Global Fiber Reinforced Plastic Panels Sheet Market Overview
The Fiber Reinforced Plastic Panels Sheet Market Size was estimated at 13.74 (USD Billion) in 2022. The Fiber Reinforced Plastic Panels Sheet Industry is expected to grow from 14.62(USD Billion) in 2023 to 25.6 (USD Billion) by 2032. The Fiber Reinforced Plastic Panels Sheet Market CAGR (growth rate) is expected to be around 6.42% during the forecast period (2024 - 2032).
Key Fiber Reinforced Plastic Panels Sheet Market Trends Highlighted
The rising trend in the utilization of light-weight and strong materials in the construction, automotive and aerospace industries is propelling the development of the Fiber Reinforced Plastic (FRP) Panels Sheet Market. Corrosion damage is prevented, and the reasonable strength of materials is ensured with the FRP sheets and panels among other alternatives.
The increase in infrastructural development particularly in the emerging economies as well as the increasing utilization of FRP panels and sheets in commercial and residential construction are some of the key market drivers. The market is also seeing increase in need from the automobile industry where FRP panels are being used to cut down car weight leading to reduced fuel expenses.
In recent times, new developments in the FRP Panels Sheet Market encompass the growing use of sustainable and ‘green’ materials and advancing technologies for cheaper production of lightweight FRP panels and sheets. There is scope for advancement in the further penetration of applications in the marine sector and further movement into other markets within developing countries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fiber Reinforced Plastic Panels Sheet Market Drivers
Rising Demand for Lightweight and Durable Materials in Automotive and Aerospace Industries
The increasing adoption of lightweight materials in the automotive and aerospace industries is a major driver of growth for the Fiber Reinforced Plastic Panels Sheet Market Industry. As manufacturers strive to improve fuel efficiency and reduce emissions, they are turning to fiber reinforced plastics (FRPs) due to their high strength-to-weight ratio and durability. FRPs are used in a wide range of automotive applications, including body panels, bumpers, and interior components.In the aerospace industry, FRPs are used in aircraft fuselages, wings, and other structural components. The growing demand for lightweight and durable materials in these industries is expected to drive significant growth in the Fiber Reinforced Plastic Panels Sheet Market Industry over the coming years.
Increasing Infrastructure Development and Construction Activities
The growing demand for fiber reinforced plastic panels and sheets in the construction industry is another major driver of growth for the Fiber Reinforced Plastic Panels Sheet Market Industry. FRPs are increasingly being used in roofing, cladding, and other exterior applications due to their durability, weather resistance, and low maintenance requirements. In addition, FRPs are also being used in interior applications such as wall panels and partitions due to their aesthetic appeal and fire resistance.The increasing infrastructure development and construction activities around the world are expected to drive demand for FRPs in the coming years.
Growing Adoption of FRPs in Wind Energy and Marine Applications
The growing adoption of fiber reinforced plastics in wind energy and marine applications is also contributing to the growth of the Fiber Reinforced Plastic Panels Sheet Market Industry. In the wind energy industry, FRPs are used in wind turbine blades due to their high strength-to-weight ratio and resistance to fatigue. In the marine industry, FRPs are used in boat hulls, decks, and other components due to their durability and corrosion resistance.The increasing deployment of wind turbines and the growing demand for marine vessels are expected to drive demand for FRPs in these industries in the coming years.
