Glass Fiber Reinforced Plastics (GFRP) Composites Market Expected to Reach $37.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Glass Fiber Reinforced Plastics (GFRP) Composites Market," The glass fiber reinforced plastics (gfrp) composites market was valued at $19.8 billion in 2022, and is estimated to reach $37.2 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.

Glass fiber reinforced plastics (GFRP) composites refer to composite materials comprising a matrix of polymer resin reinforced with glass fibers. These composites offer exceptional strength, low weight, and corrosion resistance, making them ideal for various applications such as automotive, construction, and aerospace.

GFRP composites exhibit high tensile strength, durability, and electrical insulation properties. They are known for their versatility, allowing for customized designs and improved performance in comparison to traditional materials. The GFRP composites market is witnessing significant growth due to their ability to enhance structural integrity while minimizing weight, contributing to sustainable and advanced engineering solutions.

The widespread application of glass fiber reinforced plastic (GFRP) composites in the marine and offshore industries is driving the market growth. The use of glass fiber reinforced plastic (GFRP) composites in the marine and offshore industries indicates its remarkable characteristics and applicability in harsh marine environments. These composites are widely appreciated in the marine industry due to their exceptional corrosion resistance and unmatched durability, making them a crucial choice for a wide range of marine applications.

Their capacity to endure seawater corrosion and extreme marine environments plays an essential role in improving the efficiency, longevity, and sustainability of the marine industry. Furthermore, GFRP composites are used in a variety of marine equipment and components. Materials that can withstand the corrosive nature of seawater are needed for the manufacturing of components like propellers, rudders, buoys, and fittings. Because of its exceptional corrosion resistance, GFRP is a perfect material for making these components, providing longevity, and lowering maintenance requirements for maritime equipment.

GFRP composites may have a higher initiating cost than conventional materials like steel or concrete which hampers the growth of the market. The cost of raw materials, production procedures, and specialized fabrication equipment can all contribute to greater upfront costs. The expense of sourcing raw materials is one of the key contributors to the higher initial cost of GFRP composites.

The elements of these composites, like polymer resins and glass fibers, might be more expensive than those used in traditional choices such as steel or concrete. Obtaining high-quality raw materials, particularly specialized resins and sophisticated glass fibers developed for specific purposes, may have a substantial influence on overall costs.

Moreover, the complexities of the manufacturing techniques contribute to the higher initial costs associated with GFRP composites. These composites are made by sophisticated and precise manufacturing procedures that include fiber impregnation, curing, and composite production. Such complex procedures need specialized equipment, trained labor, and tight quality control systems, all of which contribute to higher production costs as compared to more straightforward methods employed in the manufacture of materials such as steel or concrete.

Furthermore, continuous innovation in resin formulations and reinforcement materials offers prospects for enhanced properties and tailored solutions. Manufacturers are exploring new resin matrices and fiber reinforcements to improve the mechanical, thermal, and chemical resistance characteristics of GFRP composites. This evolution in resin formulations enables the creation of GFRP composites with heightened durability, capable of withstanding harsh environmental conditions and extreme temperatures. This opens doors to more specialized applications in industries like defense, renewable energy, and infrastructure, where specific performance requirements are crucial.

For instance, GFRP composites reinforced with specialized resin matrices and high-performance reinforcements have the potential to considerably improve the defense industry. These customized solutions provide lightweight materials with exceptional strength and endurance, which are vital for applications such as military vehicle components, ballistic protection systems, and aerospace structures. In addition, the renewable energy industry can benefit from improvements in GFRP composites for a variety of applications. Innovative resin formulas and reinforcing materials with enhanced qualities enable the production of long-lasting components for wind turbines, solar panel frames, and other renewable energy infrastructure.

The glass fiber reinforced plastics (GFRP) composites market is segmented based on resin type, process, end-use industry, and region. By type, the market is divided into polyester resin, vinyl ester resin, epoxy resin, polyurethane resin, and others. Based on the process, it is categorized into manual process, continuous process, compression molding, and injection molding. Depending on the end-use industry, the market is segregated into aerospace and defense, construction, wind energy, automotive, electrical and electronics, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Based on the resin type, the glass fiber reinforced plastic (GFRP) composites market is classified into polyester resin, vinyl ester resin, epoxy resin, polyurethane resin, and others. Vinyl ester resin is projected to be the fastest-growing segment and epoxy resin has garnered the highest share in the glass fiber reinforced plastic (GFRP) composites market.

Based on the process, the glass fiber reinforced plastic (GFRP) composites market is classified into manual process, continuous process, compression molding, and injection molding. Continuous process is projected to be the fastest-growing segment and compression molding has garnered the highest share in the glass fiber reinforced plastic (GFRP) composites market.

Based on the end-use industry, the glass fiber reinforced plastic (GFRP) composites market is classified into aerospace and defense, construction, wind energy, automotive, electrical and electronics, and others. Aerospace and defense is projected to be the fastest-growing segment and automotive has garnered the highest share in the glass fiber reinforced plastic (GFRP) composites market.

The major players operating in the global glass fiber reinforced plastics (GFRP) composites market are Owens Corning, Johns Manville, Sancom Composites LLP, Asahi Kasei Corporation, PPG Industries, Inc., 3B - the fibreglass company, Nippon Sheet Glass Co., Ltd, Nitto Boseki Co., Ltd., Celanese Corporation, and Mitsubishi Chemical Group Corporation.

Other players include SGL Carbon, alformet, Röchling, Amiblu Holding GmbH, Chomarat Group, Saint Gobain Vetrotex, Honeywell International Inc., BASF SE, Reliance Industries Ltd., Advanced Composites Inc., Braj Binani Group, and BGF Industries Inc.

Key Findings Of The Study:

• Based on the resin type, the vinyl ester resin segment is expected to grow at a CAGR of 7.0%, in terms of revenue, during the forecast period.
• Depending on the process, the continuous process segment is expected to grow at a high CAGR, in terms of revenue, during the forecast period.
• Depending on the end-use industry, the aerospace and defense segment is expected to grow at a CAGR of 7.2%, in terms of revenue, during the forecast period.
• Region-wise, Asia-Pacific garnered a major share in 2022 in terms of revenue.