Fiber Reinforced Polymer Composites Market Size, Share & Trends Analysis growing at a CAGR of 6.5% from 2024 to 2030
The global fiber reinforced polymer composites market size was valued at USD 98.5 billion in 2023 and is projected to grow at a CAGR of 6.5% from 2024 to 2030. The market growth is due to the rising adoption of fiber reinforced polymer composites instead of ferrous and non-ferrous metals. Fiber reinforced polymer (FRP) composites offer high strength, lightweight, and corrosion resistance properties. There is an increased demand for fiber reinforced polymer composites in construction, automotive, aerospace, and other sectors.
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The market growth is driven by the rise in the automotive sector and demand for passenger, commercial, and electric vehicles. Automotive companies are integrating fiber reinforced polymer composites in manufacturing various components as the material offers durability, low weight, and a high strength-to-weight ratio. Components such as door panels, roof panels, headrest panels, cooling ventilators, and more are manufactured from FRP composites.
The rising adoption of electric vehicles has increased demand for FRP composites. According to the International Energy Agency, around 14 million electric cars were registered in 2023. Electric cars have an ideal body weight that improves their on-road performance. Hence, automotive companies adopt FRP composites, which offer the same qualities as their metal counterparts with a reduced weight.
The increased application of FRP composites in the aerospace, sports, and construction sectors has helped market growth. Many companies use FRP composites to manufacture aircraft and helicopter components due to their lightweight and durable properties. Hence, these factors are responsible for developing the fiber-reinforced polymer (FRP) composites market.
Product Insights
The glass fiber reinforced polymer (GFRP) composites segment dominated with a share of 67.7% in 2023. Demand from automotive, construction, aerospace, and other industries drives the market growth. GFRP provides durability, high strength-to-weight ratio, corrosion resistance, and design flexibility. Hence, these factors are responsible for the segment growth.
The carbon fiber reinforced polymer (CFRP) composites segment is expected to grow at a CAGR of 6.6% during the forecast period due to a rise in the usage of CFRP composites in sectors such as aerospace, automotive, and construction. Properties offered by CFRP composites, such as high strength and low weight, have led to increased adoption of CFRP composites in place of materials such as aluminum and steel. Furthermore, the increasing use of CFRP composites in manufacturing automotive vehicles has also aided the market growth. Automotive components manufactured from CFRP composites result in weight reduction and improve the efficiency and performance of vehicles.
