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Fiber Reinforced Plastic (FRP) Panels and Sheets Market Size
Fiber Reinforced Plastic (FRP) Panels & Sheets Market is expected to record significant growth during the forecast period 2024-2032, attributed to the increasing demand for high-performance, lightweight, and durable composite materials across transportation, automotive, and aerospace sectors. For instance, in November 2023, NASA announced that the development of extremely lightweight materials to substitute metals and carbon fiber composites that were used for various aerospace structures such as habitats and fuel tanks.
Fiber Reinforced Plastic (FRP) Panels & Sheets Market Trends
There is a growing preference for eco-friendly and recyclable FRP materials, aligning with global environmental concerns and sustainability. Manufacturers are increasingly focusing on providing tailored solutions to meet specific project requirements, offering a wide array of colors, textures, and finishes. This trend is particularly significant in architectural applications where these panels are used for decorative purposes, façade cladding, and interior design elements.
Fiber Reinforced Plastic (FRP) Panels & Sheets Market Analysis
Speaking of end-user segmentation, the building & construction sector will hold a substantial share of the fiber reinforced plastic panels & sheets industry by 2032. The rapid increase in urban population heightens the demand for durable and sustainable infrastructure, predominantly in developing countries. Additionally, the rise in government investments in public infrastructure, affordable housing solutions, along with the subsequent expansion of residential and commercial construction will create a positive outlook for the industry. In September 2021, the Government in Britain outlined a projection for its investment of £650 billion in public and private infrastructure across the country over the next decade.
Considering the regional landscape, North America fiber reinforced plastic (FRP) panels & sheets market size will expand significantly in the forthcoming years. The product demand is largely propelled by the presence of established automotive and aerospace manufacturers who are focusing on achieving greater fuel efficiency by lowering weight. As aircraft manufacturers, automakers, and OEMs look to ramp up production to meet the consumer demand, the regional industry players are bound to witness tremendous opportunities. In June 2023, Tata Elxsi expanded its automotive and smart mobility focus in North America, establishing an Innovation Hub and nearshore engineering center in Troy, Michigan.
Fiber Reinforced Plastic (FRP) Panels & Sheets Market Share
U.S. Liner Company, Crane Composites Inc., LAMILUX, Polser Fiberglass Reinforced Plastics Inc., Heinrich Strunz Group, Optiplan GmbH, Brianza Plastica S.p.A., Panolam Industries International Inc., and Glasteel, Inc. are among the major manufacturers of fiber reinforced plastic panels & sheets across the globe.
To advance their growth, the market players are adopting various approaches, which include strategic alliances, acquisitions, mergers, and joint ventures. These strategies also enable companies to expand their product offerings.
The manufacturers are laying emphasis on R&D and product innovation to further augment their products portfolio. To meet the rising demand across the fiber reinforced plastic panels & sheets market, many companies are setting new production units or expanding the manufacturing capacities at existing ones. Continuous developments by the manufacturers will positively impact the market trends over 2024-2032.
Fiber Reinforced Plastic (FRP) Panels & Sheets Industry News
- In July 2023, SABIC PP compound H1090 and Stamax 30YH611 resins were suitable for the extrusion and thermoforming of large, compound EV battery pack materials for the automotive industry.