The Fiber Reinforced Polymer (FRP) industry has recently witnessed significant developments, underscoring its expanding role across various sectors. FRP composites, known for their lightweight, high-strength, and corrosion-resistant properties, are increasingly being adopted in industries such as aerospace, automotive, construction, and marine.
According to a report by SDKI Analytics, the global FRP composites market was valued at approximately $95.4 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of around 7.6%, reaching about $150.2 billion by 2037. This growth is primarily driven by the expanding aerospace industry, which demands lightweight materials that offer high strength and durability for aircraft components.
In the marine sector, FRP materials are gaining traction due to their resistance to corrosion and harsh marine environments. A report by Report Ocean predicts that the global FRP boat market will reach $1.6 billion by 2027, indicating a growing preference for FRP in boat manufacturing.
The FRP pipe market is also experiencing substantial growth. Report Ocean forecasts that this market will reach $3.05 billion by 2026. The demand is driven by the need for non-corrosive piping solutions in industries such as oil and gas, where FRP pipes offer advantages over traditional materials.
Recent innovations in FRP technology include the development of new carbon fiber products. In March 2023, SGL Carbon announced the launch of a new 50k carbon fiber, SIGRAFIL C T50-4.9/235, at JEC World 2023. Similarly, in October 2023, Toray Industries unveiled the TORAYCA T1200 carbon fiber, boasting a world-leading tensile strength of 1,160 kilo-pounds per square inch.
The automotive sector remains a significant consumer of FRP composites, accounting for approximately 43% of the market share. The use of FRP materials in vehicles contributes to weight reduction, leading to improved fuel efficiency and reduced emissions.
Regionally, the Asia-Pacific area is expected to hold about 25% of the FRP composites market revenue during the forecast period. This is due to the growth in electronics manufacturing, where FRP composites are used for their insulating and heat-resistant properties. In 2024, China produced approximately 496 million units of electronic devices, marking a 7% increase from the previous year.
In summary, the FRP industry is experiencing robust growth, driven by technological advancements and increasing demand across various sectors. As industries continue to seek materials that offer a combination of strength, durability, and lightweight properties, FRP composites are poised to play a pivotal role in future developments.
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