The global glass fiber reinforced plastic (GFRP) composites market is estimated to garner a revenue of ~USD 15 billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 5 Billion in the year 2022. The market growth is attributed to increasing demand for GRP from various end-use industries such as electrical and electronic equipment, wind energy, and transportation. In addition, since glass fiber has higher tensile strength and is lighter than metal, it is expected to spread as a substitute for metal. It is also a key factor expected to drive the growth of the market in the coming years. Moreover, growing demand for GRP in the Middle East, Asia Pacific and Latin America regions in the oil & gas, chemical and wastewater industries is expected to bring lucrative opportunities to the market in the future. In addition, the rapidly growing urbanization in the emerging markets is also appraised to significantly expand the market. In India, the degree of urbanization reached a value of around 35% in the year 2020 compared to around 33% in the year 2017.
The glass fibers provide high strength and stiffness to the composite, while the polymer matrix holds the fibers in place and transfers load between them. GFRP composites are popular in a wide range of industries due to their unique properties, including high strength-to-weight ratio: GFRP composites have a high strength-to-weight ratio, making them ideal for applications that require strength and stiffness without adding weight. Corrosion resistance: GFRP composites are highly resistant to corrosion and are often used in harsh environments where other materials would corrode or degrade. Design flexibility: GFRP composites can be molded into complex shapes and can be customized to meet specific design requirements. Durability: GFRP composites have a long service life and are resistant to fatigue and impact damage. Electrical and thermal insulation: GFRP composites are excellent electrical and thermal insulators, making them ideal for applications that require these properties.
GFRP composites are used in a variety of applications, including aerospace, automotive, construction, marine, and sports equipment. They are also used in infrastructure applications, such as bridges and water treatment plants.
In addition to this, increasing demand from the construction industry, and expansion of construction industry are also estimated to be major factors to influence market growth over the forecast period. The global construction industry is expected to reach to 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. With growing demand for infrastructure projects and sustainable building solutions, the demand for GFRP composites in construction is expected to increase significantly.
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~6% |
Base Year Market Size (2022) |
~ USD 5 Billion |
Forecast Year Market Size (2035) |
~ USD 15 Billion |
Regional Scope |
|
Growth Drivers
Challenges
The global glass fiber reinforced plastic (GFRP) composites market is segmented and analyzed for demand and supply by manufacturing process into compression & injection molding, RTM/VARTM, and layup. Out of the three types of manufacturing process, the compression & injection molding segment is estimated to gain the largest market share of about ~45% in the year 2035. 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. Apart from that, heavy use of processes for manufacturing GRFP composites for transportation and electrical applications is also expected to boost the growth of the market segment in the future. The segmental growth can also be accredited to the increasing electricity consumption across the world, which is driving the need for compression & injection molding. Global electricity consumption has increased steadily over the past half century and is expected to reach approximately 25,300 terawatt hours by the year 2021. Between 1980 and 2021, electricity consumption has more than tripled and the world population has grown by about 75%.
The global glass fiber reinforced plastic (GFRP) composites market is also segmented and analyzed for demand and supply by resin type into epoxy, polyester, and vinyl ester. Amongst these three segments, the epoxy segment is expected to garner a significant share of around ~30% in the year 2035. 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 is also increasing and is estimated to add to the segmental growth notably. In the year 2021, the industry garnered a revenue of nearly 40 billion around the globe. Apart from that, the large-scale use of the material as a binder for cement and mortar should also drive the growth of the segment over the forecast period. It is estimated to capture the largest share during the forecast period owing to the increasing use of this type of caprolactone in the production of polyglucapron, which is a surgical suture material.
Our in-depth analysis of the global glass fiber reinforced plastic (GFRP) composites market includes the following segments:
By Manufacturing Process |
|
By Resin Type |
|
By Type |
|
The glass fiber reinforced plastic (GFRP) composites market in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the largest market share of about ~35% by the end of 2035. The regional growth can majorly be attributed to the increasing consumption of FRP composites in several industries such as wind energy, construction and electronics. Moreover, China's high manufacturing output is 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. Government policies and stimulus measures have turned China into a lucrative investment hotspot. Therefore, the wind energy industry is expected to thrive in the coming years, which is estimated to add to the growth of the regional market. The tower is a very important part that supports all other parts of the wind turbine. In addition to supporting the turbine, lift it high enough so that the tips of the blades are at a safe height while spinning. In addition, the height of the tower should be maintained so that the strong wind hits it well. The height of the tower ultimately depends on the power capacity of the wind turbine. Turbine towers in commercial wind turbines typically range from 40 to 100 meters. These towers can be either tubular pylons, lattice towers, or concrete towers. Large wind turbines use tubular pylons. These are typically made in sections of 30-40 meters.
The glass fiber reinforced plastic (GFRP) composites market in the North America region, amongst the market in all the other regions, is projected to hold the second largest share of about ~24% during the forecast period. The growth of the market in this region can primarily be attributed to the fact that along with increasing urbanization, housing projects in the area are increasing. Public housing spending increased from about USD 6.5 billion in the year 2019 to about USD 9 billion in the year 2020. Population growth is estimated to drive domestic demand and demand for smart housing. In addition, about 20 million apartments will be built in the area over the next ten years. The US commercial construction sector is expected to grow in the coming years. The University of Illinois at Chicago (UIC) recently announced plans to build a USD 95 million arts center on its campus. The 88,000-square-meter building is primarily used by his UIC School of Drama and Music. All these factors are estimated to increase the demand for glass fiber reinforced plastic (GFRP) composites in the region during the forecast period, propelling the growth of the regional market.
Further, the glass fiber reinforced plastic (GFRP) composites market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for sustainable building solutions, and growing adoption of renewable energy sources in the region. The construction industry is the largest consumer of GFRP composites in Europe, with a focus on sustainable building solutions like energy-efficient buildings, green roofs, and zero-energy buildings. GFRP composites are used in the construction of these sustainable buildings owing to their high strength-to-weight ratio, corrosion resistance, and durability. The wind energy industry is a growing industry for GFRP composites in Europe, driven by increasing investments in renewable energy sources and the adoption of wind energy as a sustainable energy solution. GFRP composites are used in wind turbine blades owing to their high strength, stiffness, and fatigue resistance. Moreover, Governments in Europe region have been promoting the use of sustainable building solutions and renewable energy sources through initiatives like the European Green Deal and regulations like the Energy Performance of Buildings Directive (EPBD). These initiatives and regulations have been driving the demand for GFRP composites in Europe.
Owen Corning acquires vilepa 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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Increasing requirement for GFRP from various end user industries, and growing demand for GFRP from emerging economies are the major factors driving the growth of the glass fiber reinforced plastic (GFRP) composites market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.
Ans: The High cost of GFRP composites is the challenge affecting the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Jushi Group, Owens Corning, PPG Industries, Inc., AGY Holding Corporation, Compagnie de Saint-Gobain S.A, Siemens Healthcare GmbH, and others.
Ans: 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.
Ans: The market is segmented by type, resin type, manufacturing process, and by region.
Ans: The epoxy resin segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)