According to Fortune Business Insights, The global Fiber Reinforced Polymer (FRP) composites market size was valued at USD 91.21 billion in 2023 and is projected to grow from USD 98.12 billion in 2024 to USD 189.80 billion by 2032 at a CAGR of 7.6% during 2024-2032. Asia Pacific dominated the fiber reinforced polymer composites (FRP) market with a market share of 43.59% in 2023. Fiber Reinforced Polymer (FRP) composites are materials made by combining a polymer matrix with a fibrous reinforcing dispersed phase. The polymer matrix, which is typically a type of plastic, binds the fibers together and helps distribute loads and stresses between them.
The global fiber reinforced polymer (FRP) composites market is anticipated to gain momentum from their extensive usage in a wide range of sectors, such as marine, construction, automotive, and aerospace. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Fiber Reinforced Polymer (FRP) Composites Market Size, Share & Industry Analysis By Product Type (Glass Fiber Reinforced Polymer (GFRP) Composites, Carbon Fiber Reinforced Polymer (CFRP) Composites, Basalt Fiber Reinforced Polymer (BFRP) Composites, Aramid Fiber Reinforced Polymer (AFRP) Composites), By Application (Automotive, Construction, Fire Fighting) and Regional Forecast, 2024-2032.” The report further states that fiber reinforced polymer composites are best suited for simplification of production, precision engineering, and weight-saving applications.