Fiber Reinforced Plastics Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Fiber Reinforced Plastics Category Overview

The fiber reinforced plastics category is anticipated to grow at a CAGR of 8% from 2023 to 2030. North America holds the largest market for this category. The demand for Fiber Reinforced Plastics (FRP) has increased in recent years due to their advantages, such as a high strength-to-weight ratio and corrosion resistance, which have made them suitable for use in a variety of environments. Applications of FRPs include the automotive, aerospace, and construction industries.

The expansion can be attributed to the rise in demand for strong, lightweight materials in the construction, marine, aerospace, and automotive industries. The demand for FRP products in a variety of applications is also being fueled by strict environmental protection rules. Other significant growth drivers are rapid urbanization and industrialization, rising consumer disposable income in developing nations such as Middle East & Africa, and increasing government investments in infrastructure development.

This category has experienced significant technological advancements in the past few years, including the development of innovative fiber materials like carbon fiber and aramid fiber, which are stronger and lighter than traditional fibers. Additionally, new manufacturing techniques like additive manufacturing (AM) have enabled the production of complex FRP parts with high accuracy and repeatability, opening up new possibilities in industries such as aerospace, automotive, and medical. Furthermore, advancements in FRP composite design and testing have resulted in stronger, lighter, and more durable composites.

This category is partially consolidated with the presence of both global and regional players. The large players have the resources to acquire smaller players, develop new products, and expand into new markets. However, the smaller players can compete by focusing on specific market segments or by offering customized solutions. Key players in this category use acquisitions, product development, and expansion to consolidate positions, meet market demand, and gain a competitive edge.

• In August 2022, in order to meet the rising demand for the company's assortment of fiber-reinforced polymer (FRP) materials, Vixen Composites, an Airxcel brand, has expanded into a new larger 60,000-square-foot facility in Aeroplex Industrial Park, Indiana, in the United States.

• In April 2022, a glass fiber reinforced polymer (GFRP) production line for fiberglass rebar was built by SK Eco plant in collaboration with KCMT, a Korean GFRP producer. By 2024 and 2027, the joint factory will be able to produce 40,000 tons and 200,000 tons annually, respectively.

• In September 2021, Penn State College of Engineering researchers developed a low-cost CFRP manufacturing technology using a vacuum bag and carbon fibers. This innovative method, funded by the US Office of Naval Research, could reduce fuel consumption and increase cargo weight allowances for commercial airlines.

This category has major cost components based on specific operations. These components include raw materials, labor and manufacturing, research and development, transportation, regulatory compliance, and maintenance. Raw materials constitute a substantial portion (50%) of the cost, with fiber and resin being paramount. Glass fiber, carbon fiber, and aramid fiber are common fibers, while polyester, vinyl ester, and epoxy resins are frequently used. Labor and manufacturing comprise wages, benefits, overhead, machinery, and facilities costs. Research and development involve innovating fibers, resins, and manufacturing processes. Transportation accounts for shipping to customers, while regulatory compliance covers adhering to production regulations. Maintenance and support encompass repairs and replacements. The application's nature also affects total costs, with aerospace FRP composites generally costlier than those in the automotive industry.

When sourcing for this category, it's essential to prioritize quality, sustainability, and regulatory compliance. This necessitates a comprehensive supplier verification process, meticulous traceability measures, alignment with industry regulations, and a strong commitment to sustainability. It's of utmost importance to highlight rigorous quality control procedures and a continuous improvement approach. Supplier certifications, particularly those meeting ISO standards, should be diligently validated. Operating with transparency, ensuring traceability, and adhering to recognized regulatory bodies all contribute to bolstering accountability. Sustainability goals are met through conscious sourcing and the adoption of eco-friendly practices. Establishing open communication channels with suppliers fosters collaboration and allows for the refinement of strategies. By incorporating these practices, companies can guarantee the production of high-quality, compliant, and sustainable Fiber Reinforced Plastic products. This, in turn, enhances operational excellence and cultivates trust among customers.

Fiber Reinforced Plastics Procurement Intelligence Report Scope