Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Glass Fiber Reinforced Plastic (GFRP) Composites Market size was valued at USD 5.6 billion in 2024 and is expected to reach USD 11.65 billion by 2037, expanding at around 5.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of glass fiber reinforced plastic composites is assessed at USD 6.13 billion.
The market is expanding on the basis of the growing demand for GRP from various end-use industries such as electrical and electronic equipment, and transportation, since glass fiber has higher tensile strength and is lighter than metal, and is expected to spread as a substitute for metal.
The global expansion of the construction sector, as well as the increasing demand for GFRP rebar as a substitute for conventional steel rebar, are the major factors influencing market growth over the forecast period. The global construction industry is expected to reach a value of nearly USD 15 trillion by the year 2025.
The construction industry is one of the largest consumers of GFRP composites, particularly for reinforcing concrete structures, and with the growth in the number o infrastructure projects and sustainable building solutions, the demand for GFRP composites in construction is expected to increase significantly.
Glass Fiber Reinforced Plastic (GFRP) Composites Sector: Growth Drivers and Challenges
Growth Drivers
- Expansion of the Automotive Industry – GFRP composites are being widely used in the automotive industry to reduce weight and improve the fuel efficiency of new vehicles. With the shift towards electric vehicle and the growing demand for automotive lightweight vehicles, the demand for GFRP composites in the automotive industry is projected to grow. It is found that globally, more than 55 million cars were sold in 2021, an increase of about 4% compared to the year 2020.
- Growing Sports Equipment Industry – The sports equipment industry is predicted to garner a revenue of nearly USD 90 billion by 2026. GFRP composites are widely used in the sports equipment industry, particularly for the manufacture of golf clubs, tennis rackets, and bicycles. With the growing popularity of these sports and the increasing demand for high-performance equipment, the demand for GFRP composites in sports equipment is expected to grow.
- Increasing Demand from Several End-Use Industries – GFRP composites are used in several industries, including aerospace, automotive, construction, marine, and others. As it is a modern engineering material with a highly versatile nature, its demand in applications, such as constructing bridges and water treatment plants, manufacturing water tanks, windmill blades, aircraft parts, spacecraft parts, automobile parts, cooling tower bodies, washing machine bodies, roofing sheets are expanding exponentially.
Challenges
- Concern About Pollution in Manufacturing – the emerging regulations of EPA regarding GFRP composites manufacturing owing to their contribution to air pollution is predicted to hamper the market growth in the near future.
- Dearth of Expert Professional
- High Cost of Implementation
Glass Fiber Reinforced Plastic (GFRP) Composites Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.8% |
|
Base Year Market Size (2024) |
USD 5.6 billion |
|
Forecast Year Market Size (2037) |
USD 11.65 billion |
|
Regional Scope |
|
Glass Fiber Reinforced Plastic (GFRP) Composites Segmentation
Manufacturing Process (Compression & Injection Molding, RTM/VARTM, Layup)
The compression & injection molding segment is anticipated to hold 45% share of the global GFRP composites market in the year 2037. The growth of the segment can be accredited to the fact that this process results in shorter cycle times, lower scrap rates, and lower clamping pressures.
In addition, the heavy use of these processes for manufacturing GRFP composites for transportation and electrical applications is also expected to boost the growth of the market segment in the future.
Resin Type (Epoxy, Polyester, Vinyl Ester)
The epoxy segment in the GFRP composites market is foreseen to witness a substantial growth of around 30% in the year 2037. The growth of the segment can be accredited to the fact that epoxy resins, which are water-based resins are increasingly being used to create complex composite structures in the aerospace and leisure industries. The global revenue of the water-based resins industry reached nearly 40 billion.
Apart from that, the large-scale use of the material as a binder for cement and mortar and the increasing use of this type of caprolactone in the production of polyglucapron, which is a surgical suture material is further forecasted to augment the segment.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Resin Type |
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Manufacturing Process |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Glass Fiber Reinforced Plastic (GFRP) Composites Industry - Regional Synopsis
APAC Market Forecast
The GFRP composites market in Asia Pacific industry is likely to hold largest revenue share of 35% by 2037. The regional growth can majorly be accredited to the increasing consumption of FRP composites in several industries such as wind energy, construction, and electronics.
Moreover, China's high manufacturing output and industrialization are expected to provide ample growth opportunities for the region's market in the coming years. China dominates the wind power industry and remains the largest land industry with 21.2 GW of new capacity.
North American Market Statistics
The North America GFRP composites market is estimated to be the second largest, registering a share of about 24% by the end of 2037, owing to the increasing urbanization in the region together with the rise in housing projects. For instance, about 20 million apartments will be built in the area over the next ten years.
The growth of the US commercial construction sector and the augmenting demand for fiberglass in the construction sector owing to its excellent thermal insulation properties, durability, and fire resistance is projected to increase the demand for glass fiber reinforced plastic (GFRP) composites in the region, propelling the growth of the regional market in the near future.
Companies Dominating the Glass Fiber Reinforced Plastic (GFRP) Composites Landscape
- Jushi Group
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Owens Corning
- PPG Industries, Inc.
- AGY Holding Corporation
- Compagnie de Saint-Gobain S.A.
- Asahi Fiber Glass Co., Ltd.
- Nippon Sheet Glass Co., Ltd.
- Polycomp International Corporation
- Chomarat Group
- Nitto Boseki Co. Ltd.
Recent Developments
- Owen Corning acquires Vliepa GmbH to expand its portfolio of lightweight materials and bring labor-efficient building solutions to the European market.
- The Chomarat Group has developed a sewn unidirectional (UD) fiberglass reinforcement to facilitate mass production of leaf he springs for the automotive industry.
Author Credits:
- Report ID: 3829
- Published Date: Dec 23, 2024
- Report Format: PDF, PPT
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GFRP Composites Market Report Scope
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