The Fiber Reinforced Polymer Panel And Sheet Market is projected to be worth USD 1.1 billion in 2024. The market is anticipated to reach USD 1.9 billion by 2034. The market is further expected to surge at a CAGR of 5.9% during the forecast period 2024 to 2034.
Key Market Trends and Highlights
Fiber reinforced polymer panels and sheets are increasingly being used in the construction industry due to their lightweight nature, durability, and resistance to corrosion. The demand for these are expected to rise, with the growth of construction activities globally.
| Attributes | Key Insights |
|---|---|
| Fiber Reinforced Polymer Panel and Sheet Market Estimated Size in 2024 | USD 1.1 billion |
| Projected Market Value in 2034 | USD 1.9 billion |
| Value-based CAGR from 2024 to 2034 | 5.9% |
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The scope for fiber reinforced polymer panel and sheet rose at a 7.5% CAGR between 2019 and 2023. The global market is anticipated to grow at a moderate CAGR of 5.9% over the forecast period 2024 to 2034.
The market experienced steady growth during the historical period from 2019 to 2023, driven by factors such as increasing infrastructure development, demand for lightweight and durable materials, and advancements in manufacturing technology.
Fiber reinforced polymer materials were increasingly adopted across various industries including construction, automotive, aerospace, marine, and renewable energy sectors due to their superior performance characteristics and cost effectiveness.
Ongoing technological advancements in fiber reinforced polymer manufacturing processes led to the development of innovative products with enhanced properties such as improved strength, durability, fire resistance, and environmental sustainability.
Looking ahead to the forecast period from 2024 to 2034, the market is expected to witness significant growth. New applications and technologies are likely to emerge, expanding the market opportunities for fiber reinforced polymer materials in areas such as biocomposites, digital manufacturing, and smart building solutions.
Rapid urbanization and population growth, particularly in emerging economies, will fuel the demand for affordable and sustainable housing solutions, creating opportunities for fiber reinforced polymer based construction systems and prefabricated building components.
Infrastructure development projects, particularly in emerging economies, are driving the demand for construction materials including fiber reinforced polymer panels and sheets.
The need for durable, cost effective, and sustainable materials in infrastructure projects such as bridges, buildings, and transportation facilities presents significant growth opportunities for the fiber reinforced polymer market.
Principal Consultant
The initial investment costs associated with fiber reinforced polymer materials, including raw materials, manufacturing equipment, and specialized production processes, can be relatively high compared to traditional materials, which is expected to deter some potential customers, particularly in industries with limited capital or budget constraints.
The below table showcases revenues in terms of the top 5 leading countries, spearheaded by Korea and Japan. The countries are expected to lead the market through 2034.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 6.2% |
| China | 6.4% |
| The United Kingdom | 6.5% |
| Japan | 7.2% |
| Korea | 7.8% |
The fiber reinforced polymer panel and sheet market in the United States expected to expand at a CAGR of 6.2% through 2034. Increased infrastructure investment by the government and private sectors in the country is driving the demand for durable and sustainable construction materials like fiber reinforced polymer panels and sheets.
The country is witnessing significant growth in renewable energy projects, including wind farms, solar power plants, and hydropower installations.
Fiber reinforced polymer panels and sheets are used in renewable energy infrastructure for applications such as turbine blades, nacelles, solar panel enclosures, and hydroelectric components, driving market growth in the renewable energy sector.
The fiber reinforced polymer panel and sheet market in the United Kingdom is anticipated to expand at a CAGR of 6.5% through 2034. The aerospace industry in the country is a significant consumer of fiber reinforced polymer panels and sheets for aircraft production.
The maritime industry in the country relies on fiber reinforced polymer panels and sheets for marine and naval applications, including boat building, shipbuilding, offshore platforms, and port infrastructure.
Fiber reinforced polymer materials offer resistance to corrosion, UV degradation, and harsh marine environments, driving market growth in the marine sector.
Fiber reinforced polymer panel and sheet trends in China are taking a turn for the better. A 6.4% CAGR is forecast for the country from 2024 to 2034. The country is the largest automotive market in the world, with increasing demand for lightweight and high performance materials in vehicle production.
Fiber reinforced polymer panels and sheets offer lightweight alternatives to traditional materials like steel and aluminum, enabling automakers to achieve weight reduction targets without compromising on safety or structural integrity.
Ongoing advancements in fiber reinforced polymer manufacturing technologies, resin formulations, and composite materials enhance product performance, quality, and cost effectiveness in China.
Manufacturers are investing in research and development to develop innovative fiber reinforced polymer solutions that meet the evolving needs of customers and regulatory requirements in diverse industries.
The fiber reinforced polymer panel and sheet market in Japan is poised to expand at a CAGR of 7.2% through 2034. Government initiatives and incentives, such as subsidies, tax breaks, and funding for research and development, encourage the adoption of advanced materials like fiber reinforced polymer panels and sheets in Japan.
The incentives promote innovation, investment, and market growth in industries that utilize fiber reinforced polymer materials for infrastructure development, renewable energy projects, transportation, and manufacturing.
