Global fiber reinforced plastic (FRP) panels and sheets market is expected to be one of the fastest-growing verticals within the polymers & advanced materials space during the forecast period 2021-2027. The market growth is largely attributable to the increasing demand for high-performance, lightweight, and durable composite materials across automotive, transportation, and aerospace sectors. Advanced high-strength polymers are also experiencing demand in modern construction and infrastructure projects.
The FRP panels & sheets industry will benefit from the continuously emerging opportunities across electronics and consumer products. FRPs are composites made from reinforced fibers such as carbon fiber, glass fiber, aramid fiber, and others. These materials are characterized by high specific strength, superior corrosion resistance, robust durability, high thermal expansion coefficient, and the ability to endure harsh conditions.
Among all end-users, the building & construction sector will hold a substantial share of the FRP panels & sheets market through 2027. Plastics and composite materials with superior physical characteristics are important components of modern construction. With the rapid increase in urban population, the demand for durable and sustainable infrastructure is increasing as well, predominantly in developing countries. The rise in government investments in public infrastructure and affordable housing solutions as well as the subsequent expansion of residential and commercial construction will create a strong growth outlook for the industry.
Considering the regional landscape, the North America fiber reinforced plastic panels & sheets industry size will expand significantly in the forthcoming years. The regional product demand is largely driven by the presence of established automotive and aerospace manufacturers who are focusing on achieving greater fuel efficiency by lowering weight. FRP solutions being extremely durable and lightweight are preferable for automotive and aerospace components. As aircraft manufacturers, automakers, and OEMs look to ramp up production to meet the global demand, the regional FRP panels and sheet providers are bound to witness tremendous opportunities.
U.S. Liner Company, Crane Composites Inc., LAMILUX, Polser Fiberglass Reinforced Plastics Inc., Heinrich Strunz Group, Optiplan GmbH, Brianza Plastica S.p.A., Panolam Industries International Inc., and Glasteel, Inc. are among the major manufacturers of FRP panels and sheets across the globe. To advance their growth and expansion plans, the market players are adopting various approaches, which include strategic alliances, acquisitions, mergers, and joint ventures.
These strategies also enable companies to expand their product offerings. The manufacturers are also laying emphasis on R&D and product innovation to further augment their products portfolio. To meet the increasing demand across the fiber reinforced plastic panels & sheets market, many companies could set up new production units or expand the manufacturing capacities at existing ones. Continuous developments by the manufacturers will positively impact the market trends over 2021-2027.
Disruptions caused by the COVID-19 pandemic such as the global economic downturn, supply chain uncertainty, logistics issues, and workforce shortages have had a devastative impact on key verticals including automotive, aerospace, building & construction, electronics, and others. As a result, manufacturing activities witnessed a significant decline in most parts of the world. These trends along with the temporary shutdown of construction projects have resulted in a decreased demand for FRP panels and sheets. However, despite the challenges posed by the pandemic, the market for FRP panels & sheets is projected to record robust gains through 2027.