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The glass fiber reinforced plastic (GFRP) market size is forecast to increase by USD 5.79 billion at a CAGR of 3.3% between 2023 and 2028. The glass fiber reinforced plastic (GFRP) market is witnessing significant growth due to the increased use of GFRP in the construction industry. Its superior properties, such as high strength-to-weight ratio, corrosion resistance, and durability, make it an ideal choice for infrastructure development and building applications. Another trend driving the market is the development of bio-based transparent plastics, which offers sustainability and eco-friendliness to GFRP products. However, the availability of substitutes, such as carbon fiber reinforced polymers and metals, poses a challenge to the market growth. Despite this, the versatility and cost-effectiveness of GFRP are expected to maintain its demand across various end-use industries.
Glass Reinforced Plastic (GRP), also known as fiberglass, is a composite material made of a polymer matrix reinforced with glass fibers. The market for GRP is diverse, with applications spanning various industries such as wind energy, electrical and electronics, transportation, pipes and tanks, construction and infrastructure, marine, aerospace and defense, automobile sector, renewable energy, automation sector, and lightweight vehicles. The resin types used in GRP production include polyester, vinyl ester, epoxy, polyurethane, and thermoplastic. Each resin type offers unique properties, making them suitable for specific applications. For instance, polyester resins are commonly used in the marine industry due to their cost-effectiveness and ease of use. GRP's lightweight property makes it an ideal choice for the transportation sector, reducing transportation costs and manual handling injuries in vehicle manufacturing. In the automobile sector, GRP is used in the production of lightweight vehicles, contributing to fuel efficiency and reduced emissions. The recycling process of GRP is gaining importance due to environmental concerns. GRP is used in rotor blade technology for wind energy applications, and in piping activities for transporting hazardous chemicals. The market for GRP in the construction and infrastructure sector is driven by its durability and resistance to corrosion. The aerospace and defense industry uses GRP in the manufacturing of lightweight components for aircraft and defense vehicles. In the marine industry, GRP is used extensively in boat building and ship repair. The automation sector uses GRP in the production of machinery and equipment. In summary, the Glass Reinforced Plastic market is vast and diverse, with applications ranging from wind energy to automobile manufacturing, and from construction to aerospace. The unique properties of GRP make it a preferred choice for various industries, driving its demand and growth.
The market 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), a lightweight material, is gaining significant traction across various industries, including Wind Energy, Electrical and Electronics, Transportation, Pipes and Tanks, Construction and Infrastructure, Marine, and Renewable Energy. The primary resin types used in GFRP production are Polyester, Vinyl Ester, Epoxy, Polyurethane, and Thermoplastic. GFRP's versatility is evident in its extensive applications. In the Wind Energy sector, it is used in Rotor Blade Technology for manufacturing lightweight and corrosion-resistant blades, enhancing fuel efficiency and reducing transportation costs.
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The construction segment was valued at USD 10.64 billion in 2018. In the Transportation sector, GFRP is used in manufacturing lightweight vehicles, including electric cars and advanced SUVs, reducing vehicle manufacturing costs and minimizing manual handling injuries. In Construction and Infrastructure, GFRP is used in Layup, Filament Winding, Pultrusion, and Rebar, providing an aesthetic look, improving wall strength, and offering excellent corrosion-resistance. GFRP panels, rolls, and sheets are used in Construction Activities, providing insulation and reducing energy costs. In the Electrical and Electronics industry, GFRP is used in Piping Activities, offering resistance to hazardous chemicals and reducing weight. In the Marine industry, GFRP is used in boat manufacturing, providing strength, durability, and resistance to water and UV rays. GFRP's recycling process is an added advantage, making it an eco-friendly alternative to traditional materials. The Compression Molding Process is used to manufacture lightweight devices, including electrical components and automotive parts. GFRP's use in various industries is set to grow, with its lightweight properties, excellent strength, and versatility making it a preferred choice for numerous applications.
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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.
Glass Fiber Reinforced Plastic (GFRP), a lightweight material, is gaining significant traction across various industries due to its superior properties. The resin types used in GFRP production include Polyester, Vinyl Ester, Epoxy, Polyurethane, and Thermoplastic. These resins offer distinct advantages such as corrosion-resistance, high strength-to-weight ratio, and excellent electrical insulation properties. GFRP finds extensive applications in the Wind Energy sector for manufacturing rotor blades, due to its lightweight nature and high fuel efficiency. In the Electrical and Electronics industry, GFRP is used for manufacturing lightweight devices, panels, rolls, and sheets for insulation purposes. The Transportation sector leverages GFRP for manufacturing lightweight vehicles, including electric cars and advanced SUVs, to reduce transportation costs and minimize manual handling injuries. In the Construction and Infrastructure sector, GFRP is used for piping activities, rebar, and compression molding processes to enhance durability and reduce maintenance costs. The Marine industry uses GFRP for manufacturing lightweight and corrosion-resistant boats and ships. The Recycling Process is also adopting GFRP for handling hazardous chemicals due to its excellent chemical resistance. GFRP's versatility extends to the Manufacturing sector, where it is used in molding technologies for producing lightweight devices, and in the Renewable Energy sector for producing lightweight and durable components in wind turbines and solar panels. Overall, the future of GFRP looks promising, with its applications spanning across various industries and its potential to address the challenges of fuel efficiency, weight reduction, and corrosion resistance.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increased use of glass fiber reinforced plastic (GFRP) in construction industry is notably driving market growth. The Glass Fiber Reinforced Plastic (GFRP) market is experiencing significant growth, particularly in the Building and Construction sector. One of the primary drivers of this growth is the increasing demand for affordable housing in residential real estate constructions. Demographics play a crucial role in this trend, as countries with a large youth population and rapid urbanization, such as Malaysia, require numerous housing units. Moreover, the focus on fuel efficiency and emissions reduction in buildings is leading to the adoption of lightweight and durable materials like GFRP.
