Global Fiber-Reinforced Plastics Market Size Study, by Product Type (Glass Fiber-Reinforced Plastic, Carbon Fiber-Reinforced Plastic, and Other Product Types), by Recycling Technique (Thermal/Chemical Recycling, Incineration, and Co-incineration, and Mech

The Global Fiber-Reinforced Plastics (FRP) Market was valued at approximately 104.71 million tons in 2023 and is anticipated to expand at a CAGR of 9.34% over the forecast period from 2024 to 2032. The surge in demand for lightweight, durable, and high-strength materials across industries such as automotive, aerospace, construction, and sports equipment manufacturing has propelled the market’s growth. These advanced composites offer exceptional mechanical properties, corrosion resistance, and superior design flexibility, making them indispensable in numerous industrial applications.

The transition toward sustainable and recyclable FRP solutions has gained significant traction as companies emphasize reducing their environmental footprint. Innovations in mechanical and chemical recycling techniques are being explored to address concerns regarding the recyclability of fiber-reinforced composites, particularly in the transportation and aerospace industries. Additionally, the adoption of carbon fiber-reinforced plastics (CFRP) has surged in high-performance sectors due to their superior strength-to-weight ratio and energy-efficient properties. However, challenges such as high production costs, complex manufacturing processes, and difficulties in recycling composites may restrain the market’s growth. Nonetheless, advancements in bio-based resins and thermoplastic composites are expected to create lucrative opportunities for market expansion.

From a regional perspective, North America dominates the FRP market, driven by high adoption in the automotive and construction sectors, along with strong government regulations favoring lightweight and fuel-efficient materials. The United States plays a pivotal role in this growth due to its significant R&D investments in aerospace and industrial applications. Europe follows closely, supported by sustainability-driven policies and increased usage of composite materials in wind energy and transportation infrastructure.

The Asia-Pacific region is projected to exhibit the fastest growth, fueled by rapid urbanization, booming infrastructure projects, and the expanding automotive and electronics industries in China, India, Japan, and South Korea. Meanwhile, Latin America and the Middle East & Africa are emerging as potential markets, benefiting from increasing investments in industrial and construction sectors, as well as advancements in sports equipment manufacturing.

Major Market Players Included in This Report:
• Toray Industries, Inc.
• Owens Corning
• Teijin Limited
• Hexcel Corporation
• SGL Carbon
• Mitsubishi Chemical Corporation
• Solvay S.A.
• BASF SE
• Cytec Solvay Group
• Formosa Plastics Corporation
• Gurit Holding AG
• Huntsman Corporation
• Strongwell Corporation
• U.S. Liner Company
• AGY Holding Corp

The Detailed Segments and Sub-Segments of the Market Are Explained Below:

By Product Type:
• Glass Fiber-Reinforced Plastic
• Carbon Fiber-Reinforced Plastic
• Other Product Types

By Recycling Technique:
• Thermal/Chemical Recycling
• Incineration and Co-incineration
• Mechanical Recycling (Size Reduction)

By End-User Industry:
• Industrial
• Transportation
• Building and Construction
• Sports
• Other End-User Industries

By Region:

North America:
• U.S.
• Canada

Europe:
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific:
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America:
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa:
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Years Considered for the Study:
• Historical Year: 2022
• Base Year: 2023
• Forecast Period: 2024 to 2032

Key Takeaways:
• Market estimates & forecasts for 10 years (2022-2032).
• Annualized revenue breakdown and regional-level analysis for each market segment.
• Detailed geographical assessment with country-level insights.
• Competitive landscape overview with company profiles and key market strategies.
• Analysis of key business trends and recommendations for market players.
• Evaluation of market structure and competition in the fiber-reinforced plastics industry.
• Demand-side and supply-side dynamics analysis.