Fiber-Reinforced Polymers Panels & Sheets Market To Register CAGR Of 6.5% Between 2016 And 2021

Fiber-reinforced polymers panels & sheets market to register CAGR of 6.5% between 2016 and 2021

21-Jul-16

The global fiber Reinforced polymer (FRP) panels & sheets market size was at US$740 mln in 2015 and is projected to reach US$1084.7 mln by 2021, registering a CAGR of 6.53% between 2016 and 2021, as per MarketsandMarkets. The major factors fueling the growth of this market are the growing demand for composites from the transportation and construction industry, strong growth of the truck & trailers market, and recovery of recreational vehicles and non-residential construction sector from the economic crisis of 2008-2009.

FRP panels & sheets are widely used in recreational vehicles for sidewall panels, roof panels, door skins, floor panels, and so on, as they have superior strength-to-weight ratio than other traditional panels & sheets. The demand for recreational vehicles is driven by low fuel prices and interest rates, rise in number of baby boomers engaging in leisure activities, improved economy, rising costs of airlines, and demand for new recreational vehicles from younger generation. After the economic recession of 2008-2009, the shipment of recreational vehicles increased from 165,700 units in 2009 to 374,100 units in 2015. Thus, with the increase in demand for these vehicles, the demand for FRP panels & sheets is also rising owing to its features such as lightweight, high performance, and low maintenance cost in comparison to metals.

North America is expected to be the largest market for FRP panels & sheets globally owing to the increased demand from recreational vehicles, truck & trailers, building & construction, and other applications such as military silos, vehicle bodies, greenhouses, sports equipment, information signs, emergency stop signs, motorway & traffic signs, and others. This growth is attributed to the recovery of recreational vehicles and non-residential construction from economic recession and strong harvests of fruits and vegetables and meat processing in North America. In addition, easy availability of raw materials, low labor costs, growing manufacturing industries, new product developments, capacity expansions, and new plant establishments by various leading players are leading to the growth of the FRP panels & sheets market in this region.
Some of the leading manufacturers of FRP panels & sheets include Crane Composites Inc. (U.S.), Glasteel, Inc. (U.S.), U.S. Liner Company (U.S.), Brianza Plastica S.p.A. (Italy), Optiplan GmbH (Germany), Polser Fiberglass Reinforced Plastics Inc. (Turkey), Panolam Industries International Inc. (U.S.), and LAMILUX Heinrich Strunz Group (Germany). These players have adopted new product launches, partnerships, expansions, and mergers & acquisitions as the main growth strategies for enhancing their business revenues and market shares.