The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Fiber Reinforced Plastic Panels and Sheets Market.
It was estimated prior to this unanticipated outbreak that the Fiber Reinforced Plastic Panels and Sheets Market was expected to grow at a CAGR of 5.7% by 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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FRP panels and sheets accounted for less than 4% of the global panel market in 2015. It has overall low penetration in almost all of the applications across regions. Lightweight, excellent corrosion resistance, low manufacturing cost of FRP panel through continuous lamination process, good surface finish, and high strength to weight ratio of FRP panel, make it suitable for wide array of applications. It is one of the most promising panel type and is expected to grow faster than competing materials in coming years.
Recreation vehicle is the major consumer of continuous FRP panels and sheets and is expected to remain the growth engine of the market during the forecast period. Increasing penetration of FRP panels and rising number of baby boomers, and gaining popularity of outdoor activities especially in the US and Europe are some of the factor driving the FRP panels and sheets market.
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North America is expected to remain the largest protective fabric market during the forecast period. The growth of end-use industries and stringent government regulations regarding safety of workers will remain the key drivers of the North American Fiber Reinforced Plastic Panels and Sheets Market in the next five years. Asia-Pacific is expected to exhibit fast growth for the same period.
The supply chain of this market comprises raw material suppliers, fiber manufacturers, fabric manufacturers, cloth manufacturers, and end users. The key protective fabric manufacturers are 3M Company, E. I. Du Pont De Nemours and Company, Koninklijke Ten Cate NV, Teijin Limited, Kolon Industries, Inc., and W. L. Gore & Associates, Inc.
New product development, applications development, and strategic alliances are the key strategies adopted by the key players to gain competitive edge in the market.
Features of the Report
This report offers high-quality insights and is 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.
The Fiber Reinforced Plastic Panels and Sheets Market analysis report discusses the following heads in great detail:
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