FRN is nylon with chopped glass fiber mixed in, injection molded into a handle. It is very light, very cheap to produce at volume, unaffected by water, and it appears on a large share of working folders.
Because FRN is injection molded, texture and shape are built into the tool rather than cut afterwards. That makes complex grip patterns essentially free, which is why FRN handles often have better texturing than materials that cost far more.
You may also see it called GRN, glass-reinforced nylon, or by a manufacturer trade name. The material is the same idea.
It is lighter than G10 and less rigid, so FRN handles usually need liners for stiffness. It flexes slightly under a hard grip, which some people dislike and others never notice.
It is genuinely durable for its price: waterproof, chemical resistant, and it neither rusts nor rots. The main knock is that it feels less premium, not that it fails.
The term is not academic here. 62 of the products currently on our shelves describe this feature in their own manufacturer specifications, across 6 of the nine brands we stock. Examples in stock right now include Kershaw Dividend Linerlock A/O, CIVIVI Cloud Peak Fixed Blade Grn, Buck 635 Paklite 2.0 Cape Pro GRN.
Everything below is pulled live from the catalog, so what you see is what is actually in the Woodlawn warehouse today.