Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Fiber Reinforced Polymer (FRP) Composites Market, By Region, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Fiber Reinforced Polymer (FRP) Composites Market was valued at USD 478 Million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 10.02% through 2029
The Fiber Reinforced Polymer (FRP) composites market in Saudi Arabia is poised for significant growth, driven by burgeoning demand across diverse sectors such as construction, automotive, aerospace, and oil & gas. FRP composites, renowned for their lightweight, high-strength properties and corrosion resistance, are increasingly favored over traditional materials like steel and concrete.
This shift is propelled by the kingdom's ambitious infrastructure projects, stringent regulatory norms promoting sustainable practices, and advancements in manufacturing technologies. As Saudi Arabia continues to diversify its economy and invest in modernization initiatives, the FRP composites market stands at the forefront, offering innovative solutions to meet evolving industrial challenges and environmental goals.
Infrastructure Expansion and Development
The ongoing and extensive infrastructure expansion and development in Saudi Arabia are serving as major drivers for the Fiber Reinforced Polymer (FRP) Composites market. The Kingdom has embarked on ambitious infrastructure projects, including the construction of roads, bridges, buildings, and public facilities, as part of its broader modernization and economic diversification efforts. FRP composites, with their exceptional strength-to-weight ratio, corrosion resistance, and durability, have found increasing use in these projects, making them a crucial component in the nation's infrastructure development.
FRP composites offer a lightweight alternative to traditional materials like steel and concrete, making them ideal for applications that require reduced structural weight. This weight reduction not only simplifies transportation and installation but also lowers the overall structural load, resulting in cost savings and improved structural performance. These materials are being incorporated into various construction elements, ranging from reinforcing bridge components to architectural elements in modern buildings.
As Saudi Arabia continues to invest in its infrastructure, the demand for FRP composites is set to grow. Their versatility, cost-efficiency over the long term, and adaptability to various applications position them as indispensable tools in achieving the nation's infrastructure development goals. The Saudi Arabian FRP composites market is on an upward trajectory, driven by the country's commitment to modernization and economic growth.
Renewable Energy Projects
Renewable energy projects are poised to be a significant driving force in the Saudi Arabia Fiber Reinforced Polymer (FRP) Composites market. As the Kingdom of Saudi Arabia actively seeks to diversify its energy sources and reduce its dependence on fossil fuels, the renewable energy sector, particularly solar and wind power, has gained substantial traction. This transition towards sustainable energy solutions aligns with the inherent qualities of FRP composites, making them a preferred choice in various applications within the renewable energy sector.
One of the key factors propelling the use of FRP composites in renewable energy projects is their lightweight and high-strength characteristics. FRP composites are notably lighter than traditional materials such as steel or concrete, which is highly advantageous in the construction of wind turbine blades and other components. The reduced weight lowers the structural load on wind turbines, leading to improved operational efficiency, reduced maintenance, and increased energy generation. In the wind energy sector, FRP composites are the material of choice for manufacturing turbine blades. These composites offer superior fatigue resistance and exceptional corrosion resistance, ensuring the longevity and performance of wind turbines, especially in the harsh desert climate of Saudi Arabia. This is particularly critical as the country expands its wind farm installations.
The construction of solar panel support structures and components can benefit from FRP composites. These materials provide corrosion resistance and durability in the challenging desert environment, reducing maintenance requirements and prolonging the lifespan of solar installations. Additionally, FRP composites are non-conductive, which enhances safety when used in electrical components.
As Saudi Arabia's commitment to renewable energy intensifies, the demand for FRP composites is expected to rise. The versatile properties of these materials, coupled with their potential for cost savings over the long term, position them as essential elements in the construction and maintenance of renewable energy infrastructure. By embracing FRP composites, Saudi Arabia can not only accelerate its transition to clean energy but also support the growth of the local FRP composites industry, creating a sustainable and environmentally responsible energy landscape for the future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $478 Million |
| Forecasted Market Value (USD) by 2029 | $855.36 Million |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | Saudi Arabia |
Report Scope:
Key Market Players
- American Grating, LLC
- Engineered Composites Ltd.
- B&B FRP Manufacturing Inc.
- Tuf-Bar
- Composites One LLC
- TenCate Protective Fabrics
- Zoltek Corporation
- Hyosung Group
- Mitsubishi Chemical Group Corporation
- SGL Carbon
Saudi Arabia Fiber Reinforced Polymer (FRP) Composites Market, By Fiber Type:
- Glass Fiber-reinforced Polymer
- Carbon Fiber-reinforced Polymer
- Aramid Fiber-reinforced Polymer
- Basalt Fiber-reinforced Polymer
- Other
Saudi Arabia Fiber Reinforced Polymer (FRP) Composites Market, By End Use Industry:
- Building and Construction
- Transportation
- Electrical and Electronics
- Other
Saudi Arabia Fiber Reinforced Polymer (FRP) Composites Market, By Region:
- Riyadh
- Makkah
- Eastern Province
- Rest of Saudi Arabia
For more information about this report visit https://www.researchandmarkets.com/r/ezo16k
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
