 Composites Market.webp)
Glass Fiber Reinforced Plastic (GFRP) Composites Market size was valued at USD 5.29 Billion in 2023 and is likely to reach USD 10.88 Billion by 2036, expanding at around 5.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of glass fiber reinforced plastic composites is assessed at USD 5.58 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.7% |
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Base Year Market Size (2023) |
USD 5.29 Billion |
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Forecast Year Market Size (2036) |
USD 10.88 Billion |
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Regional Scope |
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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 2036. 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 2036. 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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APAC Market Forecast
The GFRP composites market in Asia Pacific is projected to be the largest with a share of about 35% by 2036. 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 2036, 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.
 Composites Market size.webp)
Author Credits: Rajrani Baghel
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