Fiber Reinforced Polymer Composites Market To Reach $152.0 Billion By 2030

Fiber Reinforced Polymer Composites Market Growth & Trends

The global fiber reinforced polymer composites market is anticipated to reach USD 152.0 billion by 2030, expanding at a CAGR of 6.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Numerous properties such as strength, flexibility, conductivity, and low cost offered by FRP products are anticipated to boost the industry growth over the forecast period.

The global players present in the market are collaborating with research agencies for developing new & improved synthetic and natural fiber-based reinforced polymer to gain a competitive edge over other companies. The players are also trying to develop new manufacturing techniques to reduce the production cost and increase production capacity.

Glass fiber reinforced polymer (GFRP) composites dominated the overall market with over 65% market share in 2016. The product is relatively cheaper and can be economically fabricated using different manufacturing techniques. GFRP is preferred over other FRP composites in applications or products that require high conductivity.

Basalt FRP composites market is expected to grow at a steady rate over the forecast period. Basalt is found in volcanic rocks, which originate from the frozen molten rock. They have a better tensile strength in comparison to GFRP composites. Basalt fibers replace glass fibers owing to their high strength in the engineering and transport applications.

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Fiber Reinforced Polymer Composites Market Report Highlights

• The glass fiber reinforced polymer (GFRP) composites segment dominated with a share of 67.7% in 2023. Demand from automotive, construction, aerospace, and other industries drives the market growth.

• The automotive segment dominated the market in 2023 with a share of 40.2% attributed to the rising utilization of FRP composites for manufacturing automotive components such as door panels, vehicle interiors, seat panels, and more due to properties offered by FRP such as high strength, better finish, and design flexibility.

• North America fiber reinforced polymer composites market dominated the global market with a share of 34.6% in 2023 pertaining to the rising demand from automotive, construction, aerospace, and others.

Fiber Reinforced Polymer Composites Market Segmentation

Grand View Research has segmented the global fiber reinforced polymer composites market on the basis of product, application, and region:

Fiber Reinforced Polymer Composites Product Material Outlook (Revenue, USD Billion; Volume in Tons, 2018 - 2030)

• Glass Fiber Reinforced Polymer (GFRP) Composites

• Carbon Fiber Reinforced Polymer (CFRP) Composites

• Basalt Fiber Reinforced Polymer (BFRP) Composites

• Aramid Fiber Reinforced Polymer (AFRP) Composites

Fiber Reinforced Polymer Composites Application Material Outlook (Revenue, USD Billion; Volume in Tons, 2018 - 2030)

• Automotive

• Construction

• Electronic

• Defense

• Others

Fiber Reinforced Polymer Composites Regional Outlook (Revenue, USD Billion; Volume in Tons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

• Latin America

  • Argentina

  • Brazil

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

List of Key Players of Fiber Reinforced Polymer 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.