In architectural coatings, GFRP is increasingly being used due to its excellent resistance to weathering and corrosion. In the industrial sector, GFRP is gaining popularity as a reinforcing material in thermosets and composite pipes. Chemical plants and wind energy capacity expansion are significant contributors to this demand. The use of bio feedstocks in the production of GFRP is also expected to boost market growth. Overall, the versatility, durability, and cost-effectiveness of GFRP make it an attractive option for various applications in Building and Construction, Chemical Plants, and Wind Energy. Thus, such factors are driving the growth of the market during the forecast period.
The development of bio-based transparent plastics is the key trend in the market. The Glass Fiber Reinforced Plastic (GFRP) market is experiencing significant growth, particularly in sectors such as building and construction, chemical plants, and wind energy capacity. GFRP's use as a reinforcing material in thermosets offers advantages like fuel efficiency and reduced emissions. In the building and construction industry, GFRP is increasingly being used in residential constructions and affordable housing due to its lightweight and durable properties. In the chemical industry, GFRP composite pipes are preferred for their resistance to corrosion and high strength. Bio-based feedstocks are gaining popularity in the production of GFRP, as they offer a sustainable alternative to traditional fossil fuel-based sources.
Further, the use of bio-based resins in architectural coatings is also on the rise, as they provide excellent weather resistance and durability. However, the production of transparent, biodegradable plastics from bio-based sources is still in the development stage. While the potential for bioplastics in GFRP is significant, the high costs and poor physical properties of current bioplastics limit their use. New developments in bio-based plastics, such as those derived from algae, are expected to bring new opportunities to the market and drive growth during the forecast period. Thus, such trends will shape the growth of the market during the forecast period.
The availability of substitutes is the major challenge that affects the growth of the market. The global Glass Fiber Reinforced Plastic (GFRP) market experiences growth due to its extensive usage in various industries, including building and construction, chemical plants, wind energy capacity, and architectural coatings. In residential constructions and affordable housing, GFRP is preferred for its fuel efficiency and low emissions, making it an eco-friendly alternative. In the building and construction sector, GFRP is used as a reinforcing material for thermosets and composite pipes, providing durability and lightweight properties.
However, the market faces competition from substitutes like carbon fiber, basalt fiber, and natural fiber. Carbon fiber, known for its high tensile strength, stiffness, and lightweight properties, is used in industries such as automotive, aerospace, and wind energy. Basalt fiber and natural fiber are also gaining popularity due to their eco-friendliness and cost-effectiveness. Despite the competition, GFRP continues to be a preferred choice due to its versatility and superior properties. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AGY Holding Corp. - The company glass fiber reinforced plastic (GFRP) such as E-Glass and S-2 Glass.
The market research and growth report also 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 market 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.
Glass Fiber Reinforced Plastics (GFRP) are lightweight, corrosion-resistant materials widely used in various industries due to their superior properties. The market for GFRP is driven by its applications in wind energy, electrical and electronics, transportation, pipes and tanks, construction and infrastructure, marine, and other sectors. The resin types used in GFRP production include polyester, vinyl ester, Adhesive Tapes, epoxy, polyurethane, and thermoplastic. Layup, filament winding, pultrusion, and compression molding are common manufacturing processes. GFRP finds extensive use in wind energy for rotor blade technology and piping activities, providing fuel efficiency and reducing transportation costs. In the transportation sector, it is used in the production of lightweight vehicles, including electric cars and advanced SUVs, reducing manual handling injuries and vehicle manufacturing costs. In construction and infrastructure, GFRP is used as rebar, sheets, panels, rolls, and in the recycling process, providing lightweight and durable solutions for hazardous chemicals storage. In the marine industry, GFRP is used for boat hulls and other components due to its corrosion-resistance. The market for GFRP is expected to grow significantly due to its increasing use in renewable energy, lightweight devices, and transportation sectors, providing cost savings, improved fuel efficiency, and reduced environmental impact.
Market Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.3% |
Market growth 2024-2028 |
USD 5.79 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.2 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
Europe at 33% |
Key countries |
US, China, Canada, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AGY Holding Corp., BGF Industries, Celanese Corp., China Beihai Fiberglass Co. Ltd., China Jushi Co. Ltd., Compagnie Chomarat, Compagnie de Saint-Gobain S.A., Evonik Industries AG, Johns Manville Corp, Nippon Electric Glass Co. Ltd., Nitto Boseki Co. Ltd., Owens Corning, PPG Industries Inc., SAERTEX GmbH and Co.KG, Sichuan Weibo New Material Group Co. Ltd., Sinoma Science and Technology Co. Ltd., Taiwan Glass Ind. Corp., Yoshino Gypsum Co. Ltd., and Yunnan Phosphate Haikou Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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