The global glass fiber reinforced plastic (GFRP) composites market is anticipated to grow at a positive CAGR of 6.6% from 2022 to 2032. The target market is set to reach a valuation of US$ 60 Bn by the end of 2022. Owing to escalating demand for strong and resilient plastic materials for construction activities the market for glass fiber reinforced plastic (GFRP) composites is expected to grow steadily over the forecast period.
A lightweight and durable fiber, glass reinforced plastic is produced from very fine fibers of glass. In comparison to carbon fibers, glass fibers demonstrate low brittleness and the fibers of glass used for their production are more affordable. Again, compared to metals, glass fiber possesses superior properties, both strength, and weight-wise. In addition, glass fibers can be produced using different molding techniques.
Glass fibers are largely utilized as an essential raw material for creating distinctive types of composite materials. One of the most important applications of glass fibers is the manufacturing of glass fiber reinforced plastic (GFRP) composites, the largest class of composite materials. Around 90% of the reinforcements used in the composites sector are glass fibers.
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GFRP composites are widely used in a variety of industries such as wind energy, construction, automotive, aerospace, piping, and anti-corrosive industrial equipment. This bodes well for the overall market growth. Further, the increasing demand for GFRP composites from the transportation and construction sectors will likely fuel the growth of the glass fiber as well as the glass fiber reinforced plastic (GFRP) composites market in the upcoming decade.
Besides glass fibers, thermoset resin is gaining traction as a raw material used for the production of GFRP composites. Increasingly used in the production of composite materials for marine, piping, and building and construction applications, polyester thermoset resins are registering high demand.
Other than glass fibers and thermoset resins, common materials are used as fillers are used in the production of composite materials for enhancing the physical properties of composite materials.
Thermoplastic resins offer higher impact strength, and better surface finishes to the composite materials while being easily molded and recycled. The use of such inventive raw materials enhances the quality of GFRP composites and also spurs the demand for GFRP composites in different industrial applications during the forecast period.
“Expansive usage in varied industries like wind energy, construction, automotive, aerospace, piping, and anti-corrosive industrial equipment will propel the global growth of the glass fiber reinforced plastic (GFRP) composites market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The use of innovative raw materials enhances GFRP strength and increases the overall demand.
- Asia Pacific and North America dominate the global marketplace, together accounting for 50% of the global market share.
- The advancing defense industry in the United States is driving the target market growth in North America.
- The expanding infrastructure and construction industry in India and China drives the target market growth in the Asia Pacific region.
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Competitive Landscape
Johns Manville, BGF Industries, Asahi Glass Company Limited, Advanced Glassfiber Yarns LLC, Chomarat Group, Jushi Group Co. Ltd., Taishan Fiberglass Inc., Owens Corning, PPG Industries Inc., Binani 3B-The Fibreglass Company, Saertex Group, Chongqing Polycomp International Corp., Saint-Gobain Vetrotex, Nitto Boseki Co. Ltd. and Nippon Sheet Glass Co. Ltd., among others are some of the major players in the glass fiber reinforced plastic (GFRP) composites market profiled in the full version of the report.
Leading market players are focusing on increasing their research and development activities to identify the best raw material for the manufacturing process. These enterprises engage in various organic and inorganic business expansion strategies.
Key Segments
By Type
- Epoxy
- Polyester
- Vinyl Ester
By Application
- Transportation
- Electricals
- Electronics
By Region
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
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More Insights into Glass Fiber Reinforced Plastic (GFRP) Composites Market Report
In its latest report, FMI offers an unbiased analysis of the global glass fiber reinforced plastic (GFRP) composites market, providing historical data from 2014 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, application, and region.
Based on region, the glass fiber reinforced plastic (GFRP) composites market in the Asia Pacific and in North America will demonstrate significant growth during 2022-2032. The target market in these regions together accounts for 50% of the global glass fiber reinforced plastic (GFRP) composites market share.
The expanding infrastructure and construction activities in India and China as well as the advancing defense industry in the U.S. fuels the growth of the glass fiber reinforced plastic (GFRP) composites market in the Asia Pacific and North America during the forecast period.
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