodied products. FRP composite material is non-conductive and non-magnetic.

FRP composite materials have impacted and even revolutionized several major markets such as the wind energy market. FRP composite materials are being used for the nacelles, spinner and turbine blades. The high strength and lightweight FRP composite materials based products allow for longer and wider blades resulting in high production of electrical energy in the wind farms. Apart from these drivers, the market also face challenges such as high cost, mean production velocity or power depth regarding compound materials.

Competitive Analysis

Some of the Major companies operating within the market are Brianza USA Corporation , Captrad Ltd , Crane Composites, Inc. (Crane CO.) , Dofrp (Miyabi FRP) , Hill & Smith Holdings PLC , Kal-Lite , Kalwall , Krempel GmbH , Panolam Industries International, Inc. , Redwood Plastics and Rubber

Recent Development

In May 2021, Grupo Verzatec S.A. de C.V. acquired the Engineered Materials division from Crane Co. for US$360 million. The company manufactures fiber-reinforced plastic (FRP) composite panels through Crane Composites.

Why to buy this Report?

The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.

The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.

The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:

§  Business Model

§  Production Capacity, Revenue, Sales, Gross Margin

§  Key Business Strategy

§  SWOT Analysis

In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:

§  Company Share Analysis from 2018-2022

§  Company Analysis by Revenue and Sales

§  Company Production Capacity, Gross Margin

§  Company Share Analysis by Application/End Use

§  Company Share Analysis by Product/Specification

By Type

• Glass Composites

• Carbon Composites

• Others


By End Use

• Building and Construction

• Trucks and Trailers

• Recreational Vehicles

• Others


By Region

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         Germany

·         U.K.

·         France

·         Italy

·         Russia

·         Rest of Europe

Asia Pacific

·         China

·         Japan

·         India

·         Australia

·         Rest of Asia pacific

South America

·         Brazil

·         Argentina

·         Colombia

·         Rest of South America

Middle East & Africa

·         UAE

·         KSA

·         South Africa

·         Turkey

·         Rest Of MEA

Key FAQ's

What is the market size and growth projections?

• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?

• What are the top performing segments, and countries / regions of each of the markets?

• What is the market size and growth rate across key countries / regions?

• How big is the global & regional market in terms of revenue?

• How far market will grow in forecast period in terms of revenue?

• What factors will influence demand and supply trends across each markets during the forecast period?

• What are the technology trends shaping various markets?

• Which country / region has more opportunities?

• What is the COVID-19 impact on the market and how long will it take to recover?

• Who are the key competitors of market Players?

• What are the market share (%) of Key Players?

• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?

• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?




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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

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Market Estimates and Forecast

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An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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