Fiber-reinforced Polymer (FRP) Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fiber-reinforced Polymer (FRP) Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Fiber-reinforced Polymer (FRP) Composites Market is valued at 6,194 kilotons in 2020 and is projected to register a CAGR of over 4.5% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the construction activities were stopped temporarily during the lockdown in order to curb the spread of COVID-19. For instance, according to Eurostat, the construction output had decreased by 28.4% in the euro area (EU-19 member countries) and by 24% in the European Union (EU-27 member countries) in April 2020 compared to April 2019, mainly due to the impact of the COVID-19. This decreased the demand for FRP composites materials in the construction sector. However, the demand for FRP composites has increased significantly to construct medical shelters for COVID-19 patients across different parts of the globe, including the United States, India, and others. For instance, in June 2020, Tata Steel introduced FRP composites-based 500-bed Greenfield hospital for quarantining COVID-19 patients in Kasargod, Kerala, India.

Key Highlights

• Over the short term, the increasing demand from the construction sector and the growing demand for energy efficiency in the aerospace and automotive industries are expected to drive the market's growth.
• On the flip side, declining automotive production, high initial cost, and technical challenges regarding the FRP composites outbreak are expected to hinder the growth of the market studied.
• The building and construction industry is expected to dominate the 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 TrendsIncreasing Demand from Transportation Sector

• Fiber-reinforced polymer (FRP) composites are widely used in the transportation industry in automotive, aircraft, helicopters, and spacecraft to boats and ships.
• Fiber-reinforced polymer (FRP) are composites used in almost every type of advanced engineering structure, with their usage ranging from aircraft, helicopters, and spacecraft through to boats, ships and offshore platforms, and to automobiles.
• In the transportation industry, fiber-reinforced polymer (FRP) composite material serves as the best alternatives to conventional materials like steel or aluminum owing to weight and cost issues. FRPs are ideal replacements for wood, in marine waterfront environments, or on ships, where they reduce the structural weight and enhance corrosion resistance.
• In the aerospace industry, fiber-reinforced polymer (FRP) composite materials have been largely used due to their properties, such as being lightweight, high stiffness, and high strength. In the automotive industry, its application can be found in the production of structural elements, body panels, monocoques, passenger compartments, and semitrailers. In the marine sector, FRP composites are used to build boats, canoes, lifeboats, utility vessels. It is mostly used to build recreational boats due to its durability and cost-efficiency.
• Overall, FRP composites can weigh up to 75% less than steel while being lighter and stronger than concrete. Owing to this, they are widely being used in the transportation industry. Overall, the rising production of various modes of transportation is expected to drive market growth.
• According to the Boeing Commercial Market Outlook 2020–2039, in the aerospace industry, more than 43,110 new airplane deliveries are required globally. Single-aisle airplanes are likely to command the largest share of new deliveries (with more than 70% share), with the need for more than 32,270 airplanes arising through the next 20 years. The demand for widebody airplanes is expected to be 7,480, while the demand for freighters is expected to be 930 over the next 20 years.
• Over the last decade, growth in passenger air travel averaged 6.5% per year, well above the long-term average of 5%. In this business environment, many of the world’s airlines grew their fleets through deliveries of new airplanes and often delayed airplane retirements to accommodate passenger demand.
• The abovementioned factors are likely to affect the demand for the fiber-reinforced polymer composites market during the forecast period.

Asia-Pacific Region 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 for applications 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 Sanderson Theme Constructions, Hengshui Jiubo Composites Co., LTD., etc.
• China being one of the largest markets for construction, the country is a leading driver of composites. The massive demand for advanced composites materials in the fast-growing automotive, railway, construction, and wind energy industries has revolutionized the Chinese composites industry for the past decade.
• In China, the construction industry flourished robustly in 2020, but the growth was restricted due to the pandemic. The construction sector had supported the economic growth in the country when significant slowdowns occurred.
• The country has the largest construction market across the world, encompassing 20% of all construction investments across the world. China is expected to spend nearly USD 13 trillion on buildings by 2030, creating an opportunity for the market studied in the coming years.
• Additionally, according to the Civil Aviation Administration of China (CAAC), China is one of the largest aircraft manufacturers, with one of the largest markets for domestic air passengers. The civil aircraft fleet in the country has been increasing steadily for the past five years. §Moreover, the Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, which were valued at approximately USD 1.2 trillion, which is further expected to raise the demand for the fiber-reinforced polymer (FRP) composites market.
• Additionally, the Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the fifth-largest consumer of the electronics and appliances industry in the world by 2025. India is expected to have a digital economy of USD 1 trillion by 2025, and the Indian Electronics System Design and Manufacturing (ESDM) sector is expected to generate over USD100 billion, in economic value, by 2025.
• Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.

Competitive Landscape

The global fiber-reinforced polymer (FRP) composites market is partially consolidated in nature, with the top five players accounting for a major share of the market studied (over 60%). Some key players include Hexcel Corporation, Teijin Limited, Toray Industries Inc., SGL carbon, and Mitsubishi Chemical Carbon Fiber and Composites Inc., among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
ArcelorMittal
Baosteel Group
ChinaSteel
Essar Steel
JFE Steel Corporation
JSW
KOBE STEEL LTD
NIPPON STEEL CORPORATION
NLMK
Nucor
Posco Maharashtra Steel Pvt Ltd
Severstal
Tata Steel
Thyssenkrupp AG
United States Steel

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