NEWARK, Del, March 27, 2024 (GLOBE NEWSWIRE) -- The global fiber reinforced polymer panel and sheet market is anticipated to reach a valuation of US$ 1.1 billion in 2024, driven by demand for fire retardant materials. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.9% between 2024 and 2034, and reaching a total valuation of approximately US$ 1.9 billion by 2034.
A major factor contributing to the growth of the market is the emergence of biocomposite materials, which combine natural fibers with polymer matrices. Biocomposites offer environmental benefits, reduced dependency on petroleum based resins, and improved recyclability compared to traditional fiber reinforced polymer materials.
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The adoption of digitalization and Industry 4.0 technologies is transforming manufacturing processes in the fiber reinforced polymer industry. Advanced modeling and simulation tools enable manufacturers to optimize material usage, reduce waste, and improve production efficiency.
Energy efficient building solutions, such as passive solar design and green building certifications, are driving the demand for high performance building materials like fiber reinforced polymer panels and sheets. The materials contribute to improved thermal insulation, daylighting, and indoor air quality, leading to energy savings and occupant comfort in commercial and residential buildings.
“The growth of e-commerce platforms and direct to consumer channels is expanding the market reach for fiber reinforced polymer manufacturers and suppliers. Online marketplaces offer greater visibility, accessibility, and convenience for customers seeking fiber reinforced polymer panels and sheets for various applications,” comments Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- Global fiber reinforced polymer panel and sheet market was valued at US$ 1.0 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 7.5%.
- The market in Japan is expected to expand at a CAGR of 7.2% through 2034.
- By fiber type, the glass segment to account for a CAGR of 5.8% through 2034.
- The absolute dollar growth of the market is projected to reach a value of US$ 834.0 million during the forecast period.
- The market in the United Kingdom is expected to expand at a CAGR of 6.5% through 2034.
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Competitive Landscape
The competitive landscape of the fiber reinforced polymer panel and sheet market is characterized by a diverse array of players, ranging from multinational corporations to regional manufacturers and niche suppliers.
Key Companies Profiled
- Brianza USA Corporation
- Captrad Ltd.
- Crane Composites Inc.
- Dofrp (Miyabi FRP)
- Hill & Smith Holdings PLC
- Kal-Lite
- Kalwall
- Krempel GmbH
- Panolam Industries International Inc.
- Redwood Plastics and Rubber
Company Portfolio
- Crane Composites Inc. is a leading manufacturer of fiber reinforced polymer panels and sheets for applications in the transportation, construction, and recreational vehicle industries. Their product line includes lightweight and durable panels designed to meet industry standards and customer specifications.
- Dofrp (Miyabi FRP) specializes in the production of fiber reinforced polymer panels and sheets for architectural and decorative applications. Their products feature innovative designs, aesthetic appeal, and superior performance characteristics suitable for interior and exterior use.
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Segmentation Analysis of the Fiber Reinforced Polymer Panel and Sheet Market
By Fiber Type:
- Glass
- Carbon
- Others
By End Use Industry:
- Transportation
- Building and Construction
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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