Glass fiber is one of the most common reinforced elements, which are utilized, mainly in commercial and industrial applications owing to their excellent mechanical properties such as flexibility, durability, high tensile strength, and superior resistance to elevated operating temperatures. In addition, glass fiber composites are also considered as a replacement for steel and aluminum owing to their light weight property.
With the growth in the construction and automobiles industries, the demand for GFRP composites has witnessed major traction. In addition, the lightweight materials in the automobile application are likely to fuel its market growth. The demand for renewable energy sources such as wind energy has catapulted the demand for GFRP composites which is expected to witness growth owing to consumer preference towards alternative sources of energy. Polyester based GFRF composites have experienced major growth in demand owing to their low cost. In addition, application of polyurethane GFRP is anticipated to increase owing to its high chemical and environmental resistance. In addition, growing demand for thermoplastic resins have increased their scope in marine and piping applications. With growth in the electrical & electronics sector, the market for GFRP composites is likely to create new lucrative market growth opportunities. Fluctuation in raw material pricing is expected to hinder the market growth, but growing use of these composites as an alternative to carbon coupled with innovations in molding technologies are expected to drive the market growth.
North America and Europe have been the major market segments for GFRP composites owing to their demand in the automobiles and construction sectors. Furthermore, rise in urbanization has projected enormous growth in this market with increase in the demand for residential construction applications such as glass fiber bathroom components. In addition, growth of the electrical & electronics sector in these regions is likely to fuel the market growth.
The report on the global glass fiber reinforced plastics market is segmented based on type, process, application, and geography. Based on type, the report includes polyester, vinyl ester, and polyurethane. Based on process, the report includes manual, continuous, compression molding, and injection molding. Based on application, the report is bifurcated into wind energy, transportation, marine, pipe & tanks, aerospace, construction, electrical & electronics, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top market players include Owens Corning, Jushi Group, Taishan Fiberglass Inc, Saint Gobain, Nippon Sheet Glass, Polycomp International Corporation, PPG Industries, Binani 3B-Fibre glass Company, Nitto Boseki Co. Ltd, and Chomarat Group.
Key Benefits for Stakeholders
- This report entails the detailed quantitative analysis of current market and estimations from 2014 to 2022 that assist in identifying the prevailing market opportunities to capitalize on the global GFRP composites market.
- In-depth coverage of the market including drivers, restraints, and opportunities helps professionals to better understand the market behavior.
- Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
- Porters Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
- Pinpoint analysis of geographical segments helps to identify opportunities for growth within the market.
Glass Fiber Reinforced Plastics (GFRP) Composites Market Key Segmentation
- Vinyl esters
- Compression Molding
- Injection Molding
- Wind Energy
- Pipe & tanks
- Electricals & Electronics
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA