The Global Fiber Reinforced Plastics (FRP) Market was valued at USD 33,520 Million in 2024 and is projected to reach USD 40,810 Million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 2.9% during the forecast period (2025–2032). This growth is propelled by escalating demand for lightweight, high-strength materials from the aerospace and automotive sectors, coupled with robust infrastructure development in emerging economies.

As industries worldwide pivot toward sustainability and enhanced performance, the role of FRP composites has become increasingly critical. These materials, known for their exceptional strength-to-weight ratio and corrosion resistance, are at the forefront of modern engineering. In this blog, we profile the Top 10 Companies in the Fiber Reinforced Plastics (FRP) Industry—a distinguished group of chemical giants, material specialists, and innovation leaders shaping the future of composite materials.

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🔟 1. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Advanced Epoxy Systems, Carbon Fiber Reinforced Polymers, Acrodur® Binder Technology

BASF SE stands as a global leader in chemical solutions and is a major force in the FRP market. The company’s Performance Materials segment develops advanced epoxy resins and thermoplastic composites used in automotive lightweighting, wind turbine blades, and construction. Its 2023 expansion of carbon fiber production capacity in Germany underscores its commitment to meeting soaring aerospace and automotive demand.

Innovation & Sustainability Initiatives:

• Development of bio-based and recyclable epoxy resin systems

• Strategic partnerships with automotive OEMs for next-generation composite parts

• Commitment to carbon-neutral growth by 2030 through efficient production processes

Download FREE Sample Report: Fiber Reinforced Plastics (FRP) Market – View in Detailed Research Report

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9️⃣ 2. Toray Industries, Inc.

Headquarters: Tokyo, Japan
Key Offering: TORAYCA® Carbon Fiber, Advanced Composite Materials, Thermoplastics

Toray Industries is the world’s largest producer of carbon fiber, holding a significant market share in aerospace-grade composites. Its TORAYCA® carbon fibers are integral to the Boeing 787 and Airbus A350 aircraft structures. The company continuously invests in scaling production, with recent expansions at its South Carolina, USA, facility to cater to North American aerospace and automotive clients.

Innovation & Sustainability Initiatives:

• Pioneering high-modulus and intermediate-modulus carbon fibers for demanding applications

• R&D in recycled carbon fiber technologies to promote circular economy

• Active collaboration with global partners to develop sustainable composite solutions

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8️⃣ 3. SABIC

Headquarters: Riyadh, Saudi Arabia
Key Offering: LNP™ Thermoplastic Composites, VALOX® Resins, ULTEM® Polymers

SABIC is a key global player in thermoplastic composites, offering a diverse portfolio of high-performance materials. Its products are widely used in automotive, electrical & electronics, and consumer goods for their excellent mechanical properties and design flexibility. SABIC’s focus on innovation is evident in its development of flame-retardant and laser-weldable compounds for advanced applications.

Innovation & Sustainability Initiatives:

• Launch of certified renewable polyethylene and polypropylene compounds

• Investment in chemical recycling technologies for plastic waste

• Development of lightweighting solutions for electric vehicles to extend battery range

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7️⃣ 4. Solvay SA

Headquarters: Brussels, Belgium
Key Offering: Specialty Polymers, Composite Materials, Cyanate Esters

Solvay SA is a leading specialty chemicals company with a formidable presence in the high-performance FRP market. Its composite materials are essential for aerospace, automotive, and healthcare industries. The company’s recent acquisitions of composite molding technology firms have strengthened its position as an integrated solutions provider, from advanced resins to finished components.

Innovation & Sustainability Initiatives:

• Expansion of sustainable composite material portfolios, including bio-sourced options

• Leadership in developing composites for hydrogen storage and fuel cell technologies

• Commitment to achieving carbon neutrality across its operations

Download FREE Sample Report: Fiber Reinforced Plastics (FRP) Market – View in Detailed Research Report

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6️⃣ 5. Teijin Limited

Headquarters: Tokyo, Japan
Key Offering: TENAX® Carbon Fiber, Thermoplastic Composites, Aramid Fibers

Teijin Limited is a diversified technology company with a strong foothold in advanced fibers and composites. Its carbon fiber and aramid fiber products are critical for aerospace, automotive, and safety applications. The company is known for its innovative thermoplastic composite technologies, which enable faster production cycles for mass-market automotive parts.

