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Glass Fiber Reinforced Plastic (GFRP) Composites Market Analysis by Type (General-Purpose Glass Fibers, and Special-Purpose Glass Fibers); by Resin Type (Epoxy, Polyester, and Vinyl Ester); and by Manufacturing Process (Compression & Injection Molding, RTM/VARTM, and Layup) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

Buy Now Report ID: 3829 | Published Date: Apr 03, 2023

Global Glass Fiber Reinforced Plastic (GFRP) Composites Market Size, Forecast, and Trend Highlights Over 2023 – 2035

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.


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Global Glass Fiber Reinforced Plastic (GFRP) Composites Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

Global Glass Fiber Reinforced Plastic (GFRP) Composites Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Ongoing Urbanization around the world - The population movement from rural to urban regions, the concomitant decline in the number of individuals living in rural areas, and the manner in which societies adjust to this transition are included in urbanization. Urbanization is significantly increasing all over the world and is estimated to increase more over the forecast period. Globally, 55% of people lived in cities in the year 2018, and 68% are expected to do so by the year 2050. The urbanization rate is rising as more individuals are showing the tendency of moving to urban areas. As a result, the demand for houses has been growing, which has increased the usage of glass fiber reinforced plastic (GFRP) composites for different construction activities.
  • Rise in Research Spending – Growth in the global glass fiber reinforced plastic (GFRP) composites market during the forecast period can be further attributed to increased investment in research and development activities to continuously find more viable solutions for construction industry. Research reports show that global R&D spending has more than tripled in real terms since 2000, rising from about USD 680 billion to more than USD 2.5 trillion in the year 2019.
  • Growing Sales of Cars – GFRP composites are being increasingly used in the automotive industry to reduce weight and improve fuel efficiency. With the shift towards electric vehicles and the growing demand for automotive lightweight vehicles, the demand for GFRP composites in the automotive industry is expected 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.
  • Increasing demand from the aerospace industry – GFRP composites are being increasingly used in the automotive industry to reduce weight and improve fuel efficiency. With the shift towards electric vehicles and the growing demand for lightweight vehicles, the demand for GFRP composites in the automotive industry is expected to grow. The global aerospace industry is expected to account for nearly USD 1.5 trillion by the year 2026.
  • Growing sports equipment industry – 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. The sports equipment industry is expected to garner a revenue of nearly USD 90 billion by 2026.

Challenges

  • High Cost of GFRP Composites
  • Dearth of Expert Professional
  • High Cost of Implementation

 


Global Glass Fiber Reinforced Plastic (GFRP) Composites Market Segmentation

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

  • Compression & Injection Molding
  • RTM/VARTM
  • Layup

 

   

    By Resin Type

  • Epoxy
  • Polyester
  • Vinyl Ester

     By Type

  • General-Purpose Glass Fibers
  • Special-Purpose Glass Fibers

 


Global Glass Fiber Reinforced Plastic (GFRP) Composites Market Regional Synopsis

regional-synopsis

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.

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Top Featured Companies Dominating the Global Glass Fiber Reinforced Plastic (GFRP) Composites Market

top-features-companies
    • 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.

In-the-news

In The News

  • 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.

 

 

 


preview-analysis

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

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


Key Questions Answered in the Report

1) What are the major factors driving the growth of the glass fiber reinforced plastic (GFRP) composites market?

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.

2) What would be the CAGR of glass fiber reinforced plastic (GFRP) composites market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the glass fiber reinforced plastic (GFRP) composites market growth?

Ans: The High cost of GFRP composites is the challenge affecting the market growth.

4) Which region will provide more business opportunities for growth of glass fiber reinforced plastic (GFRP) composites market in future?

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.

5) Who are the major players dominating the glass fiber reinforced plastic (GFRP) composites market?

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.

6) How are the company profiles selected?

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.

7) What are the segments in the glass fiber reinforced plastic (GFRP) composites market?

Ans: The market is segmented by type, resin type, manufacturing process, and by region.

8) Which segment captures the largest market size in resin type segment in the glass fiber reinforced plastic (GFRP) composites market?

Ans: The epoxy resin segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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