FRP panels are increasingly replacing traditional materials in construction industry due to their unique properties such as high corrosion resistance and mechanical strength. With the increasing demand for fuel-efficient and lightweight vehicles with high gas mileage, the automobile manufacturers are now shifting their focus on using FRP panels and sheets since they help in enhancing fuel economy by reducing the overall weight of the vehicle. In construction industries, FRP panels are preferred because of their high stiffness and chemical resistance, thus making it popular for use in applications such as roofs & ceilings, wall panels, platforms, bridges, and kitchens among others. Therefore, the rising demand for FRP panels & sheets from various industries is boosting the overall growth of this market.
Drivers & Restraints
The worldwide market for FRP panels & sheets is growing significantly, mainly due to the following factors:
- Growing demand from construction industry in both developed as well as emerging economies
- Rising demand for anti-corrosive panels, lightweight components, and fuel-efficient vehicles
Moreover, the automobile manufacturers are now focusing more on enhancing fuel economy due to changing consumer preferences for vehicles and strict regulations regarding fuel efficiency. Demand from transportation industry is also one of the major drivers of this market after construction industry. However, factors like high cost of raw materials and issues related to recycling may hamper the growth of this market. Moreover, reducing the cost of production remains a key challenge for the leading players in this market.
Market Trends & Forecasts
The value of the global FRP panels & sheets market which was estimated to be USD 1.61 Billion in 2015 is projected to reach USD 2.24 Billion by 2020, advancing at a CAGR of 6.74% between 2015 and 2020. Geographically, North America is the biggest market for FRP panels & sheets, with the U.S. and Canada being the key markets. It is also projected to witness the highest CAGR over the forecast period, mainly due to the increasing demand from various end-use industries.
Based on application, the construction industry is the fastest-growing segment and is expected to hold the largest market share over the coming years, owing to the new applications for FRP panels in this industry. Whereas on the basis of type, the market is dominated by glass fiber, mainly because of its high strength and cost effectiveness in comparison to other fibers. Based on resin type, thermoset resins which are widely used, accounted for the largest share of the market due to its excellent aesthetic appearance and high thermal resistance properties.
The major players operating in the global market for FRP panels and sheet include Crane Composites (U.S), Panolam Industries International Inc (U.S), Fibrosan (Turkey), Strongwell Corporation (U.S), Enduro Composites (U.S), Lamilux Heinrich Strunz Group (Germany), Fibertech Industries (U.S), and others.
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Research Scope
The forecasts and analysis for the global market for FRP panels & sheets have been done by breaking it down into following segments and sub-segments:
- Application: Construction, Transportation, Aerospace, Others
- Type: Glass Fiber, Other Fibers
- Resin Type: Thermoset, Thermoplastic
- Geography: North America, Europe, Asia-Pacific, RoW
