December 1, 2022

The global fiber reinforced polymer (FRP) composites market is anticipated to gain momentum from their extensive usage in a wide range of sectors, such as marine, construction, automotive, and aerospace. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Fiber Reinforced Polymer (FRP) Composites Market Size, Share & Industry Analysis By Product Type (Glass Fiber Reinforced Polymer (GFRP) Composites, Carbon Fiber Reinforced Polymer (CFRP) Composites, Basalt Fiber Reinforced Polymer (BFRP) Composites, Aramid Fiber Reinforced Polymer (AFRP) Composites), By Application (Automotive, Construction, Fire Fighting) and Regional Forecast, 2022-2029.” The report further states that fiber reinforced polymer composites are best suited for simplification of production, precision engineering, and weight-saving applications.

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Scope of the Report:
An in-depth analysis of statistics on current and emerging trends provides clarity regarding Railroad Tie Market dynamics. The report includes Porter’s five forces to analyze the importance of various characteristics such as understanding of suppliers and customers, risks posed by various agents, competitive strength, and promising emerging businessmen to understand a resource. precious. Further, the report covers the Railroad Tie Market research data of various companies, benefits, gross margin, global Railroad Tie Market strategic decisions, and more through tables, graphs, and figures. infographics.

What Does This Report Contain?

  • Elaborate data about the segments in the market.
  • Historical, present, and estimated sizes of the market.
  • Profiles of prominent players and their crucial strategies.
  • In-depth analysis of the growth drivers, dynamics, and hindrances.

Drivers & Restraints-

Rising Demand from Automotive Industry to Bolster Growth

The rising demand for lightweight material with high flexibility and strength from the aerospace industry is set to drive the fiber reinforced polymer composites market growth in the near future. The industry is in urgent need for material that can withstand heavy load and impact.

In addition to that, the rising research and development activities in the automobile industry to make vehicles impact resistant and light would contribute to growth. Airbus A310, for instance, is equipped with FRP composites in its rudder. It aids in lowering about 95% of additional components and 25% of the total weight by installing simpler moulded parts instead of combining parts. However, the increasing concerns of the recyclability of fiber reinforced polymer composites may hinder growth.

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                                                                             Japan, being a disaster-prone country

Japan, being a disaster-prone country, has made some new advancements in construction methods and the construction industry. The moderately growing chemical industry in Japan is expected to help in the industry growth of Fiber Reinforced Polymer Composites Market.

Regional Analysis-

High Demand for Passenger Cars & Commercial Vehicles to Favor Growth in Europe

Geographically, North America is anticipated to lead throughout the forthcoming period by procuring the largest fiber reinforced polymer composites market share. This growth is attributable to the increasing construction activities in the region. Also, the rising demand for FRP composites from the aerospace & defense industry would accelerate growth.

Asia Pacific, on the other hand, is set to exhibit moderate growth fueled by the ongoing developments in the construction industry in South Korea, India, and China. Europe is expected to show considerable growth backed by the high demand for commercial vehicles and passenger cars in the region.

Competitive Landscape-

Key Companies Focus on Acquisition & Joint Venture Strategies to Compete with Rivals

The market for FRP composites houses numerous companies that are striving persistently to compete against their rivals. To do so, they are engaging in acquisition and joint ventures with multinational and local firms. Below are two significant industry developments:

  • July 2017: Owens Corning Infrastructure Solutions successfully acquired Aslan FRP. The latter is a part of Hughes Brothers Inc.’s concrete reinforcement business in the U.S. It produces carbon and glass fiber reinforced polymer composites for buildings, bridges, marine structures, tunnels, and roads. It would aid Owens Corning to broaden its portfolio.
  • January 2016: Saint-Gobain Sekurit entered into a joint venture with Corning Incorporated to market, manufacture, and develop lightweight glazing solutions for the automotive industry.

List of the reputed fiber reinforced polymer composites manufacturers operating in the market are as follows:

  • Ten Cate NV
  • Saint Gobain
  • Asahi Fiberglass
  • Owen Corning
  • Mitsubishi Rayon Co., Ltd.
  • B&B FRP Manufacturing Inc.
  • American Fiberglass Rebar
  • American Grating, LLC
  • Other key market players

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