Fiber reinforced plastics is a composite material that is made of polymers. These polymers are supported with fibers for additional strength. The primary use of fiber reinforced plastics is to construct structures that require additional resistance under stress to prevent deformation. Additionally, it also prevents corrosion. As such, fiber reinforced plastics find their usage in industries like aerospace, construction, and marine.
Fiber reinforced plastics are mostly used for specialized applications for which the strength of material needs to be customized as per customer requirements. The industry operates mostly on a value-based pricing scheme with the degree of customization and requirement leading to the price of the product.
The global market for fiber reinforced plastic was valued at USD 52.88 billion in 2020 and is expected to grow at a steady CAGR of 6.4% to reach USD 72.12 by 2025. The market can be segregated into glass fibers and carbon fiber, and aramid fiber. Of these, glass fibers have the largest market share as they are cost-effective and have low conductivity.
With the aerospace and automobile industries requiring materials sturdier than glass fibers, the requirement for carbon fibers growing. In certain cases, especially in the aerospace industry, there is a niche uptake of aramid fibers. Both these varieties are costlier than glass fibers and helping the market grow from a value-driven perspective.
One of the major constraints that the market faces is cost-effectiveness. While glass fibers are the cheapest variety of fiber reinforced plastics, they are still costly compared to several metals and alloys associated with the expansion of structural applications. Due to the high R&D costs during design, and high manufacturing costs, the industry is yet to realize its cost-effectiveness. This poses a challenge for the industry.
With the end-user industries realizing a decline in demand due to the pandemic, the growth in fiber reinforced plastics has also slowed. However, the market is expected to pick up traction during the later period of the forecast.
The key manufacturers for fiber reinforced plastics are Owen Corning, Jushi Group, PPG Industries, AGY Holding, Taishan Fiberglass, Saint Gobain, Asahi Fiber Glass, Nippon Sheet Glass, etc. The fiber reinforced plastics market has a fair mix of global players as well as some regional players. However, the market is not too fragmented with the global players occupying major market shares. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
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