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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Russia-Ukraine War Implication The Russia-Ukraine war could change the Fiber Reinforced Polymer Composites Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Fiber Reinforced Polymer Composites Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
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What Does This Report Contain?
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.
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.
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.
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:
List of the reputed fiber reinforced polymer composites manufacturers operating in the market are as follows:
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