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IN THE NEWSJuly 2021- Owen Corning acquired vilepa GmbH to expand its portfolio of lightweight building materials and offer labor-efficient construction solution in European markets
October 2019- Chomarat Group developed a stitched unidirectional (UD) glass fiber reinforcement to enable easier mass production of automotive leaf springs.
Global Glass Fiber Reinforced Plastic (GFRP) Composites Market Highlights Over 2022 - 2031
The global glass fiber reinforced plastic (GFRP) composites market is estimated to garner a sizeable revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for GFRP from various end user industries such as electrical & electronics, wind energy and transportation. Along with these, fiber glass has high tensile strength, lower weight as compared to metals, resulting from which it is predicted to be largely used as a replacement to metals. This is also a crucial factor expected to drive market growth in the forthcoming years. Furthermore, growing demand for GFRP in the Middle East, Asia Pacific and Latin America regions in the oil & gas, chemicals and sewage industries is projected to offer lucrative opportunities to the market in the future. In addition, rapidly growing urbanization in emerging economies is also evaluated to significantly expand the market. In India, the degree of urbanization reached a value of approximately 35 percent in the year 2020, up from about 33 percent in the year 2017.
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The market is segmented by manufacturing processes into compression & injection molding, RTM/VARTM, and layup, out of which, the compression & injection molding segment is anticipated to hold the largest share in the global glass fiber reinforced plastic (GFRP) composites market. This can be accounted to the fast cycle time, low scrap rate and less mold-clamping pressure provided by this process. Apart from these, high usage of the process to produce GRFP composites for transportation and electrical applications is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of resin type, the polyester segment is assessed to occupy the largest share during the forecast period ascribing to the excellent corrosion resistance and superior performance properties of this type of resin.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Glass Fiber Reinforced Plastic (GFRP) Composites Market Regional Synopsis
Regionally, the global glass fiber reinforced plastic (GFRP) composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rise in consumption of GFRP composites in several industries such as wind energy, construction and electronics. In addition, high manufacturing output of China is also expected to offer abundant growth opportunities to the market in the region in the coming years. Moreover, the market in North America is expected to occupy the largest share during the forecast period, which can be credited to the high level of urbanization and growing number of residential construction projects in the region. The public residential construction spending was calculated at a high value of about USD 9 billion in 2020, up from about 6.5 billion in the year 2019.
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The global glass fiber reinforced plastic (GFRP) composites market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global glass fiber reinforced plastic (GFRP) composites market includes the following segments:
By Type
By Resin Type
By Manufacturing Process
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing requirement for GFRP from various end user industries, and growing demand for GFRP from emerging economies.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the rise in consumption of GFRP composites in several industries in the region.
The major players in the market are Jushi Group, Owens Corning, PPG Industries, Inc., AGY Holding Corporation, Compagnie de Saint-Gobain S.A., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, resin type, manufacturing process, and by region.
The polymer segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of GFRP composites is estimated to hamper the market growth.
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