The market for FRP panels and sheets is expected to grow at a CAGR of 6% globally during the forecast period. Increasing demand from the transportation industry along with growing demand from the building and construction industry are driving the market growth. On the flip side, higher production costs coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The FRP panels and sheets market is expected to grow during the forecast period owing to the increasing demand from the transportation industry.
- Asia-Pacific region to dominate the market across the globe with the largest consumption from countries such as India and China.
Key Market Trends
Increasing Demand from the Transportation Industry
- FRP panels and sheets are widely used in the transportation industry and are expected to grow rapidly during the forecast period.
- FRP referred to as Fiber Reinforced Plastics (or fiber reinforced polymer) composites made of a polymer matrix reinforced with fibers (carbon or glass fiber). FRP panels and sheets are produced using different techniques depending on the application and fiber content. Moreover, they possess superior characteristics such as lightweight, high stability, more durability, heat resistance, and free-foam structure.
- They are used in automobiles, recreation vehicles, trucks, trailers. They are light-weight, excellent strength, dimensional stability, and resistance to corrosion and UV rays.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), the worldwide automotive production in 2019 is about 91.78 million vehicles which declined by 5.2% compared to the previous year 2018. However, post COVID-19 measures by the government are expected to drive the automobile industry.
- The increase in demand for lightweight composites from the transportation industry drives the growth of the FRP panels and sheets market during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for FRP panels and sheets during the forecast period as the increasing demand from countries like India and China.
- FRP panels and sheets are widely used in the building and construction industry being so ease of repairing, lightness, and resistance to water. Being a strong composite material and resistance to dirt and strain, it can be used for commercial as well as residential settings. They are installed over existing wall materials such as concrete, resulting in a water-proof installation and provide a new look for years.
- According to China’s National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019 which are expected to be completed by 2025.
- Moreover, the Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and is planning to spend USD 1.4 trillion over the next five years. Furthermore, the construction industry in India has received a major boost by the investment of USD 1.4 billion through private equity and venture capital investments during October 2019 is expected to drive the market in India and China.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for FRP panels and sheets market during the forecast period.
The global FRP panels and sheets market is partially fragmented with players accounting for a marginal share of the market. Few companies include CRANE COMPOSITES, INC., Hill & Smith Holdings PLC, Röchling, DOFRP, and POLSER Şeffaf Çatı Örtüleri San. ve Tic. A.Ş.
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