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Redding, California - October 21, 2024
FRP Panels Market to be Worth $3.1 Billion by 2031
FRP Panels Market Size, Share, Forecast, & Trends Analysis by Type (Glass Fiber Reinforced Polymer Composites, Carbon Fiber Reinforced Polymer Composites), End User (Building & Construction, Automotive, Aerospace), and Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘FRP Panels Market - Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the FRP panels market is expected to reach $3.1 billion by 2031, at a CAGR of 6.2% from 2024 to 2031.
The growth of this market is driven by the rising demand for lightweight, durable, and high-performance composite materials, especially in the building & construction sector, and the increasing need for corrosion-resistant materials in industries such as marine and water & wastewater treatment. However, the high initial investment costs compared to traditional materials may restrain market growth.
Furthermore, the increasing utilization of FRP panels in the automotive and aerospace sectors, coupled with ongoing advancements in FRP materials, is anticipated to provide growth opportunities for market participants. However, a lack of awareness regarding FRP panels is a significant challenge impacting the market's growth.
The FRP panels market is segmented by type and end user. The report evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, in 2024, the glass fiber reinforced polymer composites segment is anticipated to dominate the FRP panels market. The segment’s dominant position in the FRP panels market is attributed to the increasing adoption of GFRP (glass fiber reinforced polymer) composites in industries such as transportation and building & construction due to their benefits, including high strength, corrosion resistance, lightweight nature, non-conductivity, electromagnetic transparency, low maintenance requirements, and thermal stability.
Based on end user, the building & construction segment is anticipated to dominate the FRP panels market. The segment’s dominant position in the FRP panels market is attributed to the growing emphasis on sustainable construction materials, increased demand for lightweight and high-performance materials, and the rising adoption of modular construction techniques that leverage the lightweight and easy-to-install qualities of FRP panels.
Based on geography, in 2024, Asia-Pacific is anticipated to dominate the FRP panels market. The high revenue share of this region is attributed to the presence of major FRP panel manufacturers, such as Everest Composites Pvt. Ltd. (India) and Dongguang Higoal FRP Corporation (China). Additionally, the rapidly growing building & construction industry, high demand for FRP composite pipes in emerging economies, increasing adoption of glass fiber reinforced plastic (GFRP) composites in the automotive sector, and rising investments from key players are factors supporting the region's dominant position in the FRP panels market.
Key Players:
The key players operating in the FRP panels market are Crane Composites, Inc. (U.S.), Fiber-Tech Industries, Inc. (U.S.), POLSER Composite Materials Corporation (Turkey), Nudo Products, Inc. (U.S.), Everest Composites Pvt. Ltd. (India), LAMILUX Heinrich Strunz Holding GmbH & Co. KG (Germany), Vetroresina Spa (Italy), Strongwell Corporation (U.S.), Stabilit America Inc. (U.S.), Enduro Composites (U.S.), Optiplan GmbH (Germany), InPlant Offices Incorporated (U.S.), Panolam Industries International Inc. (U.S.), and Dongguang Higoal FRP Corporation (China).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6041
Key Questions Answered in the Report-
• What is the revenue generated by the sales of FRP panels?
• At what rate is the global demand for FRP panels projected to grow for the next five to seven years?
• What is the historical market size and growth rate for the FRP panels market?
• What are the major factors impacting the growth of this market at the global and regional levels?
• What are the major opportunities for existing players and new entrants in the market?
• Which type and end user segments create major traction in this market?
• What are the key geographical trends in this market? Which regions/countries are expected to offer growth opportunities for the manufacturers operating in the FRP panels market?
• Who are the major players in the FRP panels market? What are their specific product offerings in this market?
• What are the recent developments in the FRP panels market? What are the impacts of these strategic developments on the market?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
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