Persistence Market Research estimates the global Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market to reach a value of US$ 17.1 Bn in 2023. Sales of GFRP composite materials are expected to increase at a CAGR of 8.4% to reach a market size of US$ 38.38 Bn by the end of 2032.
Glass fibre reinforced plastic (GFRP) Market commonly known as fiberglass is a synthetic amalgamated material made up of plastic and extremely fine fibres of glass. It is the largest segment in the composite industry. GFRP composite material is a relatively low-cost composite material as compared to carbon and other metal fibre composites. From last few decade, this synthetic composite material is in demand for its high strength, light weight, corrosion resistance quality. GFRP products are in high demand in the industries such as wind energy, aerospace, and defence, construction, automotive, etc. for its light weight and corrosion resistant property.
The market for glass fiber-reinforced polymers (GFRP) would expand at a rate of 6.55% from 2023 to 2028, according to the forecast. The market for glass fiber-reinforced plastics (GFRP) is expanding as a result of an increase in construction activity in developing nations.
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Developing countries like China and India are developing their infrastructure; this leads in growth of construction industries which anticipated to drive demand for GFRP composite materials. Market space of GFRP composite material is very competitive, vendors with better access to technical and financial resources are focusing on developing innovative products to render their competitor products before their launch. Most of the key players in this market space have their inbuilt research and development departments.
Due to their durability and light weight, glass fiber-reinforced polymers (GFRP) are made by fibre glass and are frequently utilised in commercial and industrial applications. In comparison to metals, they often have high tensile strength and flexibility. These materials are widely used in a variety of industries, including aerospace, building, automotive, marine, and electrical. They are also employed in the production of several kinds of composite materials.
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Key Companies-
Some of the market players accounting for global (GFRP) composite material market includes
- Delkom Group
- Advanced Glassfiber Yarns (Agy) Llc
- Nitto Boseki Co. Ltd.
- Saint-Gobain Vetrotex
- Jushi Group Co. Ltd.
- Taiwan Glass Ind Corp.
- Binani 3b-The Fibreglass Company
- Ppg Industries Inc.
- Gradeall International Limited
- Changzhou Pengyu Frp Pressure Vessel Co. Ltd.
An increase in demand for lightweight fiberglass composite in the automotive industry, rise in demand for diverse blade sizes in wind energy industry and infrastructure development in the construction industry are the leading factors behind GFRP market growth worldwide. GFRP composite material can be customized easily as it is versatile and profitable during its manufacturing. This property holds significant growth opportunity in the construction industry.
Based on the geographies, Glass fiber reinforced plastic (GFRP) composite material market is segmented into seven regions — North America GFRP composite material market, Latin America GFRP composite material market, Eastern Europe GFRP composite material market, Western Europe GFRP composite material market, APEJ GFRP composite material market, Japan GFRP composite material market and the Middle East & Africa GFRP composite material market.
Qualities like durability, thermal efficiency, and strength of fiberglass are attracting its end users. To meet increasing demand of GFRP composite market, GFRP composite material manufacturer has to face challenges such as availability of raw material, rising price, competition from carbon fibre and changing regulations.
Table of Content of this Report:
- Glass Fiber Reinforced Plastic Composite Material Market Overview and Analysis [ Market Size | Market Y-o-Y Growth | Market Dynamics]
- Glass Fiber Reinforced Plastic Composite Material Market Overview and Analysis [ Supply Chain | Cost Structure | Pricing Analysis | Raw Material Sourcing Strategy and Analysis | List of Distributors]
- Global Glass Fiber Reinforced Plastic Composite Material Market Analysis and Forecast By Product Type
- Global Glass Fiber Reinforced Plastic Composite Material Market Analysis and Forecast By Application Type
- Global Glass Fiber Reinforced Plastic Composite Material Market Analysis and Forecast By Region [ Europe | North America | APAC | Middle East and Africa]
- Global Glass Fiber Reinforced Plastic Composite Material Market Company Share, Competition Landscape and Company Profiles
- Research Methodology
- Secondary and Primary Sources
- Assumptions and Acronyms
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Among the regions mentioned above, countries such as India, China, Thailand, and Vietnam are the developing countries focusing on their infrastructure development that includes new construction, renovation, and repair of the commercial, residential and institutional region. Therefore, Asia Pacific (excluding Japan) along is leading GFRP composite material market space. Followed by North America in transportation sector use. Eastern and Western Europe are more active in research and development activities for developing high quality performing GFRP composite material products. Country wise China emerged as the largest producer, supplier and product consumer for GFRP products, followed by other developing countries like India and Brazil.
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The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on ‘green alternatives’, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing – ‘The Way Forward’.
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