The glass fiber reinforced plastic (GFRP) composites market is expected to achieve an impressive valuation of USD 18.54 billion in 2023, growing to USD 41.53 billion by 2033. The market is projected to expand at a CAGR of 8.4% during the forecast period.
The rising demand for products with high durability, flexibility, and premium quality is driving the adoption of GFRP composites. Additionally, the expanding electronics, automobile, and construction industries are boosting the demand for these materials. For instance, automobile manufacturers are increasingly developing lightweight devices and equipment to reduce fuel consumption, further propelling the GFRP composites market.
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Increasing preferences for renewable energy and rising environmental concerns boost the market growth. The adoption of GFRP composites pipes in the oil, chemical, and marine industries to transfer the liquid and boost the strength propels market opportunities. Moreover, innovations of low-weighted vehicles, such as electric cars and SUVs, are further advancing the market expansion during the forecast period.
Growing molding technology, advanced products, and piping activities bolster market opportunities. The government initiatives, the rising number of investors, and present key vendors are flourishing the market opportunities. Significantly growing wind energy in China is increasing the adoption of glass fiber reinforced plastic (GFRP) composites.
Key Takeaways:
- The glass fiber reinforced plastic (GFRP) composites market is expected to have a valuation of US$ 41.53 billion by 2033.
- With a CAGR of 8.4%, the global market is increasing from 2022 to 2033.
- The United States glass fiber reinforced plastic (GFRP) composites market is leading the global market, with registering a maximum share through 2033.
- The market secured a CAGR of 8.0% in the historical period between 2017 and 2022.
- The market captured a valuation of US$ 17.81 billion in the historical period.
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Who is winning?
The prominent players are launching their innovative products as per end-users’ requirements. Apart from it, they are investing a huge amount in research and development activities to produce innovative and easy-to-use equipment with the latest technology. The players are setting their goals by adopting better technology, apart from traditional and complicated methods.
The key vendors built several marketing tactics to enhance the market position in the international market. Their marketing strategies are collaborations, mergers, product launches, partnerships, and acquisitions.
Recent Developments in the Glass Fiber Reinforced Plastic (GFRP) Composites Market:
- In March 2020, Saint Gobain invested INR 500Cr to start manufacturing in India. The company motto provides services for window lines, float glass, and others.
- In July 2017, Owens Corning acquired Aslan FRP, a United-based company, to advance its portfolio in making infrastructure, including roads, tunnels, buildings, and marine.
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Key Players Working in the Market are:
- Johns Manville,
- BGF Industries
- Asahi Glass Company Limited
- Advanced Glassfiber Yarns LLC
- Chomarat Group
- Jushi Group Co. Ltd
- Taishan Fiberglass Inc
- Owens Corning, PPG Industries Inc
- Binani 3B-The Fibreglass Company
- Saertex Group
- Chongqing Polycomp International Corp
- Saint-Gobain Vetrotex
- Nitto Boseki Co. Ltd
- Nippon Sheet Glass Co. Ltd
Glass Fiber Reinforced Plastic (GFRP) Composites Market Segmentation by Category
By Resin Type:
- Thermoplastic
- Polyurethane
- Polyester
- Epoxy
- Vinyl Ester
- Others
By End User:
- Transportation
- Renewable Energy
- Electric & Electronics
- Military & Defence
- Telecommunication
- Building & Construction
- Others
By Manufacturing Process:
- Injection Molding
- Filaments
- Compression Molding
- RTM & VARTM
- Layup
- Others
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