Fiber Reinforced Polymer (FRP) Composites Market Article Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Fiber Reinforced Polymer (FRP) Composites Market
The Fiber Reinforced Polymer (FRP) Composites market size was valued at USD 91.21 billion in 2023, and the market is now expected to grow from USD 98.12 billion in 2024 to USD 189.80 billion by 2032, exhibiting a CAGR of 7.6% during the forecast period of 2024-2032.
The pandemic of covid-19 had a very extraordinary effect on the global economic system, as a result, changing the manufacturing and supply of FRP composites. A huge amount of FRP production plant life needed to close down, resulting in the generating quotes were in quick reduced in Fiber Reinforced Polymer (FRP) Composites Market growth. Besides, the closure of the manufacturing centers of numerous industries brought about the global FRP scarcity. These first rate instances had impacted numerous sectors, as a result the supply of FRP composites modified into at a minimum.
The growing demand for Glass Fiber Reinforced Polymer (GFRP) composites in transportation applications is expected to propel the increase of the Fiber Reinforced Polymer (FRP) composites market share. GFRP offers light-weight and excessive-energy houses, making it best for automobile, aerospace, and marine industries, therefore using market enlargement.
The transition to electric vehicles is fueling demand for Fiber Reinforced Polymer (FRP) composites due to their mild-weight and long-lasting nature, best for automobile packages. With the surge in electric automobile profits, accomplishing over 10 million in 2022 in line with IEA, the demand for FRP composites is forecast to hold rising.
Comprehensive Analysis of Fiber Reinforced Polymer (FRP) Composites Market
The Fiber Reinforced Polymer (FRP) Composites market and Chemicals & Advanced Materials industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by Type Analysis, by Application Analysis. The Type Analysis include, Glass Fiber-reinforced polymer, Carbon Fiber-reinforced Polymer, and others. The Application Analysis includes transportation, construction, electronics, sports & leisure, and others.
The Asia Pacific region lead the Fiber Reinforced Polymer (FRP) Composites market by benefitting a market size of USD 39.76 billion in 2023 due to the FRP composites market, holding a major share on account of the growing demand for lightweight and fuel-efficient vehicles coupled with rapid infrastructure growth in the region.
The top players in the market play a crucial role in the Food & Beverages industry assuring industrial prospectus growth and setting market standards. These players include, Avient Corporation (U.S.), SGL Carbon (Germany), ASAHI YUKIZAI CORPORATION (Japan), Hexcel Corporation (U.S.), Mitsubishi Owens Corning (U.S.), Park Aerospace Corp. (U.S.), Chemical Group Corporation (Japan), NIPPON STEEL Chemical & Material Co., Ltd. (Japan), TORAY Industries, Inc. (Japan), TEIJIN Limited (Japan) these market players provide a competitive landscape.
In May 2023, Avient Corporation extended its production line for OnForce and Complēt long fiber reinforced thermoplastic composites in Asia Pacific. This new line will assist the corporation meet the growing demand related to composite substances.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 7.6% during 2024-2032
Unit Value (USD Billion), Volume (Kilo Ton)
Segmentation By Type
Glass Fiber-reinforced Polymer
Carbon Fiber-reinforced Polymer
Others
By Application
Transportation
Construction
Electronics
Sports & Leisure
Others
By Region
North America (By Type, Application, and Country)
- U.S.(By Application)
- Canada (By Application)
Europe (By Type, Application, and Country)
- Germany (By Application)
- France (By Application)
- Italy (By Application)
- U.K. (By Application)
- Rest of Europe (By Application)
Asia Pacific (By Type, Application, and Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Rest of Asia Pacific (By Application)
Latin America (By Type, Application, and Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
Middle East & Africa (By Type, Application, and Country)
- UAE (By Application)
- South Africa (By Application)
- Rest of the Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Solid Oxide Electrolysis Cell Market
- 5. Global Solid Oxide Electrolysis Cell Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights and Forecast – By Product Type
- 5.2.1. Tubular
- 5.2.2. Others
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Industrial Processes
- 5.3.2. Hydrogen Production
- 5.3.3. Fuel Production
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast – By End-user
- 5.4.1. Power Plant
- 5.4.2. Refineries
- 5.4.3. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Rest Of The World
- 6. North America Solid Oxide Electrolysis Cell Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights and Forecast – By Product Type
- 6.2.1. Tubular
- 6.2.2. Others
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Industrial Processes
- 6.3.2. Hydrogen Production
- 6.3.3. Fuel Production
- 6.3.4. Others
- 6.4. Market Analysis, Insights and Forecast – By End-user
- 6.4.1. Power Plant
- 6.4.2. Refineries
