Market Size of Fiber-reinforced Polymer (FRP) Composites Industry
| Study Period | 2018-2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Fiber Reinforced Polymer (FRP) Composites Market Analysis
The Global Fiber-reinforced Polymer (FRP) Composites Market is expected to register a CAGR of over 4.5% during the forecast period.
COVID-19 negatively impacted the market from 2020 to mid-2021. Due to the pandemic, construction and manufacturing activities were temporarily stopped during the lockdown. However, post-pandemic, the industries recovered, and the market was 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 high price of raw materials is expected to hinder the market's growth.
- Nevertheless, the development of new advanced forms of FRP materials and the recycling of FRP materials are likely to act as an opportunity 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.
