Fiber Reinforced Plastic (FRP) Panels & Sheets Market Size, Impacted by COVID-19, to Reach US$ 4.0 Billion in 2025, Says Stratview Research

Fiber Reinforced Plastic (FRP) Panels & Sheets Market Size, Impacted by COVID-19, to Reach US$ 4.0 Billion in 2025, Says Stratview Research

PR Newswire

DETROIT, July 21, 2020

DETROIT, July 21, 2020 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Fiber-Reinforced Plastic (FRP) Panels & Sheets Market By Process Type (Continuous Laminates, Pultruded Panels, Prepreg Laminates, Sandwich Construction, and Others), By End-Use Industry Type (Aerospace & Defense, Building & Construction, Recreational Vehicle, Transportation, Marine, and Others), By Resin Type (Thermoset Composites {Polyester and Others} and Thermoplastic Composites), By Fiber Type (Glass Composites and Carbon Composites), and By Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.


This 300-page strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's FRP panels & sheets market realities and future possibilities for the forecast period of 2020 to 2025. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for FRP panels & sheets at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.

Fiber Reinforced Plastic (FRP) Panels & Sheets Market: Highlights from the Report

Fiber-reinforced plastic (FRP) is a composite material made of polymer matrix reinforced with fiber. Commonly used fibers are glass and carbon. Resins can be either thermoset or thermoplastic, depending on the performance requirement such as flame retardancy, corrosion resistance, chemical resistance, and cost-effectiveness. Commonly used resins are polyester, epoxy, and vinyl ester.  FRP panels & sheets are majorly used due to their lightweight, mold resistance, durability, high strength-to-weight ratio, easy to clean, high moisture resistance, chemical resistance, low maintenance, high impact resistance, and easy installation. FRP panels & sheets are majorly manufactured with glass fiber reinforced polyester resins.

FRP panels & sheets hold a diminutive share (less than 5%) of the global composite end products market and hold a unique position in the overall composites domain, increasingly being preferred over their arch-rivals such as aluminum panels, wood panels, and plastic panels. Key market participants have gained excellent product development capabilities and high brand identity after dedicating eons of market presence and efforts in research & development. Today, manufacturing FRP panels & sheets for different industries is a tough job, owing to high technological requirements coupled with the high cost of raw materials, a key factor limiting the number of manufacturers active in the market.

COVID-19 Impact

The COVID-19 outbreak has severely affected most of the end-use industries including aerospace & defense, recreational vehicles, marine, transportation, and building & construction, where FRP panels & sheets are used due to their lightweight advantage along with higher strength compared to conventional panels & sheets. The COVID-19 is still spreading and taking major economies in its clasp and has weakened the market conditions.

The FRP panels & sheets market consecutively grew during the last four years of trend period (2014-2018) followed by a decline in 2019 mainly due to the grounding of B737 MAX and US-China trade war. Now, the rapid spread of the COVID-19 pandemic has entirely flipped the market dynamics and fueled the existing industry challenges such as delays in B737 MAX approval, production halts across regions, declining shipment trends of RVs, decline in automobile production and construction activities due to lockdown.

As of now, it is difficult to state when the impact of the pandemic starts to fade away. However, it is predicted that the demand for FRP panels & sheets would stabilize in 2021. The impressive recovery is anticipated to begin from 2022, followed by subsequent healthy growth till 2025 to reach US$ 4.0 Billion. An expected recovery in the GDP across regions, increasing construction activities, expected increase in commercial aircraft production, B737 MAX's approval from FAA and other bodies, expected entries of COMAC and Irkut, and increasing outdoor participation will help the major industries to recover, which, in turn, assist the recovery of the FRP panels & sheets market.

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Sandwich Construction is the Most Dominant Process Type

Stratview has firstly segmented the FRP panels & sheets market based on the process type as continuous laminates, pultruded panels, prepreg laminates, sandwich construction, and others. Sandwich-constructed panels are likely to remain the most preferred type in the market in the coming years. Sandwich-constructed panels are increasingly finding usage in aerospace & defense interiors (galleys, floor panels, lavatory, stowage, seats, cabin interiors, cabin equipment) and exterior (control surfaces, etc.); transportation (railway trams floor, ceiling panels, and side walls); marine, and building & construction industries. Continuous laminates have higher penetration in the RV industry and have found great usage in the building & construction and transportation industries as well.

Aerospace & Defense is the Most Dominant End-Use Industry Type

Based on the end-use industry type, aerospace & defense is expected to remain the dominant segment of the FRP panels & sheets market during the forecast period. An expected increase in commercial aircraft production, expected entries of COMAC and Irkut, B737 MAX's approval from FAA and other bodies, and increasing preference of FRP panels over traditional panels are some of the factors, driving their uses in the segment. Building & construction, transportation, and recreational vehicles also generate impressive demand for FRP panels & sheets.

Thermoset Composite Panels are the Dominant Ones

Based on the resin type, thermoset composite panel & sheet is expected to remain the larger segment of the market in the foreseen future. Polyester and epoxy resins are the choices in the market. Polyester composites are used in cost-sensitive applications owing to their lower cost with good mechanical and adhesion properties. Epoxy composite panels are increasingly found usage in the high-performance applications, owing to their superior benefits over other thermoset and thermoplastic composite panels.

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North America Will Maintain Its Leading Position

Despite being hit by the pandemic, among regions, North America is expected to remain the largest market during the forecast period. Post pandemic, the USA is expected to rebound quickly and will act as the growth engine of the region's market. The country is marked by the presence of several OEMs (transportation, RVs, aircraft, and marines), tier players, FRP panel & sheet suppliers, and raw material suppliers.

Asia-Pacific, a relatively smaller market, is likely to heal up with the fastest pace in the post-pandemic market scenario. The region's demand will be driven by a host of factors including an expected increase in the demand for commercial aircraft to support rising passenger traffic, opening of assembly plants of Boeing and Airbus in China, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi SpaceJet), increasing penetration of composites in the building & construction industry, presence of major global players and raw material suppliers. China, Japan, and Australia are projected to be the growth engines of the region's market.

Key FRP panel & sheet manufacturing companies are Brianza Plastica S.P.A., Crane Composites Inc. (The Crane Company), Collins Aerospace Systems (UTC), Euro-Composites Corporation, JAMCO Corporation, LAMILUX Heinrich Strunz Holding GmbH & Co. KG, Safran S.A., Stabilit, The Gill Corporation, Toray Industries Inc., Triumph Group, Inc. among others.

Some of the Key Strategic Alliances in the market:

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

This report studies the FRP panels & sheets market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:

FRP Panels & Sheets Market, By Process Type

FRP Panels & Sheets Market, By End-Use Industry Type

FRP Panels & Sheets Market, By Resin Type

FRP Panels & Sheets Market, By Fiber Type

FRP Panels & Sheets Market, By Region

Stratview Research has several high value market reports in the advanced materials industry. Please refer to the following link to browse through our reports:

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Composite Sandwich Panels Market by Product Type (Glass Fiber Composites and Carbon Fiber Composites), by End-Use Industry Type (Aerospace & Defense, Building & Construction, Transportation, Marine, and Others), by Core Material Type (Nomex Honeycomb Composites, Aluminum Honeycomb Composites, and Other Composites), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.

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