PUNE, India, December 7, 2015 /PRNewswire/ --
The report "FRP Panels & Sheets Market by Fiber Type (Glass Fiber & Other Fibers), by Resin Type (Thermoplastic & Thermoset), by Application (Construction, Transportation, Aerospace, and Others) & by Region - Trends & Forecast to 2020", published by MarketsandMarkets, The FRP Panels & Sheets Market is projected to grow from the estimated USD 1.61 Billion in 2015 to USD 2.24 Billion by 2020, at a CAGR of 6.74% between 2015 and 2020.
Browse 72 market data Tables and 38 Figures spread through 122 Pages and in-depth TOC on "FRP Panels & Sheets Market".
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Rising demand for anti-corrosive panels and increasing demand for lightweight component to drive the FRP panels & sheets market
The major forces driving the FRP panels & sheets market are rising demand for anti-corrosive panels and lightweight components in the construction industry. With stringent regulations regarding fuel efficiency standards and changing consumer preferences for vehicles with high gas mileage, automobile manufacturers are focusing on enhancing fuel economy. As the use of FRP panels and sheet enables decreasing weight of vehicles, it helps in increasing fuel efficiency. This characteristic of FRP panels is the main drivers for using FRP composites in construction and transportation industries.
Construction industry to play key role in the FRP panels & sheets market
The construction application segment is expected to contribute the largest share of the global FRP panels & sheets market. This segment is also projected to be the fastest-growing application during the forecast period.
Several structural engineering applications utilize FRP panels because of its properties such as high stiffness and high chemical resistance. It is used in applications such as roofs & ceilings, wall panels, platforms & catwalks, bridges, kitchens, and so on.
Glass fiber has the largest market share in the FRP panels & sheets market
The glass fiber segment dominates the FRP panels & sheets market (by type) because of its high strength and cost effectiveness as compared to other fibers. Glass fibers are used in light weight components for recreational vehicles (RV), trailer trucks, and fuel efficient cars.
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North America has large number of end-use industries for FRP panels & sheets
North America accounted for the largest market share in 2014 and is projected to witness the highest CAGR between 2015 and 2020. The dominance of North America is due the strong presence of aerospace and construction industries in the region. The use of FRP panels and sheets in the North American aerospace industry is projected to grow in the coming years.
The major players in the FRP panels and sheet market include Crane Composites (U.S), Panolam Industries International Inc (U.S), Fibrosan (Turkey), Strongwell Corporation (U.S), Enduro Composites (U.S), Lamilux Heinrich Strunz Group (Germany), Fibertech Industries (U.S), and others.
The scope of the report covers detailed information regarding the major factors influencing the growth of the FRP panels & sheets market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and other recent developments associated with the FRP panels & sheets market.
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