Fiber Reinforced Polymer Composites Market Size, Share & Trends Report

The global fiber reinforced polymer (FRP) composites market is projected to reach a value of USD 152.0 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2030, according to a new report published by Grand View Research, Inc. This growth is expected to be fueled by the increasing demand for FRP products, which are known for their exceptional mechanical properties such as high strength, flexibility, electrical conductivity, and cost-effectiveness. These attributes make them highly suitable for a wide range of applications across various industries including automotive, aerospace, construction, and electrical.

To stay ahead in the competitive landscape, leading global market players are actively collaborating with research institutions and innovation centers to develop advanced fiber-reinforced polymers, including both synthetic and natural fiber-based composites. The goal of these collaborations is to improve the performance characteristics of the materials while also targeting cost-efficiency. In addition to materials innovation, these companies are focusing on the development of new manufacturing processes that can both reduce production costs and enhance production capacity, thereby supporting broader market adoption.

Among the various types of fiber reinforced polymer composites, glass fiber reinforced polymer (GFRP) composites held the dominant position in the market, accounting for over 65% of the global share in 2016. GFRP has remained a popular choice due to its lower cost and its adaptability to a variety of manufacturing techniques, making it an economically viable option. Additionally, GFRP is especially favored in applications where electrical conductivity is a key requirement, offering a reliable balance of performance and affordability.

In parallel, the basalt fiber reinforced polymer (Basalt FRP) composites segment is projected to experience steady growth throughout the forecast period. Basalt fibers are derived from volcanic rock, formed through the cooling and solidification of molten lava, which gives them superior tensile strength when compared to conventional GFRP composites. Due to their enhanced mechanical strength and durability, basalt fibers are increasingly being used as a replacement for glass fibers in high-performance applications, particularly in the engineering and transportation sectors, where strength and structural integrity are crucial.

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Below are some common questions related to the Fiber Reinforced Polymer (FRP) Composites Market based on industry trends and insights.

1. What is the current market size of FRP Composites?

The global FRP composites market was valued at approximately USD 98.5 billion in 2023, with projections to grow at a compound annual growth rate (CAGR) of about 6.5% from 2024 to 2030

2. What are the primary applications of FRP Composites?

• Automotive: For parts like door panels and body structures.

• Construction: In reinforcing structures, bridges, and buildings.

• Aerospace: In aircraft components to reduce weight and increase fuel efficiency.

3. What are the key growth drivers for the FRP Composites market?

• The rising demand for lightweight materials in industries such as automotive and aerospace.

• Increased infrastructure development and reconstruction projects utilizing FRP materials.

• Growing adoption of electric vehicles requiring lightweight components for better efficiency 

4. Who are the key players in the FRP Composites market?

• Avient Corporation

• Hexcel Corporation

• Mitsubishi Chemical Group Corporation.

• Plasan

• Röchling SE & Co. KG

• SABIC

• SGL Carbon

• Solvay

• TORAY INDUSTRIES, INC.

• TPI Composites Inc.

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