The glass fiber reinforced plastic (GFRP) market share is expected to increase by USD 7.68 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.35%.

This glass fiber reinforced plastic market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers glass fiber reinforced plastic market segmentation by application (construction, transportation, electrical and electronics, sports and leisure goods, and others) and geography (APAC, Europe, North America, South America, and MEA). The glass fiber reinforced plastic market report also offers information on several market vendors, including AGY Holding Corp., China Jushi Co. Ltd., Compagnie de Saint-Gobain SA, Nippon Electric Glass Co. Ltd., Owens Corning, PPG Industries Inc., Sinoma Science & Technology Co. Ltd., Taiwan Glass Ind. Corp., Yoshino Gypsum Co. Ltd., and Yunnan Phosphate Haikou Co. Ltd. among others.

What will the Glass Fiber Reinforced Plastic Market Size be During the Forecast Period?

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"APAC is witnessing growth in the adoption of connected technologies in automobiles. In April 2019, The China Post and Deppon Express started operating autonomous trucks for commercial deliveries in China. In 2019, UD Trucks Corp. (UD Trucks), a Japan-based unit of AB Volvo, conducted its first autonomous truck test on public roads in Japan. In addition, some governments provide financial support for developing various types of infrastructure."

Glass Fiber Reinforced Plastic Market: Key Drivers and Challenges

The increased use of GFRP in the construction industry is notably driving the GFRP market growth, although factors such as the availability of substitutes may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the glass fiber reinforced plastic industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Glass Fiber Reinforced Plastic Market Driver

The large-scale urbanization around the globe has driven the demand for urban residential developments. Manufacturers in the construction industry in developed countries, such as the US, the UK, Spain, and Germany, are working to enhance the quality of the existing residential units, while in developing economies, such as Asian and African nations, manufacturers are focusing on the development of new affordable housing units. The rise in investments in residential real estate leads to an increase in the demand for GFRP. Also, with increasing disposable income and rising awareness about the benefits of GFRP pipes in the construction industry the GFRP market is estimated to grow during the forecast period. 

Key Glass Fiber Reinforced Plastic Market Challenge

The availability of substitutes such as carbon fiber, basalt fiber, and natural fiber poses challenges to the global GFRP market. These substitutes are used in end-user applications such as buildings and construction, automotive, wind turbines, consumer goods, and industries. The rising demand for carbon, basalt, and natural fibers poses challenges to the global GFRP market. However, with the high cost of carbon fiber as compared to glass fiber, the cost-sensitive consumers would select GFRP over CFRP which slightly decreases the threat of substitutes to the market in focus.

This glass fiber reinforced plastic market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Market Overview

The parent global chemicals market covers companies engaged in the manufacturing of various types of products under organic and inorganic chemicals. The global specialty chemicals market covers products and companies engaged in high value-added chemicals used in the manufacture of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. 

Who are the Major Glass Fiber Reinforced Plastic Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• AGY Holding Corp.
• China Jushi Co. Ltd.
• Compagnie de Saint-Gobain SA
• Nippon Electric Glass Co. Ltd.
• Owens Corning
• PPG Industries Inc.
• Sinoma Science & Technology Co. Ltd.
• Taiwan Glass Ind. Corp.
• Yoshino Gypsum Co. Ltd.
• Yunnan Phosphate Haikou Co. Ltd.

This statistical study of the glass fiber reinforced plastic market encompasses successful business strategies deployed by the key vendors. The GFRP market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The glass fiber reinforced plastic market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Glass Fiber Reinforced Plastic Market?

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43% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for glass fiber reinforced plastic in APAC. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.

The increasing demand for GFRP in construction, transportation, and electronics and electrical industries will facilitate the glass fiber reinforced plastic market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Glass Fiber Reinforced Plastic Market?

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The glass fiber reinforced plastic market share growth by the construction segment will be significant during the forecast period. GFRP is widely used in construction and associated applications such as mesh fabrics, drywall tapes, wall covering, and roof panels. GFRP has various advantages, which makes it suitable for construction. GFRP is waterproof and is suitable for exterior covering, as it protects the building structure from water and improves building strength. In addition, GFRP provides an aesthetic look to the building and improves wall strength.

This report provides an accurate prediction of the contribution of all the segments to the growth of the GFRP market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Glass Fiber Reinforced Plastic Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive glass fiber reinforced plastic market growth during the next five years
• Precise estimation of the glass fiber reinforced plastic market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the GFRP industry across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of GFRP market vendors

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