Increasing market expansion and collaboration among industry stakeholders, including manufacturers, suppliers, distributors, and end users, contribute to the growth of the fiber reinforced polymer panel and sheet market in Japan.
Collaborative efforts to develop new applications, expand product offerings, and address customer needs drive market expansion and competitiveness in the industry.
The fiber reinforced polymer panel and sheet market in Korea is anticipated to expand at a CAGR of 7.8% through 2034. Korea is a leading hub for electronics manufacturing, including consumer electronics, semiconductors, and displays.
Fiber reinforced polymer panels and sheets find applications in the electronics industry for components such as printed circuit boards, housing enclosures, and structural supports due to their lightweight, durable, and insulating properties.
Korea is investing in water and wastewater treatment infrastructure to address environmental concerns and ensure access to clean water. Fiber reinforced polymer panels and sheets are used in water treatment facilities for applications such as tanks, pipes, and structural supports due to their corrosion resistance and durability in harsh chemical environments.
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The below table highlights how glass segment is projected to lead the market in terms of fiber type, and is expected to account for a CAGR of 5.8% through 2034. Based on end user industry, the transportation segment is expected to account for a CAGR of 5.7% through 2034.
| Category | CAGR from 2024 to 2034 |
|---|---|
| Glass | 5.8% |
| Transportation | 5.7% |
Based on fiber type, the glass segment is expected to continue dominating the fiber reinforced polymer panel and sheet market. Glass fibers offer excellent strength to weight ratios, making them ideal reinforcement materials for polymer matrices in fiber reinforced polymer panels and sheets.
Glass fibers exhibit excellent resistance to corrosion, moisture, and chemical exposure, making them suitable for use in harsh environmental conditions. Fiber reinforced polymer panels and sheets reinforced with glass fibers are commonly used in marine, automotive, chemical processing, and infrastructure applications where corrosion resistance is essential for long term performance.
In terms of end user industry, the transportation segment is expected to continue dominating the fiber reinforced polymer panel and sheet market. The transportation industry, including automotive, aerospace, and marine sectors, is increasingly focused on reducing vehicle weight to improve fuel efficiency and meet regulatory standards for emissions reduction.
Fiber reinforced polymer panels and sheets offer significant weight savings compared to traditional materials like steel, aluminum, and fiberglass, making them attractive for lightweighting applications in vehicles, aircraft, ships, and trains.
Fiber reinforced polymer panels and sheets reinforced with fibers such as glass, carbon, and aramid offer excellent strength to weight ratios, making them suitable for structural components and exterior body panels in transportation vehicles.
The competitive landscape of the fiber reinforced polymer panel and sheet market is characterized by a diverse array of players, ranging from multinational corporations to regional manufacturers and niche suppliers.
Competition within the fiber reinforced polymer panel and sheet market intensifies, as the demand for lightweight, durable, and sustainable construction materials continues to rise across various industries, driven by factors such as innovation, product differentiation, quality standards, and customer service.
Company Portfolio
| Attribute | Details |
|---|---|
| Estimated Market Size in 2024 | USD 1.1 billion |
| Projected Market Valuation in 2034 | USD 1.9 billion |
| Value-based CAGR 2024 to 2034 | 5.9% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Fiber Type, End User Industry, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, France, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Brianza USA Corporation; Captrad Ltd.; Crane Composites Inc.; Dofrp (Miyabi FRP); Hill & Smith Holdings PLC; Kal-Lite; Kalwall; Krempel GmbH; Panolam Industries International Inc.; Redwood Plastics and Rubber |
The fiber reinforced polymer panel and sheet market is projected to reach a valuation of USD 1.1 billion in 2024.
The fiber reinforced polymer panel and sheet industry is set to expand by a CAGR of 5.9% through 2034.
The fiber reinforced polymer panel and sheet market is forecast to reach USD 1.9 billion by 2034.
Korea is expected to be the top performing market, exhibiting a CAGR of 7.8% through 2034.
Glass segment is preferred, and is expected to account for a CAGR of 5.8% through 2034.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Fiber Type
5.1. Glass
5.2. Carbon
5.3. Others
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-user Industry
6.1. Transportation
6.2. Building & Construction
6.3. Others
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
7.1. North America
7.2. Latin America
7.3. Western Europe
7.4. Eastern Europe
7.5. South Asia and Pacific
7.6. East Asia
7.7. Middle East and Africa
8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
15. Key Countries Market Analysis
16. Market Structure Analysis
17. Competition Analysis
17.1. Brianza USA Corporation
17.2. Captrad Ltd
17.3. Crane Composites, Inc. (Crane CO.)
17.4. Dofrp (Miyabi FRP)
17.5. Hill & Smith Holdings PLC
17.6. Kal-Lite
17.7. Kalwall
17.8. Krempel GmbH
17.9. Panolam Industries International, Inc.
17.10. Redwood Plastics and Rubber
18. Assumptions & Acronyms Used
19. Research Methodology
Chemicals & Materials
February 2023
REP-GB-167
325 pages
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Fiber Reinforced Polymer Panel and Sheet Market
