Fiber Reinforced Polymer Composites Market worth USD 420.2 billion by 2030

The Market Statsville Group (MSG) publishes the new report on the "Fiber Reinforced Polymer Composites Market by Fiber Type (Glass FRP, Carbon FRP, Basalt FRP, Aramid FRP, and Others), by Application (Automotive, Construction, Electronic, Defense, and Others), by Region - Global Share and Forecast to 2030". The global fiber-reinforced polymer (FRP) composites market size is expected to grow USD 420.2 billion by 2030 from USD 163.8 billion in 2021, at a CAGR of 12.5% from 2022 to 2030. Increasing demand for FRPC in the automotive and construction sector owing to its high-strength properties is expected to drive market growth. Growing automotive production in the Asia Pacific region, mainly in China, Indonesia, Japan, Malaysia, and Taiwan, is expected to propel the demand for FRPC in the automotive sector. Growing production of numerous types of vehicles and components on account of increasing R&D efforts is expected to propel market growth. Encouragement of 100% Foreign Direct Investment in the automobile sector under the automatic route is expected to boost the manufacturing sector.

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Global Fiber Reinforced Polymer Composites Market Segmentation
The overall fiber reinforced polymer composites market has been segmented into the component, waste type, method, application, and region.

By Fiber Type (Glass FRP, Carbon FRP, Basalt FRP, Aramid FRP, and Others)
By Application (Automotive, Construction, Electronic, Defense, and Others)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
The automotive application holds the largest market share during the forecast period

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Based on method, the global fiber reinforced polymer composites market is segmented into automotive, construction, electronic, defense, and others. The automotive application segment generated the highest revenue of 40.2% of the total global fiber reinforced polymer composites market in 2021, and it is expected to register a significant CAGR from 2022 to 2030. The global automotive industry is growing at a constant rate, owing to various technology advancements, need for emission reduction, and high volatility in some emerging countries such as India & Brazil. The automotive industry in the mature markets is at pre-recession levels. The biggest challenge witnessed by the industry is the unevenness in the global market. This results in uncertainty in the stock market, license restrictions on new vehicles, and stringent emission controls.

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North America accounts for the largest market share in fiber-reinforced polymer composites market 2021

Based on the regions, the global fiber reinforced polymer composites market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 35.2% in the global fiber reinforced polymer composites market and was anticipated to maintain its dominance throughout the forecast period. The automotive and construction industry in North America shows positive growth signs. The reduction in the unemployment rate, the passage of major infrastructure-related bills, and reduced prices due to shale gas flooding the market are some of the reasons for the growth of the construction industry in the region. Government reports have identified that major towns have regained their economic activity concerning the housing industry.

The electronic industry also has a major presence in North America and is fueled by a huge domestic market. The rising demand of lightweight & insulated printed circuits, semiconductors, and other electronic devices in the region is expected to boost the market over the forecast period. Concepts such as the internet of things, big data, and cloud computing find applications in almost every end-use. The electrical & electronics industry is expected to grow significantly over the forecast period.

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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the fiber-reinforced polymer composites market. It also consists of the profiles of leading companies such as B&B FRP Manufacturing INC., TUF-BAR, FRP Composites Inc., Ten Cate NV, Zoltek Companies, Inc., Hyosung Corporation, American Fiberglass Rebar, American Grating, LLC, Engineered Composites Ltd, Mitsubishi Rayon Co., Ltd., SGL Group, and DowAksa. These market players have focused on acquisitions and expansion to gain a larger market share in the fiber-reinforced polymer composites market.

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