Global Fiber Reinforced Polymer Composites Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

"Global Fiber Reinforced Polymer Composites Market Introduction: 

“The global Fiber Reinforced Polymer Composites Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global fiber reinforced polymer composites market report has been segmented on the basis of product, application, and region.

Fiber reinforced polymer composite materials or FRP composites consist of reinforcing fibers in a polymer matrix. These fibers can be fabric, strands, or mat. Fiber reinforced polymer composites are known for their non-corrosive, strength, non-conductive nature, and lightweight properties.

Market Dynamics:

Rising demand for corrosion-free concrete reinforcing materials various end-use industries across the globe is major factor expected to drive revenue growth of the fiber reinforced polymer composites market over the forecast period.

Moreover, growing automotive industry in developing economies is expected to support revenue growth of the target market. Furthermore, properties of fiber reinforced polymer composites such as low density, high stiffness, strength, and ease of shaping are other factors expected to drive revenue growth of target market over the forecast period.

Product Insights:

On the basis of product, the glass fiber reinforced polymer composites segment is expected to account major revenue share in the global fiber reinforced polymer composites market. Growing demand for glass fiber reinforced polymer composites over other fiber reinforced polymer composites owing to its cost-effectiveness.

Application Insights:

On the basis of application, the automotive segment is expected to account major revenue share in the global market and is expected to maintain its dominance over the forecast period. Growing demand for lightweight materials in the automotive industry to reduce the overall weight of the vehicle to improve efficiency, which is expected to drive revenue growth of this segment.

Regional Insights:

North America market is expected to account major revenue share in the global fiber reinforced polymer composites market and is expected to maintain its dominance over the forecast period. Increasing number of construction activities in the region owing to growing disposable income is expected to drive revenue growth of North America fiber reinforced polymer composites market.

Moreover, the presence of a large number of automotive manufacturers in the US and Canada is expected drive revenue growth of North America fiber reinforced polymer composites market over the forecast period.

North America accounts for the major revenue share of the global fiber reinforced polymer composites market, followed by markets in Europe, Asia Pacific, Latin America, and the Middle East & Africa respectively. Europe fiber reinforced polymer composites market is expected to grow at a higher rate over the forecast period.

Growing demand for passenger cars and commercial vehicles, coupled with the presence of a large number of automotive manufacturers in the region is expected to drive revenue growth of the target market over the forecast period.

Market Segmentation and Key Players Operating in the Global Fiber Reinforced Polymer Composites Market:

By Product:

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

By Application:

• Automotive
• Construction
• Electronics
• Defense
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa