Fiber Reinforced Plastic Panels and Sheets Market Analysis

Market Insights

Fiber-reinforced plastic (FRP) is a composite material made up of polymer matrix reinforced with fiber. Common fibers used are glass fiber and carbon fiber. Resins can be either thermoset or thermoplastic, depending on the performance requirement such as flame retardancy, corrosion resistance, chemical resistance, and cost-effectiveness. Commonly used resins are polyester, epoxy, and vinyl ester.  FRP panels & sheets are majorly used due to their lightweight, mold resistance, durability, high strength-to-weight ratio, easy to clean, high moisture resistance, chemical resistance, low maintenance, high impact resistance, and easy installation. FRP panels & sheets are majorly manufactured with glass fiber-reinforced polyester resins.

FRP panels & sheets hold a diminutive share (less than 5%) of the global composite end products market and hold a unique position in the domain of the overall composite and are increasingly being preferred over their arch-rivals such as aluminum panels, wood panels, and plastic panels. Key market participants have gained excellent product development capabilities and high brand identity after dedicating eons of market presence and efforts in research & development. Today, manufacturing FRP panels & sheets for different industries is a tough job, owing to high technological requirements coupled with the high cost of raw materials, a key factor limiting the number of manufacturers active in the market.

Impact of COVID-19 on the FRP Panels & Sheets Market        

The COVID-19 outbreak has severely affected most of the end-use industries, for instance, aerospace & defense, recreational vehicles, marine, transportation, and building & construction,  where FRP panels & sheets are used due to their lightweight advantage along with higher strength compared to conventional panels & sheets. The COVID-19 is still spreading and taking the major economies in its clasp and weakened the market conditions.

The FRP panels & sheets market consecutively grew during the last four years of trend period (2014-2018) followed by a decline in 2019 mainly due to the effect of grounding of the B737 MAX and US-China trade war on the aerospace & defense and recreational vehicle (RV) industries respectively in North America. Now, the rapid spread of the COVID-19 pandemic entirely flipped the market dynamics and fueled the existing industry challenges such as delays in B737 MAX approval, production halts across regions, declining shipment trends of RVs, the decline in automobile production and construction activities due to lockdown.

As of now, it is difficult to state when the impact of the pandemic starts to fade away. However, it is predicted that the demand for FRP panels & sheets would stabilize in 2021. The impressive recovery is anticipated to begin from 2022, followed by subsequent healthy growth till 2025. An expected recovery in the GDP across regions, increasing construction activities, expected increase in commercial aircraft production, B737 MAX’s approval from FAA and other bodies, expected entries of COMAC and Irkut, and increasing outdoor participation will help the major industries to recover, which, in turn, assist the recovery of the FRP panels & sheets market.

Segment Analysis

Fiber Reinforced Plastic Panels and Sheets Market Share by Process Type

Stratview has firstly segmented the FRP panels & sheets market based on the process type as continuous laminates, pultruded panels, prepreg laminates, sandwich construction, and others. Sandwich-constructed panels are likely to remain the most preferred type in the market in the coming years. Sandwich-constructed panels are increasingly finding usage in aerospace & defense interiors (galleys, floor panels, lavatory, stowage, seats, cabin interiors, cabin equipment) and exterior (control surfaces, etc.); transportation (railway trams floor, ceiling panels, and side walls); marine, and building & construction industries. Continuous laminates have a high penetration in the RV industry and are found great usage in the building & construction and transportation industries.

Fiber Reinforced Plastic Panels and Sheets Market Share by End-Use Industry Type

Based on end-use industry type, the market is segmented as aerospace & defense, recreational vehicles, transportations, marine, building & construction, and others. Aerospace & defense is expected to remain the dominant segment of the FRP panels & sheets market during the forecast period. An expected increase in commercial aircraft production, expected entries of COMAC and Irkut, B737 MAX’s approval from FAA and other bodies, and increasing preference of FRP panels over traditional panels are some of the factors, driving their uses in the segment. Building & construction and transportation, and recreational vehicles also generate impressive demand for FRP panels & sheets.

Fiber Reinforced Plastic Panels and Sheets Market Share by Resin Type

Based on the resin type, the market is segmented into thermoset composite panels & sheets and thermoplastic composite panels & sheets. Further, the thermoset composite panels & sheets market is sub-segmented as polyester and other thermoset composites. Thermoset composite panel & sheet is expected to remain the larger segment of the market in the foreseen future. Polyester and epoxy resins are the choices in the market. Polyester composites are used in cost-sensitive applications owing to their lower cost with good mechanical and adhesion properties. Epoxy composite panels are increasing found usage in the high-performance applications, owing to their superior benefits over other thermoset and thermoplastic composite panels.

