Glass Fiber Reinforced Plastic (GFRP) Composites Market Size & Share, by Type (General-Purpose, Special-Purpose); Resin Type (Epoxy, Polyester, Vinyl Ester); Manufacturing Process (Compression & Injection Molding, RTM/VARTM, Layup) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3829
  • Published Date: Apr 03, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Glass Fiber Reinforced Plastic (GFRP) Composites Market size is poised to surpass USD 15 billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of glass fiber reinforced plastic composites was over USD 5 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 Market
Get more information on this report: Request Free Sample PDF

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

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 the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

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 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.

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 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 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:

           Type

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

           Resin Type

  • Epoxy
  • Polyester
  • Vinyl Ester

           Manufacturing Process

  • Compression & Injection Molding
  • RTM/VARTM
  • Layup

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Glass Fiber Reinforced Plastic (GFRP) Composites Industry - Regional Synopsis

APAC Market Forecast

The GFRP composites market in Asia Pacific is projected to be the largest with a share of about 35% by 2035. 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 2035, 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.

Research Nester
Glass Fiber Reinforced Plastic (GFRP) Composites Market Size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Glass Fiber Reinforced Plastic (GFRP) Composites Landscape

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 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:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 3829
  • Published Date: Apr 03, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing production of GFRP owing to augmenting glass fiber-reinforced plastic uses is the major factor driving the growth of the market.

The market size of glass fiber reinforced plastic composites is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2035.

The major players in the market are Jushi Group, Owens Corning, PPG Industries, Inc., AGY Holding Corporation, Compagnie de Saint-Gobain S.A, and Siemens Healthcare GmbH.

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

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
GFRP Composites Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying