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The glass fiber reinforced plastic (gfrp) market size is valued to increase by USD 5.79 billion, at a CAGR of 3.3% from 2023 to 2028. Increased use of glass fiber reinforced plastic (GFRP) in construction industry will drive the glass fiber reinforced plastic (gfrp) market.
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In the realm of fiber reinforced polymer (FRP) technology, Glass Fiber Reinforced Plastics (GFRP) have emerged as a preferred choice for various industries due to their exceptional mechanical properties and durability. GFRP resin systems offer a superior corrosion protection solution, with an estimated 50% reduction in maintenance costs compared to traditional materials in harsh environments. Structural design with GFRP delivers a 30% weight reduction, leading to significant fuel savings in transportation applications. Pultrusion die design plays a crucial role in optimizing the production process, ensuring consistent fiber alignment and uniform distribution of resin. Durability assessment methods, such as flexural strength testing and impact resistance testing, are essential for evaluating GFRP's structural performance. Non-destructive testing (NDT) techniques are employed to ensure adhesive bonding and quality control. Reinforcement fiber types, lamination techniques, joining methods, and various testing methods contribute to the versatility and applicability of GFRP in diverse industries. GFRP's composite material properties, including thermal expansion coefficient, UV degradation resistance, and chemical resistance, make it an ideal alternative for infrastructure and construction projects. The recycling of GFRP composites is an ongoing area of research, with potential for significant waste reduction and cost savings. Creep behavior analysis and surface finishing techniques are essential for optimizing the material's long-term performance. Design optimization software and molding process optimization further enhance the efficiency and productivity of GFRP manufacturing.
The construction industry's growing reliance on glass fiber reinforced plastic (GFRP) is the primary market driver. This material's strength, durability, and resistance to corrosion make it an increasingly popular choice for various construction applications.
The development of bio-based transparent plastics is an emerging market trend. This eco-friendly innovation is gaining significant attention in the plastics industry.
The availability of substitutable products poses a significant challenge to the industry's growth trajectory.
The glass fiber reinforced plastic (gfrp) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The construction segment is estimated to witness significant growth during the forecast period.
Glass fiber reinforced plastic (GFRP) continues to gain popularity in various industries, particularly in construction, due to its superior mechanical properties and durability. GFRP's flexural strength is up to 20% higher than that of steel, making it an attractive alternative for structural applications. GFRP resin systems offer excellent corrosion protection, making them ideal for harsh environments. Pultrusion die design and structural design in GFRP are crucial for optimal performance, ensuring durability through rigorous durability assessment methods, such as non-destructive testing (NDT) and impact resistance testing. Reinforcement fiber types and lamination techniques in GFRP contribute to its diverse range of mechanical properties, including compression strength, shear strength, and torsional strength.
Design optimization software is utilized to enhance the composite material's properties further. GFRP's thermal expansion coefficient is lower than that of steel, reducing thermal stress and improving energy efficiency. UV degradation resistance and chemical resistance are essential factors in the selection of GFRP for exterior applications. Adhesive bonding and creep behavior analysis are essential joining methods for GFRP components. Surface finishing techniques ensure a professional appearance and protect against environmental factors. The recycling of GFRP composites is a growing area of research to minimize waste and promote sustainability.
The Construction segment was valued at USD 10.64 billion in 2018 and showed a gradual increase during the forecast period.
Europe is estimated to contribute 33% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Asia Pacific (APAC) region is experiencing significant growth due to its increasing utilization in key industries such as construction, transportation, and electronics and electrical. The construction sector's expansion in APAC, fueled by rising per capita income, has led to a surge in demand for GFRP. Countries like China, India, and Japan, with thriving construction industries, are the primary revenue generators. In addition, the adoption of connected technologies in automobiles is on the rise in APAC, driving the demand for lightweight and durable GFRP in the transportation sector.
For instance, the use of GFRP in automotive applications results in a 20-30% reduction in vehicle weight, leading to improved fuel efficiency and reduced emissions. The market's growth is further propelled by the regulatory push towards sustainable and eco-friendly materials.
