Fiber-Reinforced Polymer (FRP) Composites Market Size (2024 - 2029)

The Fiber Reinforced Polymer market is projected to experience significant growth over the forecast period, driven by increasing demand in the construction sector and a push for energy efficiency in aerospace and automotive industries. Despite challenges posed by the availability of substitutes, the market is poised for expansion due to advancements in FRP materials and composite applications in transportation. The Asia-Pacific region is anticipated to dominate the market, fueled by rising consumption in countries like China, India, and Japan.

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Market Size of Fiber-Reinforced Polymer (FRP) Composites Industry

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Fiber-reinforced Polymer (FRP) Composites Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 75.13 Billion
Market Size (2029) USD 96.95 Billion
CAGR (2024 - 2029) 5.23 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Fiber-reinforced Polymer (FRP) Composites Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Fiber Reinforced Polymer (FRP) Composites Market Analysis

The Fiber-Reinforced Polymer Composites Market size is estimated at USD 75.13 billion in 2024, and is expected to reach USD 96.95 billion by 2029, growing at a CAGR of 5.23% during the forecast period (2024-2029).

COVID-19 negatively impacted the market from 2020 to mid-2021. Due to the pandemic, construction and manufacturing activities were temporarily stopped, which hampered the market for materials, including fiber reinforced polymer composites to be used in these industries. However, post-pandemic, the industries recovered, and the market is expected to retain its growth trajectory in the coming years.

  • Over the short term, the increasing demand from the construction sector and the growing demand for energy efficiency in the aerospace and automotive industries are expected to drive the market's growth.
  • On the flip side, the availability of substitutes is expected to hinder the market's growth.
  • Nevertheless, the development of new advanced forms of FRP materials and the development of composite materials to be used in the transportation industry are likely to act as opportunities for the market over the forecast period.
  • The Asia-Pacific is expected to represent the largest market over the forecast period, owing to the increasing consumption from countries such as China, India, and Japan.

Fiber Reinforced Polymer (FRP) Composites Industry Segmentation

Fiber-reinforced polymer (FRP) is a composite material made of a polymer matrix reinforced with fibers. The fibers are usually glass, carbon, or aramid. FRPs are commonly used in the automotive, aerospace, marine, and construction industries, among others.

The fiber-reinforced polymer (FRP) composites market is segmented by fiber type (glass fiber-reinforced polymer, carbon fiber-reinforced polymer, aramid fiber-reinforced polymer, basalt fiber-reinforced polymer, and other fiber types), end-user industry (building and construction, transportation, electrical and electronics, and other end-user industries), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa).

The report offers market size and forecasts for fiber-reinforced polymer (FRP) composites in value (USD) for all the above segments.

Fiber Type
Glass Fiber-reinforced Polymer
Carbon Fiber-reinforced Polymer
Aramid Fiber-reinforced Polymer
Basalt Fiber-reinforced Polymer
Other Fiber Types
End-user Industry
Building and Construction
Transportation
Electrical and Electronics
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Fiber-Reinforced Polymer (FRP) Composites Market Size Summary

The fiber-reinforced polymer (FRP) composites market is poised for significant growth over the forecast period, driven by increasing demand from the construction, aerospace, and automotive industries. The market experienced a temporary setback due to the COVID-19 pandemic, which halted construction and manufacturing activities, but has since rebounded. The construction sector's demand, particularly in the Asia-Pacific region, is a major growth driver, fueled by urbanization and rising middle-class incomes in countries like China, India, and Japan. Additionally, the automotive industry is increasingly adopting FRP composites for their lightweight and energy-efficient properties, which are crucial for reducing carbon emissions and enhancing vehicle performance. The market's expansion is further supported by advancements in FRP materials and composite technologies, although the availability of substitutes poses a challenge.

The Asia-Pacific region is expected to dominate the FRP composites market, supported by robust construction activities and a thriving automotive sector. China's construction market, the largest globally, along with India's growing housing sector, are key contributors to the region's market strength. The automotive industry in Asia-Pacific is also witnessing substantial investments, with major players like Maruti Suzuki and Honda expanding their operations. The region's electronics sector, particularly in China and India, is experiencing rapid growth, further driving the demand for FRP composites. The market is partially consolidated, with leading companies such as Hexcel Corporation, Teijin Limited, and Toray Industries Inc. playing significant roles. Strategic agreements and acquisitions, like Hexcel's partnership with Dassault and Gurit's acquisition of Fiberline Composites, are enhancing market capabilities and offerings.

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Fiber-Reinforced Polymer (FRP) Composites Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Construction Sector

      2. 1.1.2 Growing Demand for Energy Efficiency in the Aerospace and Automotive Industries

    2. 1.2 Restraints

      1. 1.2.1 Fiber-reinforced Polymer (FRP) Material Shortcomings

      2. 1.2.2 Availability of Substitutes

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Fiber Type

      1. 2.1.1 Glass Fiber-reinforced Polymer

      2. 2.1.2 Carbon Fiber-reinforced Polymer

      3. 2.1.3 Aramid Fiber-reinforced Polymer

      4. 2.1.4 Basalt Fiber-reinforced Polymer

      5. 2.1.5 Other Fiber Types

    2. 2.2 End-user Industry

      1. 2.2.1 Building and Construction

      2. 2.2.2 Transportation

      3. 2.2.3 Electrical and Electronics

      4. 2.2.4 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Fiber-Reinforced Polymer (FRP) Composites Market Size FAQs

The Fiber-Reinforced Polymer Composites Market size is expected to reach USD 75.13 billion in 2024 and grow at a CAGR of 5.23% to reach USD 96.95 billion by 2029.

In 2024, the Fiber-Reinforced Polymer Composites Market size is expected to reach USD 75.13 billion.

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