Saudi Arabia Fiber Reinforced Polymer (FRP) Composites Market is expected to grow at a 10.02% CAGR
Oil and Gas Industry and Weight
Reduction and Fuel Efficiency has significantly impacted the market growth.
According
to TechSci Research report, “Saudi
Arabia Fiber Reinforced Polymer (FRP) Composites Market – By Region, Competition, Forecast and
Opportunities, 2018-2028”, the Saudi Arabia Fiber Reinforced Polymer
(FRP) Composites Market is expected to register 10.02% CAGR during the
forecast period. Over the short term, the increasing demand from the
construction sector and the growing demand for energy efficiency in the
aerospace and automotive industries are expected to drive the market's growth.
On the flip
side, the high price of raw materials is expected to hinder the market's
growth.
Nevertheless,
the development of new advanced forms of FRP materials and the recycling of FRP
materials are likely to act as an opportunity for the market over the forecast
period. The composites are becoming a popular alternative to various ferrous
and nonferrous metals. Composites are manufactured by combining plastic polymer
resin and reinforcing fibers. The end product retains unique properties such as
strength & stiffness of the raw materials used, resulting in enhanced
overall performance of the product.
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over XX market data Figures spread through 86 Pages and an in-depth TOC on the "Saudi Arabia Fiber Reinforced Polymer (FRP) Composites Market."
Based
on end user industry, the
Transportation segment is expected to dominate the market during the forecast
period. Fiber-reinforced polymer (FRP) composites are widely used in the
transportation industry in automotive, aircraft, helicopters, and spacecraft to
boats and ships.
Due
to weight and cost considerations, fiber-reinforced polymer (FRP) composite
material is the best substitute for traditional materials like steel or
aluminum in the transportation industry. In maritime waterfront settings or
aboard ships, where they lessen structural weight and improve corrosion
resistance, FRPs are the perfect substitutes for wood.
The
International Organization of Motor Vehicle Manufacturers (OICA) estimates that
in 2022, compared to the year before, there was an increase in vehicle
manufacturing by nearly 6%. In 2022, about 85 million automobiles were
produced, compared to the 80 million vehicles produced in 2021. The United
States was the second-largest producer behind China, accounting for nearly
one-third of the production.
In
addition, the Bureau of Economic Analysis estimates that the value added by
manufacturing motor vehicles, bodies and trailers, and parts in the United
States during the first three quarters of 2022 was about USD 504 billion, or
about 5% more than the value added during the same period in the prior year.
Boeing's
commercial market outlook for 2022-2041 forecasts a market value of USD 7.2
trillion for new airplane deliveries, with the global fleet increasing by 80%
through 2041. According to Boeing, around 41,170 fleet deliveries will be done
by 2041. New single-aisle airplane deliveries will make up 75% of total
deliveries, with airlines needing more than 30,880 in the next 20 years.
Key
market players in the Saudi Arabia Fiber Reinforced Polymer (FRP) Composites
Market are: -
- Saudi
Advanced Composites Manufacturing Company (SACM)
- Advanced
Composite Technologies (ACT)
- Saudi
Fibrocem
- Saudi
Composite Solutions (SCS)
- Al-Yamama
Composite Pipes
- Minerals
Technologies Inc.
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“The
Saudi Arabia Fiber Reinforced Polymer (FRP) Composites market is driven by
several key factors. Firstly, the infrastructure expansion and development in
the country have created a significant demand for FRP composites, which offer a
combination of high strength, lightweight properties, and corrosion resistance,
making them ideal for construction and infrastructure projects. Secondly, the
oil and gas industry is a major driver, as FRP composites are used extensively
in applications like piping, tanks, and offshore structures due to their
resistance to corrosion and chemicals. With Saudi Arabia's prominent position
in the energy sector, this industry plays a pivotal role in boosting the FRP
composites market. Renewable energy projects, such as wind and solar farms,
have also contributed to the growth of the FRP composites market. These
materials are used in wind turbine blades and other components due to their
lightweight and durable properties, aligning with Saudi Arabia's efforts to
diversify its energy sources. The sustainability and environmental concerns in
the country, along with technological advancements and government initiatives,
further promote the use of FRP composites. Their cost-saving potential and
increased awareness of their benefits in various industries and applications
are key drivers that continue to shape the Saudi Arabian FRP composites
market.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Saudi
Arabia Fiber Reinforced Polymer (FRP) Composites Market Segmented By Fiber Type
(Glass Fiber-reinforced Polymer, Carbon Fiber-reinforced Polymer, Aramid
Fiber-reinforced Polymer, Basalt Fiber-reinforced Polymer, and Other Fiber
Types), End-user Industry (Building and Construction, Transportation,
Electrical and Electronics, and Other End-user Industries), By Region, and By
Competition, 2018-2028,”
has evaluated the future growth potential of Saudi Arabia Fiber Reinforced
Polymer (FRP) Composites Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Saudi Arabia Fiber Reinforced Polymer (FRP) Composites Market.
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