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The Fiber Reinforced Polymer Panels & Sheets Market size is projected to grow at a CAGR of 6.8% during the forecast period 2022-2027 and reach US$1.6 billion by 2027. Fiber Reinforced Polymer Panels & Sheets can be made using various types of materials which include thermosetting polyester resin, glass fiber, composite and more. FRP sheets & panels are used for a wide range of applications such as oil & gas sheets, ceiling panels and others. The bolstering automotive and building & construction industry is the major determinant spurring the Fiber Reinforced Polymer Panels & Sheets market growth. For instance, as of October 2022, the construction of the 466 trillion Indonesian rupiahs ($32.3 billion) in Indonesia's new capital is in progress. The capital city's construction will be completed by the end of 2024. Moreover, the booming oil & gas industry will also play a vital role in the Fiber Reinforced Polymer Panels & Sheets market growth.
Fiber Reinforced Polymer Panels & Sheets Market: Leading Segment is the Transport
On the basis of the end-use industry, the Fiber Reinforced Polymer Panels & Sheets Market can be segmented into automotive, building &construction and others. The transport industry is evaluated to be the leading segment in the Fiber Reinforced Polymer Panels & Sheets market in 2021. In 2021, the transport segment held around 47.2% share of the total revenue earned by the market globally. FRP panels and sheets have excellent non-corrosive characteristics, abrasion resistance and more. Thus, it is frequently employed in the transport industry. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the worldwide passenger cars production was 55,908,989 units and in 2021, it was 57,054,295 units, an increase of approximately 2% over 2020. Thus, the growth of the transport industry is driving the demand for FRP panels & sheets, which, in turn, is accelerating market growth.
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Fiber Reinforced Polymer Panels & Sheets Market: Leading Region is the Asia-Pacific
On the basis of geography, the Fiber Reinforced Polymer Panels & Sheets Market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 43.5% share of the total revenue earned by the market globally. The surge in Asia-Pacific sectoral growth is due to the expansion of various industries such as automotive, building and construction and others. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles, in 2020, automotive production in China was 25,225,242 units and in 2021, it was 26,082,220 units, an increase of 3%. Therefore, it is anticipated that the booming automotive industry in the Asia-Pacific region will increase the demand for FRP panels & sheets. This, in turn, will increase the size of the Fiber Reinforced Polymer Panels & Sheets market in the upcoming years.
The Major Players in this Market Include
The major companies in the Fiber Reinforced Polymer Panels & Sheets market include Brianza USA Corporation, Captrad Ltd, Crane Composites, Inc. (Crane CO.), Dofrp (Miyabi FRP), Hill & Smith Holdings PLC, Kal-Lite, Kalwall, Krempel GmbH, Panolam Industries International, Inc. and Redwood Plastics and Rubber.
The key focus of the companies has shifted towards acquisition. For instance, in May 2021, Crane Co. Engineered Materials division was purchased from Crane Co. for US$360 million by Grupo Verzatec S.A. de C.V., the business manufactures composite panels made of fiber-reinforced plastic (FRP).