Global Fiber Reinforced Plastic Panels and Sheets market was valued at USD 1,248.16 million in 2022 and is estimated to reach a value of 1,626.85 by 2028 with a CAGR of 4.4%.
In terms of primary factor, increasing consumption of composites from heavy truck and trailer market is primarily driving the market growth. As per the data released by FTR transportation intelligence states that, preliminary trailer orders surged in March to 36,200 units, an increase of 41% month-over-month and 29% year-over-year. According to FTR, trailer orders for the past 12 months have totaled 252,000 units. Polymer-reinforced composites provide better crash performance than traditional steel. The latter typically absorb only 35 J/kg of energy, while thermoset composites absorb almost twice as much. Thermoplastic composites absorb 5 to 6 times more energy than steel.
A Glimpse of Value Chain Process
Fiber preforms are manufactured through weaving, braiding, stitching, and knitting. Weaving is used in making both two-dimensional and three-dimensional fibers and is suitable for the manufacture of high-value and narrow-width products. It has its downsides, though. For one, weaving multilayer fibers is time-consuming and fairly more expensive. Also, it is difficult to create fabrics with fibers that are oriented to each other at anything other than 90-degree angles. Braiding is way better in that aspect as it allows for fibers to be aligned at 45 degrees to each other. Through two-step braiding, manufacturers can create right about any shape of preform. Knitting typically produces two-dimensional fabric, but the creation of multilayer fabric is possible with machines fitted with more than one needle bed.