Press release
Fiber Reinforced Plastic (FRP) Panels & Sheets Market 2019-2024; Growth Forecast & Industry Share Report
Fiber Reinforced Plastic (FRP) Panels & Sheets Market
The FRP panels and sheets have widespread applications in the building & construction industry such as interior wall panels, roofing and exterior façade that is expected to augment the product market size during the forecast period. Moreover, it also offers low cost installation, maximum sanitation protection, dependable performance, superior flexibility, resistance to shattering and scratches and hassle free maintenance that is projected to boost the FRP panels and sheets market size in the near future.
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Based on the data from International Monetary Fund (IMF), Qatar has been spending heavily to develop their infrastructure prior to the scheduled Football World Cup in 2022. Various billion-dollar construction ventures are in the pipeline such as the New Doha International Airport (USD 10 billion), the Qatar-Bahrain Causeway (USD 4 billion) and the New Doha Port Project (USD 7 billion). These modern infrastructure projects are using the FRP panels and sheets extensively to provide the structures with high mechanical, thermal and chemical resistance that would propel the product market size by 2025.
Automotive and OEM manufacturers are advancing technologies and shifting their need for innovative materials to reduce vehicle weight, better fuel efficiency and achieve carbon emission control. The drift towards FRP sheets and panels offers several structural and weight benefits over conventional steel and injection molded automotive parts. Stringent government regulations for fuel efficiency and vehicular safety are expected to drive the product demand for lightweight vehicles.
Additionally, consumption for FRP panels and sheets has escalated considerably in the production of aircrafts. It provides greater flexibility, as these reinforced materials can be altered to meet design requirements that will propel the FRP panels and sheets market size in the projected timespan. Nevertheless, availability of substitute products such as aluminum, engineered plastics, TPUs, TPOs and other metal alloys may prove to be an obstacle in the growth of the product market.
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The global FRP panels and sheets market has been categorized based on its types, end-use industries and region.
According to the product types, the FRP panels and sheets are divided into general lining surface sheets, bead sheets, gel-coat sheets, fiberglass sheets and few others. Fiberglass sheets is expected to be the dominant product type during the forecast period due to its unique properties such as low cost, moisture and chemical resistance, easy to clean, superior strength etc. The product possesses excellent thermal and heat insulation performance that is projected to advance the FRP panels and sheets in the near future.
Based on the end-use industries, the product market is classified into building and construction, automotive and aerospace, transportation, electronics and electrical, consumer products and some others. Automotive and aerospace industry is projected to record the maximum share in the product market size. The product is broadly used in the production of roof panels, sidewall panels, floor panels, door skins etc. that will directly augment the FRP panels and sheets industry size in the coming years.
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Asia Pacific is estimated to grow at a significant CAGR in the FRP panels & sheets market due to growing per capita income and rising infrastructure spending in the developing economies including China, India and Malaysia. Moreover, the presence of major automobile manufacturers such as Toyota, Honda, Nissan, KIA, TATA Motors etc. are mounting the demand for FRP products in the region for reducing the vehicular weight and improving fuel efficiency. Owing to the set of unique features it owns, the FRP panels and sheet market size will grow affluently in the projected timeframe.
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