Rising demand in construction, automotive, and aerospace sectors drives market growth.
Meticulous Research®, a globally renowned market intelligence and advisory firm, has published its latest report titled, “FRP Panels Market – Global Opportunity Analysis and Industry Forecast (2024-2031).” According to the report, the global FRP (Fiber Reinforced Polymer) panels market is projected to reach $3.1 billion by 2031, growing at a CAGR of 6.2% from 2024 to 2031.
1 Key Market Drivers
The growth of the FRP panels market is primarily fueled by the increasing demand for lightweight, durable, and high-performance composite materials across key industries, particularly in building & construction. Furthermore, the need for corrosion-resistant materials in marine and water & wastewater treatment industries is contributing significantly to the market’s expansion. However, the high initial investment costs associated with FRP panels, compared to traditional materials, may act as a restraint.
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2 Growth Opportunities
Despite these challenges, the FRP panels market is expected to benefit from the rising adoption of FRP materials in the automotive and aerospace sectors. Continuous advancements in FRP technology and materials offer substantial growth opportunities for market players. However, a lack of awareness surrounding the benefits of FRP panels continues to hinder broader market penetration, particularly in emerging markets.
3 Market Segmentation Overview
The report offers a comprehensive analysis of the FRP panels market by segmenting it based on type and end user:
- By Type: In 2024, the glass fiber reinforced polymer (GFRP) composites segment is anticipated to hold the largest market share. This dominance is attributed to the widespread adoption of GFRP composites in industries such as transportation and construction, where their characteristics—such as high strength, corrosion resistance, lightweight nature, and thermal stability—are highly valued.
- By End User: The building & construction segment is expected to lead the FRP panels market in 2024. The demand for sustainable and high-performance materials, coupled with the rising adoption of modular construction methods, is driving this segment’s growth. The lightweight and easy-to-install nature of FRP panels makes them a preferred choice for modern construction projects.
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4 Regional Insights
Asia-Pacific is poised to dominate the FRP panels market in 2024, driven by strong growth in the building & construction industry, particularly in emerging economies such as India and China. The presence of leading FRP manufacturers, including Everest Composites Pvt. Ltd. (India) and Dongguang Higoal FRP Corporation (China), further strengthens the region’s market position. The region is also witnessing increased adoption of GFRP composites in the automotive sector, alongside significant investments from key players looking to capitalize on the booming construction market.
5 Key Players
The competitive landscape of the FRP panels market features several prominent players, including Crane Composites, Inc. (U.S.), Fiber-Tech Industries, Inc. (U.S.), POLSER Composite Materials Corporation (Turkey), Nudo Products, Inc. (U.S.), Everest Composites Pvt. Ltd. (India), LAMILUX Heinrich Strunz Holding GmbH & Co. KG (Germany), and Dongguang Higoal FRP Corporation (China), among others.
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6 Key Questions Addressed in the Report:
- What is the projected revenue for the global FRP panels market by 2031?
- What is the expected growth rate of the FRP panels market over the next five to seven years?
- What are the historical market trends and key factors influencing growth at the global and regional levels?
- What opportunities exist for existing and new market players?
- Which types and end-user segments are likely to see the most traction?
- What are the regional trends driving market expansion, and which countries offer the most potential?
- Who are the leading players in the FRP panels market, and what are their product offerings?
- What are the latest strategic developments shaping the market?
About Meticulous Research®
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