Fiber Reinforced Plastic Panels and Sheets Market Share by Fiber Type

Based on the fiber type the market is segmented into glass composite panels & sheets and carbon composite panels & sheets. Glass composite panels & sheets are expected to remain the larger segment, whereas carbon composite panels & sheets are likely to grow at a faster pace post-pandemic. Glass composites offer superior performances, such as corrosion resistance, heat resistance, easy maintenance, easy installation, sound insulation, and cost-effectiveness, as compared with conventional panels including aluminum. Carbon composite panels & sheets are preferred where weight reduction and high performance are required.

Regional Insights

Despite being hit by the pandemic, among regions, North America is expected to remain the largest market during the forecast period. Post pandemic, the USA is expected to rebound quickly and will act as the growth engine of the region’s market. The country is marked by the presence of a large number of OEMs (transportation, RVs, aircraft, and marines), tier players, FRP panel & sheet suppliers, and raw material suppliers.

Asia-Pacific, a relatively small market, is likely to heal up with the fastest pace in the post-pandemic market scenario. The region's demand will be driven by a host of factors including an expected increase in the demand for commercial aircraft to support rising passenger traffic, the opening of assembly plants of Boeing and Airbus in China; upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi SpaceJet); Increasing penetration of composites in the building & construction industry, presence of major global players and raw material suppliers. China, Japan, and Australia are projected to be the growth engines of the region’s market.

Market Scope & Segmentation

The FRP panels & sheets market is segmented into the following categories.

FRP Panels & Sheets Market Size, Share & Forecast, By Process Type

• Continuous Laminates (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Pultruded Panels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Prepreg Laminates (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Sandwich-Constructed Panels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other Process-based FRP Panels & Sheets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

FRP Panels & Sheets Market Size, Share & Forecast, By End-Use Industry Type

• Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Building & Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Recreational Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other End-Use Industries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

FRP Panels & Sheets Market Size, Share & Forecast, By Resin Type

• Thermoset Composite Panels & Sheets
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Resin Type Analysis: Polyester and Others
    • Polyester (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Thermoplastic Composite Panels & Sheets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

FRP Panels & Sheets Market Size, Share & Forecast, By Fiber Type

• Glass Composite Panels & Sheets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Carbon Composite Panels & Sheets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

FRP Panels & Sheets Market Size, Share & Forecast, By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: France, Germany, the UK, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, Australia, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

The supply chain of this market comprises raw material suppliers, FRP panel & sheet manufacturers, distributors, tier players, OEMs, and end-users.

The key FRP panel & sheet manufacturing companies are-

• Brianza Plastica S.P.A.
• Crane Composites Inc. (The Crane Company)
• Collins Aerospace Systems (UTC)
• Euro-Composites Corporation
• JAMCO Corporation
• LAMILUX Heinrich Strunz Holding GmbH & Co. KG
• Safran S.A.
• Stabilit
• The Gill Corporation
• Toray Industries Inc.
• Triumph Group, Inc.

Some of the Key Strategic Alliances in the market:

• In 2018, Creative Pultrusions Inc. has acquired Composite Advantage LLC.  Through this acquisition, Creative Pultrusions Inc. widened the portfolio in terms of manufacturing techniques. In 2017, Creative Pultrusions Inc. has also acquired Kenway Corporations and Tower Tech Company.
• In 2018, United Technologies Corporation (UTC) acquired Rockwell Collins for an agreed amount of US$ 30 Billion. It was one of the largest acquisitions in the history of the aerospace industry. After the acquisition, the company formed Collins Aerospace division– the combination of Rockwell Collins and UTC Aerospace Systems.
• LAMILUX Heinrich Strunz Holding GmbH & Co. KG acquired three companies from Roda, in 2018 and strengthened its subsidiaries profile. This acquisition led the Lamilux to strengthen its daylight systems business for smoke and heat exhaust ventilation system business.

Report Features

This 300-page strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s FRP panels & sheets market realities and future possibilities for the forecast period of 2020 to 2025. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for FRP panels & sheets at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• The current market size of FRP panels & sheets in any one of the end-use industries by process type

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com