Customer Landscape of Glass Fiber Reinforced Plastic (GFRP) Industry
Companies are implementing various strategies, such as strategic alliances, glass fiber reinforced plastic (gfrp) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Owens Corning - Glass fiber reinforced plastic (GFRP), specifically E-Glass and S-2 Glass, is a high-performance material used extensively in various industries due to its strength, durability, and resistance to corrosion. As a research analyst, I observe the growing demand for this material in infrastructure, automotive, and construction sectors, driven by its superior properties over traditional materials. GFRP's lightweight, yet robust nature, enables cost savings, improved performance, and extended product lifespan.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Glass Fiber Reinforced Plastic (GFRP) Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
146 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.3% |
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Market growth 2024-2028 |
USD 5.79 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.2 |
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Key countries |
US, China, UK, Germany, India, Japan, Canada, UAE, Brazil, South Korea, France, Netherlands, Australia, South Africa, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
"Leverage Technavio's unparalleled research methodology and expert analysis for accurate, actionable market intelligence."
The market continues to gain traction in various industries due to its superior mechanical properties and versatile applications. Optimizing the GFRP pultrusion process is crucial for cost-effective manufacturing and ensuring consistent product quality. Mechanical properties of GFRP components are tested against rigorous industry standards to ensure reliability and durability, with long-term infrastructure applications demanding exceptional long-term durability. Advanced finite element modeling enables accurate prediction of fatigue life in GFRP structures, ensuring compliance with safety regulations and enhancing operational planning. Chemical resistance of GFRP in various environments is a significant selling point, making it a preferred choice for harsh industrial conditions. UV degradation mitigation techniques are essential for maintaining the structural integrity of GFRP structures in outdoor applications. Design guidelines for GFRP composite structures provide a solid foundation for high-performance applications, ensuring structural efficiency and reducing material waste. Recycling methods for GFRP waste streams are under active research, contributing to the sustainability of this advanced composite material. Life cycle assessment studies provide valuable insights into the environmental impact of GFRP products, enabling businesses to make informed decisions regarding material selection. GFRP's thermal stress analysis capabilities offer significant advantages in temperature management, outperforming traditional materials in many applications by up to 50%. Water absorption effects on GFRP performance are minimized through innovative manufacturing techniques, ensuring consistent product quality. Fire performance and vibration damping properties make GFRP building materials an attractive alternative to conventional materials. Non-destructive testing techniques for GFRP components are essential for ensuring product integrity and reducing maintenance costs. Ongoing research in advanced composite materials further expands the potential applications of GFRP, offering businesses a competitive edge in various industries. Acoustic properties and electrical insulation capabilities of GFRP panels provide additional value-added benefits, making it a cost-effective and high-performance solution for various applications.
What is the expected growth of the Glass Fiber Reinforced Plastic (GFRP) Market between 2024 and 2028?
USD 5.79 billion, at a CAGR of 3.3%
What segmentation does the market report cover?
The report is segmented by Application (Construction, Transportation, Electrical and electronics, Sports and leisure goods, and Others), Geography (APAC, Europe, North America, South America, and Middle East and Africa), Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding, and Filament Winding), Resin Type (Polyester, Vinyl Ester, and Epoxy), and End-User (Automotive, Aerospace, Marine, and Infrastructure)
Which regions are analyzed in the report?
APAC, Europe, North America, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Increased use of glass fiber reinforced plastic (GFRP) in construction industry, Availability of substitutes
Who are the major players in the Glass Fiber Reinforced Plastic (GFRP) Market?
Owens Corning, PPG Industries, China Jushi, Nippon Electric Glass, Saint-Gobain, AGY Holding, BGF Industries, Celanese Corporation, Compagnie Chomarat, Evonik Industries, Johns Manville, Nitto Boseki, SAERTEX GmbH, Sichuan Weibo, Sinoma Science, Taiwan Glass, Advanced Composites, Lanxess, Asahi Fiber Glass, and Hexcel Corporation
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Manufacturing Process
8 Market Segmentation by Resin Type
9 Market Segmentation by End-User
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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