The global FRP sheets & panels market wasvalued at around US$ 5.0 Bn in 2017 and is anticipated to expand at a CAGR ofapproximately 6.0% during the forecast period, according to a new report titled‘FRP Sheets & Panels Market: Global Industry Analysis, Size, Share,Growth, Trends, and Forecast, 2018–2026’ published by Transparency MarketResearch (TMR). The global FRP sheets & panels market is driven by theincrease in demand for these sheets and panels in power plants. FRP sheets andpanels are used in a wide range of applications in the construction industry,due to their reduced weight, limited requirement for supporting structure, andexcellent resistance to corrosion. Furthermore, lack of need for maintenanceand repair work in buildings is fueling the FRP sheets & panels market in theconstruction industry. The FRP sheets & panels market in Asia Pacific isexpanding at a significant pace, led by the rise in demand for these sheets andpanels in transportation applications in the region.
Increase in Demand for Lightweight Vehicles toDrive FRP Sheets & Panels Market
Automotive manufacturers and OEMs are seeking innovative materials toreduce vehicle weight and achieve fuel efficiency and carbon emission targetsdue to the implementation of stringent environmental norms and governmentregulations. Composites offer several structural and weight advantages overtraditional steel and injection molded automotive parts. These are used as rawmaterials to manufacture various structural, interior, exterior, and otherautomobile components. Composites offer high stiffness, tensile strength,temperature tolerance, low weight, and thermal expansion. Therefore, they arepreferred in the manufacture of automobiles. Demand for electric vehicles isrising in the automobiles industry. This is anticipated to boost the demand forcomposite materials, thereby augmenting the demand for fiber reinforcedcomposites in the automotive industry.
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Rise in Demand for FRP Sheets & Panels inAerospace Applications
In the 1990s, the constitution of composites used in building anaircraft was approximately 10% of the total weight of an aircraft. The usage ofcomposites in aircraft construction has increased due to the continuousresearch & development activities. The percentage of composites used in anaircraft rose by up to 40% by 2010. Utilization of composites in aircraftsurpassed 50% of the total weight of an aircraft by 2015. The global aerospaceindustry is expected to expand at a rapid pace during the forecast period.Consumption of composites, primarily CFRP, is projected to rise due to theincrease in production of aircraft during the forecast period.
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Transportation Segment to Dominate FRP Sheets &Panels Market
In terms of application, the global FRP sheets & panels market hasbeen divided into building & construction, transportation, electronics& electrical, consumer products, aerospace, and others (including sports& leisure, marine, and wind power). The transportation segment is projectedto dominate the market. The segment is expected to expand at a significant pacefrom 2018 to 2026.
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Rise in Usage of FRP Sheets and Panels inDeveloping Economies to Create Opportunities for Market Growth
In terms of region, the global FRP sheets & panels market has beensplit into Asia Pacific, Europe, North America, Middle East & Africa, andLatin America. Rapid urbanization in developing countries such as China, India,and Mexico is boosting the demand for new construction. This, in turn, ispropelling the demand for FRP sheets and panels in these countries.
Large Numbers of Small to Medium Size Players
Key players covered in this report are Stabilit Servicios S.A. De C.V.,Crane Co., US Liner Company, Enduro Composites Inc., Brianza Plastica S.p.A.,Optiplan GmbH, Polser Fiberglass Reinforced Plastics Inc., and PanolamIndustries International, Inc. These companies operate across the world. Thishelps them establish control over the entire value chain and sustain theirleading position in the market.
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