The growing demand for corrosion-free concrete reinforcing materials in various end-use applications is expected to boost the market over the forecast period. The composites are becoming a popular alternative to various ferrous and nonferrous metals. Composites are manufactured by combining plastic polymer resin and reinforcing fibers. The end product retains unique properties such as strength & stiffness of the raw materials used, resulting in an enhanced overall performance of the product.
The U.S. market is forecasted to demonstrate a growth with a CAGR of 11.3% from 2017 to 2025. Major companies in the market are collaborating with various research agencies for exploring bio-based FRP in which either the reinforcement fibers or polymer matrix, or both are obtained from different renewable resources.
The global players present in the industry are investing in the development of new and innovative techniques for manufacturing cost-effective composites. Earlier Europe was a major producer of the product, however, over the last decade there has been a clear shift toward the Americas and Asia, especially in India, China, Brazil, and the U.S.
Based on fiber types, the industry has been segmented into glass, carbon, basalt, and aramid FRP composites. Glass fiber reinforced polymer (GFRP) composites, having high flexibility and strength, dominate the overall market with over 65% share. However, this product does not display the rigidity that is necessary for certain applications such as bridges and airplanes. Carbon fiber reinforced polymer (CFRP) composite provides beneficial mechanical properties but the products do not have a big market share because of disadvantages such as high cost and conductivity.
In terms of revenue, automotive application dominated the overall industry in 2016 with over 40% of the share. FRP composites are mainly used in the automotive industry owing to several advantages such as low weight & cost and enhanced mechanical properties such as strength stiffness, flexibility, & density. Although reinforced-plastic composites cost more than steel, the properties offered by composites are the key reason for their increased preference in the automotive industry.
FRP composites are largely preferred in the construction industry owing to properties such as strength, corrosion resistance, and high durability. Composite products are preferred for the regeneration of constructed infrastructure such as pipelines, buildings, and bridges. The products are also used for the rehabilitation of concrete structures owing to their low life-cycle costs, tailorable performance characteristics, and ease of application. The various advantageous characteristics of composite products and success of structural rehabilitation measures in the construction industry are expected to boost the market over the forecast period.
North America and Europe were the major markets for the product in 2016. The regions together accounted for around 60% of the total industry share. North America represents an important economic zone for the industry with the presence of major players and significant growth in the end-user industries.
The Europe industry is growing at a steady rate. The growth of the industry in the overall region is mainly due to the rising demand in the construction and transport application sectors. However, the situation differs from country to country in the region. For instance, the Eastern European countries and Germany are experiencing an above average growth rate. Whereas, some of the countries in Southern Europe are experiencing a downturn.
Asia Pacific is expected to be the fastest-growing market over the forecast period. FRP market in India and China is experiencing an above average growth owing to the rising construction and automotive industries in the region. The growing demand for the composite products in various end-use applications is expected to boost the market over the forecast period in the region.