Lucintel Analysis: After Decline in Last Five Years, Global FRP Panel Market is Poised for Growth

IRVING, Texas, Dec. 5, 2013 /PRNewswire-iReach/ -- After experiencing decline over the last few years, the global Fibre-Reinforced Plastic (FRP) Panel market reported good growth in 2012. The future of global FRP Panel industry looks good with opportunities in building and construction as well as transportation industries. In 2018, the total market is expected to be 520 million pounds, valued at $496 million.

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Lucintel, a leading global management consulting and market research firm, has conducted a detailed analysis on the FRP Panel market and presents its findings in "Growth Opportunities in FRP Panel Market 2013-2018: Trends, Forecast, and Market Share."  Much of the growth in this market can be attributed to three factors such as increasing energy efficiency requirements from consumers, escalating need for anti-corrosive applications, and greater focus on total lifecycle cost of end products as compared to those manufactured from materials such as steel and aluminium. In terms of regional growth, APAC is expected to be the growth leader followed by North America and Europe over 2013-2018.

Governmental regulation for VOC release and styrene emission which adds to the cost of manufacturers are challenge for the industry players. Lucintel analysis indicates that in recent years, no new technology or new legislation have been introduced that would significantly improve the growth of the global FRP Panel Industry. The market for FRP Panel products; however, will grow in single digit over the next five years because of new opportunities and increased market penetration in certain applications.

For market expansion Lucintel market report suggests innovation of new products where the unique characteristics of composite materials can be capitalized. Lucintel further suggests to develop partnerships with customers to create win-win situation and develop low-cost solutions for the end user. A better part design (design with composites mentality and not with metal mentality), low-cost raw material alternative, lower scrap rate, and improved production efficiency would make composites parts more cost competitive. As per the study, new resin systems will be introduced in the FRP Panel processing for a variety of reasons such as to increase line speeds, to increase flame, smoke, and toxicity (FST) performance, to decrease styrene content, and more.

The report gives an overview of the industry with various drivers and challenges. For a detailed table of contents and pricing information on these timely, insightful reports, contact Lucintel at +1-972-636-5056 or via email at [email protected]. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency. To learn more, visit www.lucintel.com.

Media Contact: Roy Almaguer, Lucintel, +1-972-636-5056, [email protected]

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SOURCE Lucintel