Fiber Reinforced Plastics Supplier Intelligence Report, 2030

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

  • Published Date: ---
  • Base Year for Estimate: 2022
  • Report ID: GVR-P-UC-017
  • Format: Electronic (PDF)
  • Historical Data: 2020 - 2021
  • Number of Pages: 0

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 

Report Attribute

Details

Fiber Reinforced Plastics Category Growth Rate

CAGR of 8% from 2023 to 2030

Base Year for Estimation

2022

Pricing Growth Outlook

2% - 4% (annual)

Pricing Models

Unit Pricing, Cost-plus Pricing

Supplier Selection Scope

Cost and pricing, Past engagements, Productivity and Geographical presence

Supplier selection criteria

Quality Assurance, Supply Capacity and Reliability, Traceability and Transparency, Cost Competitiveness, and Certifications.

Report Coverage

Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Key companies profiled

Hexcel, Toray, Cytec, Teijin, TenCate, Mitsubishi Rayon, SGL Carbon, TenCate, Dupont, BASF

Regional scope

Global

Revenue Forecast in 2030

USD 23.99 Billion

Historical data

2020 - 2021

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2030

Customization scope

Up to 48 hours of customization free with every report.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Frequently Asked Questions About This Report

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Add-on Services

Should Cost Analysis

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process

Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier

Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.

Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.

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