- 6.4.3. Others
- 6.5. Market Analysis, Insights, and Forecast – By Country
- 6.5.1. U.S. Market Analysis, Insights, and Forecast – By End-user
- 6.5.1.1. Power Plant
- 6.5.1.2. Refineries
- 6.5.1.3. Others
- 6.5.2. Canada Market Analysis, Insights, and Forecast – By End-user
- 6.5.2.1. Power Plant
- 6.5.2.2. Refineries
- 6.5.2.3. Others
- 7. Europe Solid Oxide Electrolysis Cell Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights and Forecast – By Product Type
- 7.2.1. Tubular
- 7.2.2. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Industrial Processes
- 7.3.2. Hydrogen Production
- 7.3.3. Fuel Production
- 7.3.4. Others
- 7.4. Market Analysis, Insights and Forecast – By End-user
- 7.4.1. Power Plant
- 7.4.2. Refineries
- 7.4.3. Others
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. Germany Market Analysis, Insights, and Forecast – By End-user
- 7.5.1.1. Power Plant
- 7.5.1.2. Refineries
- 7.5.1.3. Others
- 7.5.2. UK Market Analysis, Insights, and Forecast – By End-user
- 7.5.2.1. Power Plant
- 7.5.2.2. Refineries
- 7.5.2.3. Others
- 7.5.3. France Market Analysis, Insights, and Forecast – By End-user
- 7.5.3.1. Power Plant
- 7.5.3.2. Refineries
- 7.5.3.3. Others
- 7.5.4. Spain Market Analysis, Insights, and Forecast – By End-user
- 7.5.4.1. Power Plant
- 7.5.4.2. Refineries
- 7.5.4.3. Others
- 7.5.5. Italy Market Analysis, Insights, and Forecast – By End-user
- 7.5.5.1. Power Plant
- 7.5.5.2. Refineries
- 7.5.5.3. Others
- 7.5.6. Netherlands Market Analysis, Insights, and Forecast – By End-user
- 7.5.6.1. Power Plant
- 7.5.6.2. Refineries
- 7.5.6.3. Others
- 7.5.7. Rest of Europe Market Analysis, Insights, and Forecast – By End-user
- 7.5.7.1. Power Plant
- 7.5.7.2. Refineries
- 7.5.7.3. Others
- 8. Asia Pacific Solid Oxide Electrolysis Cell Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights and Forecast – By Product Type
- 8.2.1. Tubular
- 8.2.2. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Industrial Processes
- 8.3.2. Hydrogen Production
- 8.3.3. Fuel Production
- 8.3.4. Others
- 8.4. Market Analysis, Insights and Forecast – By End-user
- 8.4.1. Power Plant
- 8.4.2. Refineries
- 8.4.3. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China Market Analysis, Insights, and Forecast – By End-user
- 8.5.1.1. Power Plant
- 8.5.1.2. Refineries
- 8.5.1.3. Others
- 8.5.2. India Market Analysis, Insights, and Forecast – By End-user
- 8.5.2.1. Power Plant
- 8.5.2.2. Refineries
- 8.5.2.3. Others
- 8.5.3. Japan Market Analysis, Insights, and Forecast – By End-user
- 8.5.3.1. Power Plant
- 8.5.3.2. Refineries
- 8.5.3.3. Others
- 8.5.4. Australia Market Analysis, Insights, and Forecast – By End-user
- 8.5.4.1. Power Plant
- 8.5.4.2. Refineries
- 8.5.4.3. Others
- 8.5.5. Rest of Asia Pacific Market Analysis, Insights, and Forecast – By End-user
- 8.5.5.1. Power Plant
- 8.5.5.2. Refineries
- 8.5.5.3. Others
- 9. Rest of the World Solid Oxide Electrolysis Cell Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights and Forecast – By Product Type
- 9.2.1. Tubular
- 9.2.2. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Industrial Processes
- 9.3.2. Hydrogen Production
- 9.3.3. Fuel Production
- 9.3.4. Others
- 9.4. Market Analysis, Insights and Forecast – By End-user
- 9.4.1. Power Plant
- 9.4.2. Refineries
- 9.4.3. Others
- 10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2023
- 10.2. Company Profile
- 10.2.1. Siemens Energy
- 10.2.1.1. Business Overview
- 10.2.1.2. Product & Services Offerings
- 10.2.1.3. Recent Developments
- 10.2.1.4. Financials (Based on Availability)
- 10.2.2. Elcogen AS
- 10.2.2.1. Business Overview
- 10.2.2.2. Product & Services Offerings
- 10.2.2.3. Recent Developments
- 10.2.2.4. Financials (Based on Availability)
- 10.2.3. Bloomenergy
- 10.2.3.1. Business Overview
- 10.2.3.2. Product & Services Offerings
- 10.2.3.3. Recent Developments
- 10.2.3.4. Financials (Based on Availability)
- 10.2.4. Nexceris
- 10.2.4.1. Business Overview
- 10.2.4.2. Product & Services Offerings
- 10.2.4.3. Recent Developments
- 10.2.4.4. Financials (Based on Availability)
- 10.2.5. Fuel Cell Energy
- 10.2.5.1. Business Overview
- 10.2.5.2. Product & Services Offerings
- 10.2.5.3. Recent Developments
- 10.2.5.4. Financials (Based on Availability)
- 10.2.6. Ballard Power Systems Inc.
- 10.2.6.1. Business Overview
- 10.2.6.2. Product & Services Offerings
- 10.2.6.3. Recent Developments
- 10.2.6.4. Financials (Based on Availability)
- 10.2.7. OxEon Energy, LLC
- 10.2.7.1. Business Overview
- 10.2.7.2. Product & Services Offerings
- 10.2.7.3. Recent Developments
- 10.2.7.4. Financials (Based on Availability)
- 10.2.8. ITM Power
- 10.2.8.1. Business Overview
- 10.2.8.2. Product & Services Offerings
- 10.2.8.3. Recent Developments
- 10.2.8.4. Financials (Based on Availability)
- 10.2.9. Redox Power Systems
- 10.2.9.1. Business Overview
- 10.2.9.2. Product & Services Offerings
- 10.2.9.3. Recent Developments
- 10.2.9.4. Financials (Based on Availability)
- 10.2.10. Bosch
- 10.2.10.1. Business Overview
- 10.2.10.2. Product & Services Offerings
- 10.2.10.3. Recent Developments
- 10.2.10.4. Financials (Based on Availability)
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