Innovation & Sustainability Initiatives:

• Development of high-speed compression molding technologies for automotive composites

• Focus on recycling technologies for carbon fiber composites

• Strategic alliances with automotive OEMs to co-develop lightweight structural components

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5️⃣ 6. Hexcel Corporation

Headquarters: Stamford, Connecticut, USA
Key Offering: Carbon Fibers, Reinforcements, Adhesives, Honeycomb Core Materials

Hexcel Corporation is a leading advanced composites company, primarily serving the commercial aerospace, space, and defense sectors. Its comprehensive product portfolio includes carbon fibers, woven fabrics, prepregs, and adhesives. Hexcel’s materials are specified in next-generation aircraft programs, benefiting from the industry’s long-term shift toward composite-intensive airframes.

Innovation & Sustainability Initiatives:

• Investment in high-volume carbon fiber production to meet aerospace demand

• Development of sustainable aviation solutions, including bio-derived resin systems

• Leadership in lightweight composite solutions for improved fuel efficiency

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4️⃣ 7. Mitsubishi Chemical Group

Headquarters: Tokyo, Japan
Key Offering: Pyrofil® Carbon Fiber, Dialead® Carbon Fiber, Thermoplastic Composites

The Mitsubishi Chemical Group is a major global supplier of carbon fiber and composite materials. Its Pyrofil® and Dialead® carbon fibers are renowned for their quality and performance in sporting goods, industrial, and aerospace applications. The group’s vertical integration, from precursor to finished composite, provides a competitive edge in cost and quality control.

Innovation & Sustainability Initiatives:

• Expansion of carbon fiber production capacity to address growing market needs

• R&D in large-tow carbon fibers for cost-sensitive industrial applications

• Focus on developing recycling processes for carbon fiber composites

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3️⃣ 8. Owens Corning

Headquarters: Toledo, Ohio, USA
Key Offering: Fiberglass Reinforcements, Composite Systems, Insulation Materials

Owens Corning is a global leader in glass fiber reinforcements, which form the backbone of the FRP market. The company’s products are essential for construction, transportation, wind energy, and industrial applications. Its extensive manufacturing footprint and focus on product innovation make it a key supplier for cost-effective composite solutions worldwide.

Innovation & Sustainability Initiatives:

• Development of high-performance glass fibers for wind turbine blades

• Sustainability initiatives focused on reducing energy consumption and emissions in manufacturing

• Commitment to achieving net-zero emissions by 2030

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2️⃣ 9. Hexion Inc.

Headquarters: Columbus, Ohio, USA
Key Offering: Epoxy Resins, Hardeners, Additives for Composites

Hexion Inc. is a premier global producer of thermoset resins, with a strong focus on epoxy systems for composite applications. Its products are used in wind energy, aerospace, automotive, and construction. The company’s tailored resin formulations enable customers to optimize composite performance for specific mechanical, thermal, and environmental requirements.

Innovation & Sustainability Initiatives:

• Development of fast-curing and low-VOC epoxy systems for sustainable manufacturing

• Innovations in resin chemistry for recyclable thermoset composites

• Strategic focus on supporting the growth of the global wind energy sector

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1️⃣ 10. SGL Carbon

Headquarters: Wiesbaden, Germany
Key Offering: Carbon Fibers, Composite Components, Graphite Specialties

SGL Carbon is a leading developer and manufacturer of carbon-based solutions, including carbon fibers and custom composite parts. The company serves high-growth markets such as automotive, aerospace, and solar energy. Its expertise ranges from lightweight automotive components, like battery cases for electric vehicles, to sophisticated materials for semiconductor manufacturing.

Innovation & Sustainability Initiatives:

• Focus on carbon fiber solutions for automotive lightweighting and battery electric vehicles

• Development of carbon fiber materials for hydrogen tank applications

• Implementation of sustainable production processes and carbon footprint reduction targets

Read Full Report: Fiber Reinforced Plastics (FRP) Market – View in Detailed Research Report

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🚀 Outlook: The Future of FRP Is Smarter, Greener, and More Integrated

The Fiber Reinforced Plastics market is undergoing a significant transformation. While traditional glass fiber composites continue to dominate in volume, the industry is rapidly advancing toward high-performance carbon fibers, sustainable materials, and digital manufacturing technologies. This evolution is driven by the relentless pursuit of lightweighting, durability, and environmental responsibility across all major end-use industries.

📈 Key Trends Shaping the Market:

• Accelerated adoption of thermoplastic composites for recyclability and faster processing

• Growth in bio-based fibers and resins to meet sustainability targets

• Digitalization and automation in composite manufacturing to improve efficiency and reduce costs

• Expansion of FRP applications in renewable energy infrastructure, particularly wind and hydrogen

Read Full Report: Fiber Reinforced Plastics (FRP) Market – View in Detailed Research Report

The companies profiled above are not merely supplying materials—they are enabling technological progress across aerospace, automotive, and renewable energy sectors, paving the way for a lighter, stronger, and more sustainable future.