Procurement Outlook
Fiber reinforced plastics is a composite material that is made of polymers. These polymers are supported with fibers for additional strength. The primary use of fiber reinforced plastics is to construct structures that require additional resistance under stress to prevent deformation. Additionally, it also prevents corrosion. As such, fiber reinforced plastics find their usage in industries like aerospace, construction, and marine.
Fiber reinforced plastics are mostly used for specialized applications for which the strength of material needs to be customized as per customer requirements. The industry operates mostly on a value-based pricing scheme with the degree of customization and requirement leading to the price of the product.
Demand Outlook
The global market for fiber reinforced plastic was valued at USD 52.88 billion in 2020 and is expected to grow at a steady CAGR of 6.4% to reach USD 72.12 by 2025. The market can be segregated into glass fibers and carbon fiber, and aramid fiber. Of these, glass fibers have the largest market share as they are cost-effective and have low conductivity.
Grab your copy, or request for a free sample of the “Fiber Reinforced Plastics Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.Cost Drivers
With the aerospace and automobile industries requiring materials sturdier than glass fibers, the requirement for carbon fibers growing. In certain cases, especially in the aerospace industry, there is a niche uptake of aramid fibers. Both these varieties are costlier than glass fibers and helping the market grow from a value-driven perspective.
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
Browse through Grand View Research’s collection of procurement intelligence studies:
• Web Hosting Services Market– Software development cost that includes the salary of multiple developers, UI/UX designers, etc., are the major cost component in web hosting service development. Many suppliers preferred to outsource the development activity to low-cost destinations like India. Problems related to limited backup facilities, challenges associated with providing scalability, and maintaining uptime are the major constraints in the web hosting services market.
• Packaging Design Services Market – There has been a rising tendency of using recyclable packaging material. Recycled materials are comparatively difficult to work with for packaging design service providers. Therefore, the bill value for recyclable packaging is higher as compared to the traditional packaging material. In addition to this, the advancements in 3D printing and laser cutting are helping package design services providers provide better designs and therefore gain a higher ticket value. These technological advancements, help in increasing revenue per job. However, the initial cost of setup is high and therefore the return on such investments also needs to be high.
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