Fiber Reinforced Plastic Panels Sheet Market Segment Insights:
Fiber Reinforced Plastic Panels Sheet Market Product Type Insights
The Fiber Reinforced Plastic Panels Sheet Market is segmented by Product Type into Fiber Reinforced Plastic Panels and Fiber Reinforced Plastic Sheets. The Fiber Reinforced Plastic Panels segment held the largest market share in 2023, accounting for approximately 65% of the market. This dominance is attributed to the increasing demand for lightweight and durable panels in various end-use industries, such as construction, automotive, and aerospace. The Fiber Reinforced Plastic Sheets segment is projected to witness significant growth over the forecast period, owing to their versatility and adaptability in a wide range of applications.The Fiber Reinforced Plastic Panels Sheet Market is driven by factors such as rising demand for lightweight and durable materials, growing construction and automotive industries, and increasing adoption of composites in various applications. The market is anticipated to reach a valuation of approximately 25.6 billion USD by 2032, up from 14.62 billion USD in 2023. Key insights from the Product Type segmentation of the Fiber Reinforced Plastic Panels Sheet Market include: Fiber Reinforced Plastic Panels are gaining popularity due to their high strength-to-weight ratio, resistance to corrosion and chemicals, and ease of fabrication.Fiber Reinforced Plastic Sheets are witnessing increased adoption in industries such as transportation, construction, and marine due to their lightweight, durability, and soundproofing properties. Growing demand for lightweight and fuel-efficient vehicles is driving the growth of the Fiber Reinforced Plastic Panels segment in the automotive industry. Advancements in manufacturing technologies, such as the use of automated fiber placement and resin transfer molding, are expected to further enhance the production efficiency and cost-effectiveness of Fiber Reinforced Plastic Panels and Sheets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fiber Reinforced Plastic Panels Sheet Market Fiber Type Insights
The Fiber Reinforced Plastic Panels Sheet Market is segmented by Fiber Type into Glass Fiber Reinforced Plastic, Carbon Fiber Reinforced Plastic, and Aramid Fiber Reinforced Plastic. Among these, Glass Fiber Reinforced Plastic held the largest market share in 2023, accounting for over 60% of the market. The high strength-to-weight ratio, low cost, and ease of processing of Glass Fiber Reinforced Plastic make it the preferred choice for various applications, including automotive, construction, and marine. Carbon Fiber Reinforced Plastic is expected to witness the highest growth rate during the forecast period, owing to its exceptional strength, stiffness, and lightweight properties.Aramid Fiber Reinforced Plastic is also gaining traction in the market due to its high strength, impact resistance, and thermal stability.
Fiber Reinforced Plastic Panels Sheet Market Application Insights
The Fiber Reinforced Plastic Panels Sheet Market is segmented by application into automotive, aerospace, construction, marine, and industrial. The automotive segment is expected to account for the largest share of the market in 2023, with a valuation of 4.23 USD billion, owing to the increasing demand for lightweight and fuel-efficient vehicles. The aerospace segment is also expected to witness significant growth, with a CAGR of 6.7% during the forecast period. The growing demand for lightweight and durable materials in aircraft is driving the growth of this segment.The construction segment is expected to grow at a steady pace, with a CAGR of 5.9%, due to the increasing use of FRP panels in roofing, cladding, and other applications. The marine segment is expected to witness moderate growth, with a CAGR of 5.5%, due to the growing demand for FRP panels in boat hulls, decks, and other marine applications. The industrial segment is expected to grow at a CAGR of 6.1%, due to the increasing use of FRP panels in chemical processing equipment, storage tanks, and other industrial applications.
Fiber Reinforced Plastic Panels Sheet Market Manufacturing Process Insights
The Fiber Reinforced Plastic Panels Sheet Market is segmented based on Manufacturing Process into Hand Lay-up, Spray Lay-up, Resin Transfer Molding (RTM), and Vacuum Assisted Resin Transfer Molding (VARTM). Among these, the Hand Lay-up segment held the largest market share in 2023, accounting for around 45% of the Fiber Reinforced Plastic Panels Sheet Market revenue. The growth of this segment can be attributed to its low cost and ease of implementation. The Spray Lay-up segment is expected to witness the fastest growth during the forecast period, owing to its ability to produce high-quality products with a smooth surface finish.The Resin Transfer Molding (RTM) segment is also expected to grow at a significant rate, due to its ability to produce complex shapes with high strength and stiffness. The Vacuum Assisted Resin Transfer Molding (VARTM) segment is expected to grow at a moderate rate, due to its ability to produce large parts with a high fiber content.
Fiber Reinforced Plastic Panels Sheet Market Regional Insights
Regionally, North America held the largest market share in 2023, accounting for over 4.108 Billion USD of the revenue. The region is projected to maintain its dominance throughout the forecast period, driven by the increasing demand for lightweight and durable materials in various industries, including automotive, construction, and aerospace. Europe is another significant market for fiber-reinforced plastic panels and sheets, with a market share of around 3.282 Billion USD in 2023. The region is witnessing growing demand for FRP panels in the construction sector, particularly for roofing and cladding applications.The Asia Pacific region is anticipated to experience the fastest growth in the coming years, owing to the expanding manufacturing and construction industries in countries like China, India, and Japan. South America and MEA are also expected to contribute to the overall market growth, albeit at a slower pace compared to other regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fiber Reinforced Plastic Panels Sheet Market Key Players And Competitive Insights:
Major players in Fiber Reinforced Plastic Panels Sheet Market are constantly innovating and developing new products to meet the changing needs of customers. Leading Fiber Reinforced Plastic Panels Sheet Market players are focusing on expanding their presence and increasing their market share. The Fiber Reinforced Plastic Panels Sheet Market industry is expected to witness significant growth in the coming years, due to increasing demand from various end-use industries.A leading company in the Fiber Reinforced Plastic Panels Sheet Market is Kingspan Group. The company is headquartered in Ireland and has a presence. Kingspan Group offers a wide range of Fiber Reinforced Plastic Panels Sheet products, including insulated panels, roofing panels, and cladding panels. The company has a strong focus on innovation and sustainability, and it is committed to providing high-quality products that meet the needs of its customers.A competitor company in the Fiber Reinforced Plastic Panels Sheet Market is Covestro AG. The company is headquartered in Germany and has a presence. Covestro AG offers a wide range of Fiber Reinforced Plastic Panels Sheet products, including polycarbonate sheets, acrylic sheets, and specialty films. The company has a strong focus on research and development, and it is committed to providing innovative products that meet the needs of its customers.
