CAGR 11.80%, Fiber Reinforced Polymer Market Would Rocket up to USD 486.58 billion by 2029| Top Players: BASF SE (Germany), Mitsubishi Chemical Corporation (Japan), Saint-Gobain (France)

Market Definition

Fiber reinforced polymer is a composite material which consist polymer matrix reinforced with fibers. The fibres are usually glass aramid, carbon or basalt. Rarely, other fibres such as wood, paper, or asbestos have been used. The increasing use of fiber reinforced polymer in engineering applications due to its mechanical properties to attain significant accomplishments in the functionality, safety and economy in several industries.

Data Bridge Market Research analyses that the fiber reinforced polymer market is expected to undergo a CAGR of 11.80% during the forecast period. This indicates that the market value, which was USD 199.35 billion in 2021, would rocket up to USD 486.58 billion by 2029.  In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

The science and technology continues to grow at a constant pace due to steady research and development activities and advancements in technology. The importance of fiber reinforced polymers is growing day-by-day due to their several features such as strength, fatigue resistance, ease of shaping, high stiffness, and low density over steel and other nonferrous metals. The "Carbon fiber reinforced polymer" is the highest growing stimulus segment of the market due to their superior properties such as high strength, modulus of elasticity and low density over the forecast period.

Some of the major players operating in the fiber reinforced polymer market are:
BASF SE (Germany)
Mitsubishi Chemical Corporation (Japan)
Saint-Gobain (France)
AGC Inc.(Japan)
PPG Industries, Inc.  (U.S.)
MST Rebar Inc. (Canada)
Nippon Sheet Glass Co., Ltd (Japan)
Guardian Industries (U.S.)
SGL Carbon (Germany)
Saudi Arabian Amiantit Co (Saudi Arabia)
Veplas d.d. (Solvenia)
Graphite India Limited (India)
Fibrex (U.S.)
Smithlinecomposites (UAE)

View the Full Report Here with Toc and Graphs: https://www.databridgemarketresearch.com/reports/global-fiber-reinforced-polymer-market

Global Fiber Reinforced Polymer Market Dynamics

Drivers

Growing demand for the lighter materials

Fiber reinforced polymers are light and strong than other substitutes or other materials. They are usually less in weight and stronger than steel. The automotive sector is focussing on the manufacturing of lighter-weight automobiles, which create the demand for the lighter weight materials. Automobile manufacturers are need to decrease the average fuel consumption of vehicles, and this purpose can be met by using lightweight materials such as fiber reinforced polymers. The rising demand of light weight material are expectd to drive the growth rate of the fiber reinforced polymers market.

Global Fiber Reinforced Polymer Market Scope

Product
Glass Fiber Reinforced Composites
Carbon Fiber Reinforced Composites
Basalt Fiber Reinforced Composites
Aramid Fiber Reinforced Composites
Others

Application
Automotive
Construction
Electronics,
Defense
Others
Fiber Reinforced Polymer Market Regional Analysis/Insights

The fiber reinforced polymer market is analysed and market size insights and trends are provided by country, product and application as referenced above.

The countries covered in the fiber reinforced polymer market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the fiber reinforced polymer market in terms of market revenue due to growing number of construction activities, growing disposable income in this region.

Europe will continue to project the highest compound annual growth rate during the forecast period of 2022-2029 due to increasing demand in the transport and construction application sectors in this region.

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