Global demand for high-performance composite materials continues to fuel market growth.

Meticulous Research®, a leading global provider of market intelligence and consulting services, has released its latest report titled, "FRP Panels Market - Global Opportunity Analysis and Industry Forecast (2024-2031)." The report reveals that the global Fiber Reinforced Polymer (FRP) panels market is expected to grow significantly, reaching $3.1 billion by 2031, with a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

Key Market Drivers
The expanding market for FRP panels is primarily driven by the rising demand for lightweight, durable, and high-performance composite materials. Key sectors such as building and construction are adopting these materials at an increasing rate. Additionally, the growing need for corrosion-resistant materials in the marine and water & wastewater treatment industries is fueling market expansion. However, the high initial costs compared to traditional materials pose a challenge to broader adoption.

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Growth Opportunities
Despite the cost challenges, the FRP panels market is poised to benefit from the rising adoption of these materials in the automotive and aerospace industries. Technological advancements in FRP materials are creating substantial opportunities for market players. However, limited awareness regarding the advantages of FRP panels, particularly in emerging markets, remains a key obstacle to market penetration.

Market Segmentation
The report provides a detailed segmentation of the FRP panels market based on type and end user:

By Type: In 2024, glass fiber reinforced polymer (GFRP) composites are projected to lead the market, driven by their widespread use in transportation and construction. Their high strength, corrosion resistance, and lightweight nature make GFRP composites the preferred choice in these industries.

By End User: The building and construction sector is anticipated to dominate the market in 2024, driven by increasing demand for sustainable materials, modular construction techniques, and the lightweight and easy-to-install features of FRP panels.

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Regional Insights
The Asia-Pacific region is expected to dominate the FRP panels market in 2024, with robust growth in the building and construction industries of India and China. The region’s leadership is bolstered by the presence of major FRP manufacturers, including Everest Composites Pvt. Ltd. (India) and Dongguang Higoal FRP Corporation (China). The increasing adoption of GFRP composites in the automotive industry and significant investments from key market players further enhance Asia-Pacific’s leading position.

Key Market Players
Prominent players in the FRP panels market include Crane Composites, Inc. (U.S.), Fiber-Tech Industries, Inc. (U.S.), POLSER Composite Materials Corporation (Turkey), Nudo Products, Inc. (U.S.), Everest Composites Pvt. Ltd. (India), LAMILUX Heinrich Strunz Holding GmbH & Co. KG (Germany), and Dongguang Higoal FRP Corporation (China), among others.

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Key Questions Answered in the Report:
What is the projected revenue for the FRP panels market by 2031?
What is the anticipated growth rate over the next 5 to 7 years?
What are the key historical and future market trends influencing growth?
What opportunities exist for new entrants and established players?
Which segments are expected to see the most traction in the coming years?
What regional trends are driving market expansion?
Who are the leading players, and what are their key product offerings?
What strategic developments are shaping the market’s future?
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