Key Companies in the Fiber Reinforced Plastic Panels Sheet Market Include:
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SICOMPOS GmbH
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Mitsubishi Chemical Holdings Corporation
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Forever Panel
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Teijin Limited
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Kingspan
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3A Composites GmbH
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Ashland Holdings Inc.
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SaintGobain
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Toray Industries, Inc.
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Exel Composites
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Owens Corning Corporation
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Jujo Paper Co., Ltd.
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Bharat Fiberglass Limited
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American Panel Corporation
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Evonik Industries AG
Fiber Reinforced Plastic Panels Sheet Market Industry Developments
Recent developments in the Fiber Reinforced Plastic Panels Sheet Market include growing demand from the automotive, aerospace, and construction industries. The market is also witnessing increased adoption of sustainable and lightweight materials, driving demand for fiber reinforced plastic panels and sheets. Key players are focusing on expanding their production capacities and investing in research and development to meet the evolving market needs. Strategic partnerships and collaborations are also shaping the market landscape, with companies seeking to enhance their product offerings and strengthen their market position.
Fiber Reinforced Plastic Panels Sheet Market Segmentation Insights
Fiber Reinforced Plastic Panels Sheet Market Product Type Outlook
Fiber Reinforced Plastic Panels Sheet Market Fiber Type Outlook
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Glass Fiber Reinforced Plastic
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Carbon Fiber Reinforced Plastic
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Aramid Fiber Reinforced Plastic
Fiber Reinforced Plastic Panels Sheet Market Application Outlook
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Automotive
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Aerospace
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Construction
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Marine
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Industrial
Fiber Reinforced Plastic Panels Sheet Market Manufacturing Process Outlook
Fiber Reinforced Plastic Panels Sheet Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.74(USD Billion) |
| Market Size 2023 |
14.62(USD Billion) |
| Market Size 2032 |
25.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.42% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
SICOMPOS GmbH, Mitsubishi Chemical Holdings Corporation, Forever Panel, Teijin Limited, Kingspan, 3A Composites GmbH, Ashland Holdings Inc., SaintGobain, Toray Industries, Inc., Exel Composites, Owens Corning Corporation, Jujo Paper Co., Ltd., Bharat Fiberglass Limited, American Panel Corporation, Evonik Industries AG |
| Segments Covered |
Product Type, Fiber Type, Application, Manufacturing Process, Regional |
| Key Market Opportunities |
Growing demand for lightweight vehicles Increasing construction use Expanding wind energy industry Rising popularity in marine applications Advancements in manufacturing technologies |
| Key Market Dynamics |
Growing demand for lightweight materials, Increasing adoption in transportation sector, Technological advancements, Government regulations for energy efficiency, Rising demand for FRP in construction |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Fiber Reinforced Plastic Panels Sheet Market is expected to reach a valuation of 14.62 billion USD in 2023.
The Fiber Reinforced Plastic Panels Sheet Market is projected to grow at a CAGR of 6.42% from 2024 to 2032.
The Asia Pacific region is expected to hold the largest market share in the Fiber Reinforced Plastic Panels Sheet Market in 2023.
The automotive segment is expected to hold the largest market share in the Fiber Reinforced Plastic Panels Sheet Market in 2023.
Key competitors in the Fiber Reinforced Plastic Panels Sheet Market include Owens Corning, Saint-Gobain, 3M, and Mitsubishi Chemical.
Major growth drivers of the Fiber Reinforced Plastic Panels Sheet Market include increasing demand from the automotive and construction industries.
Challenges faced by the Fiber Reinforced Plastic Panels Sheet Market include high raw material costs and competition from traditional materials.
Opportunities for the Fiber Reinforced Plastic Panels Sheet Market include growing demand from emerging markets and the development of new applications.
Key trends in the Fiber Reinforced Plastic Panels Sheet Market include the development of lightweight and durable materials.
The Fiber Reinforced Plastic Panels Sheet Market is expected to reach a valuation of 25.6 billion USD by 2032.
