The global fiber-reinforced polymer (FRP) composites market size was US$ 161.8 billion in 2021. The global fiber-reinforced polymer (FRP) composites market is forecast to grow to US$ 418.2 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.5% during the forecast period from 2022 to 2030.

Fiber-reinforced polymer (FRP) composites offer high flexibility as they are lightweight and corrosion-resistant. In addition, they possess high strength. These composites find wide applications in aerospace, automobile, and civil industries.

Factors Influencing the Market

Growing industrialization is the primary factor driving the fiber-reinforced polymer (FRP) composites market forward. In addition, the amplifying rate of population growth and the growing number of construction activities will fuel the growth of the global fiber-reinforced polymer (FRP) composites market during the forecast period.

Fiber-reinforced polymer (FRP) composites find wide applications in automotive, aerospace, electronics, defense, and other industries. Thus, all of these growing industries will drive the growth of the fiber-reinforced polymer (FRP) composites market during the study period. In addition, growing disposable income and rising employment rate will also prompt the growth of the global fiber-reinforced polymer (FRP) composites market during the study period.

Strict government regulation associated with the use of fiber-reinforced polymer (FRP) composites may limit the growth of the market during the analysis period. On the contrary, innovative strategies by industry players are expected to benefit the market in the coming years. For instance, Teijin and Safran signed a deal to purchase high-performance composite materials in 2020.

COVID-19 Impact Analysis

The wake of the COVID-19 pandemic halted the construction activities. In addition to that, industrialization also witnessed significant drawbacks due to the pandemic, which created a shortage of raw materials. Furthermore, the decline in investments and consumer purchasing power further impacted the growth of the fiber-reinforced polymer (FRP) composites market. The manufacturers in the fiber-reinforced polymer (FRP) composites market also witnessed the unavailability of raw materials due to import-export bans during the pandemic, which hampered the market growth.

Regional Analysis

The Asia-Pacific fiber-reinforced polymer (FRP) composites market is forecast to emerge as the largest market, owing to rapid urbanization and favourable government policies. In addition to that, rising disposable income will contribute to the growth of the market. Governments in the region are also introducing various projects aiming at infrastructure development, which include roads, dams, and railway networks. Thus, it will drive the market forward. Other factors like expanding middle-class population and changing demographics, will propel the fiber-reinforced polymer (FRP) composites market forward during the forecast period.

Competitors in the Market

American Grating, LLC
Engineered Composites Ltd
American Fiberglass Rebar
TUF-BAR
FRP Composites Inc.
Ten Cate NV
Zoltek Companies, Inc.
Hyosung Corporation
Mitsubishi Rayon Co., Ltd.
B&B FRP Manufacturing Inc.
SGL Group
Other Prominent Players
Market Segmentation

The global fiber-reinforced polymer (FRP) composites market segmentation focuses on Fiber, Application, and Region.

By Fiber Type Outlook

Glass FRP
Carbon FRP
Basalt FRP
Aramid FRP
Others
By Application Outlook

Automotive
Construction
Electronic
Defense
Others
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America