The global fibre reinforced polymer (FRP) composites market is poised for substantial expansion over the next decade, according to a new industry analysis.

The market, valued at £71.37bn in 2023, is projected to reach £148.56bn by 2032, growing at a compound annual growth rate of 7.6%.

The Asia-Pacific region led the market in 2023, with a 43.59% share. Meanwhile, the US is expected to see significant growth, with its FRP composites market forecasted to reach £34.17bn by 2032. One key trend propelling market growth is the rising adoption of electric vehicles. FRP composites are particularly well-suited for automotive applications due to their high strength-to-weight ratio. This aligns with the global shift towards more sustainable transport. 

According to the International Energy Agency, electric car sales exceeded 10m units in 2022, with their market share jumping from 4% in 2020 to 14% in 2022. This trend is expected to continue, further boosting demand for FRP composites.

While the COVID-19 pandemic temporarily disrupted production and supply chains, causing shortages in FRP availability, the market has shown resilience. The growing demand for lightweight, high-performance materials across various sectors is expected to drive continued growth in the FRP composites market.