The study, The Global FRP Panel Market 2013-2018: Trends, Forecast and Opportunity Analysis, concludes that the future of global FRP panel industry looks good with opportunities in building and construction, as well as transportation industries. In 2018, the total market is expected to be 520 million pounds, valued at $496 million.
Much of the growth in this market can be attributed to three factors including increasing energy efficiency requirements from consumers, the escalating need for anti-corrosive applications, and a greater focus on total lifecycle cost of end products as compared to those manufactured from materials such as steel and aluminium. In terms of regional growth, APAC is expected to be the growth leader followed by North America and Europe over 2013-2018.
Research and Markets adds that governmental regulation of VOC release and styrene emissions, which add to the cost of manufacturers, are a challenge for the industry. The analysis indicates that in recent years no new technology or new legislation has been introduced that would significantly improve the growth of the global FRP panel industry. The market for FRP panel products; however, will grow in single digit over the next five years because of new opportunities and increased market penetration in certain applications.
For market expansion the report suggests innovation of new products where the unique characteristics of composite materials can be capitalised. The report further suggests the development of partnerships with customers to create win-win situations and develop low-cost solutions for the end user. Better part design (design with composites mentality and not with metal mentality), low cost raw material alternatives, lower scrap rates, and improved production efficiency would also make composites parts more cost competitive. New resin systems will be introduced in FRP panel processing for a variety of reasons to increase line speeds, increase flame, smoke, and toxicity (FST) performance, and decrease styrene content.
