The fiber-reinforced polymer (FRP) composites market is expected to witness a CAGR of about 4%, globally, during the forecast period. Major factors driving the market studied are increasing demand from the construction sector and growing applications in automotive body parts. Additionally, unfavorable conditions arising due to the COVID-19 outbreak are expected to hinder the growth of the market studied.
- The building and construction industry is expected to dominate the global fiber-reinforced polymer (FRP) composites market over the forecast period.
- Asia-Pacific is expected to represent the largest market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing Demand from the Construction Sector
- Fiber-reinforced polymer (FRP) composites are engineered material composed of a polyester or epoxy resin reinforced with fiber. The final product made of FRP is a strong, durable, thin, and lightweight material, and it has the advantages of quick installation.
- FRP bars are used as internal reinforcement for concrete structures. FRP bars, sheets, and strips are used to strengthen various structures constructed from concrete, masonry, timber, and steel. Fiber-reinforced polymers are used in the construction of special structures requiring electrical neutrality.
- In the construction sector, most of the use of FRP is confined to repairing and strengthening structures.
- The Indian government announced an investment worth USD 31,650 billion for the construction of 100 cities, under the smart cities plan. The 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion (~USD 28.18 billion) over the next five years, creating scope for the application of fiber-reinforced polymer (FRP) composites.
- The Chinese government rolled out massive construction plans, including making provisions for 250 million people to its new megacities over the next ten years, creating a significant scope for construction activity, thus, increasing the market for fiber-reinforced polymer (FRP) composites in the future.
- Hence, owing to the growing applications in the construction sector, especially in the Asia-Pacific region, the demand for fiber-reinforced polymer (FRP) composites are expected to increase over the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the market for fiber-reinforced polymer (FRP) composites during the forecast period. Due to the high demand application from countries, like China, India, and Japan, the demand for the market studied has been increasing.
- The largest producers of fiber-reinforced polymer (FRP) composites are in the Asia-Pacific region. Some of the leading companies in the production of fiber-reinforced polymer (FRP) composites are Unimacts, Sanderson Theme Constructions, Hengshui Jiubo Composites Co. Ltd, Aeron Composite Pvt. Ltd, DOFRP, etc.
- The total real estate investment in China rose by approximately 11.6% in the first two months of 2019 Y-o-Y, over the same period in 2018. This growth was up from the 9.5% growth, and it was reported for 2018 (National Bureau of Statistics (NBS)). This growth marks the strongest growth for the January-February period since 2014 when investment rose by 19.3%, increasing the scope for the market studied.
- Apart from the construction sector, these FRP composites find their applications in automobile body parts, aircrafts body lining applications, and other weight-reducing applications.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific leads global automobile production in recent years. China is the largest producer of automobiles. The country produced 2,57,20,665 vehicles in 2019, where the major application of FRP composites is found.
- Nearly 9% of India’s GDP is spent on infrastructural services. The Government of India has given an enormous momentum to the infrastructural sector, by allocating INR 5.97 lakh crore (~USD 92.22 billion) under the Union Budget 2018-2019, creating a major market for FRP composites in the future.
- Thus, the factors mentioned above, coupled with government support, are contributing to the increasing demand for the fiber-reinforced polymer (FRP) composites market during the forecast period.
The fiber-reinforced polymer (FRP) composites market is fragmented, with players accounting for a marginal share of the market studied. Few companies include Owens Corning, Veplas ddI, Hengshui Jiubo Composites Co. Ltd, Aeron Composite Pvt. Ltd, and DOFRP.
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