HOME Top Market Reports GFRP Composites Market by Resin Type (Polyester, Vinyl Ester, Polyurethane), Process (Manual Process, Compression Molding, Continuous Process, Injection Molding), Application (Wind Energy, Transportation, Marine, Pipe & Tanks) - Global Forecast to 2026

GFRP Composites Market by Resin Type (Polyester, Vinyl Ester, Polyurethane), Process (Manual Process, Compression Molding, Continuous Process, Injection Molding), Application (Wind Energy, Transportation, Marine, Pipe & Tanks) - Global Forecast to 2026

By: marketsandmarkets.com
Publishing Date: November 2016
Report Code: CH 2321

 

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The global Glass Fiber Reinforced Plastics (GFRP) composites market is estimated to grow from USD 44.10 Billion in 2016 to USD 83.63 Billion by 2026, at a CAGR of 6.61% from 2016 to 2026. Increase in the use of GFRP composites in electrical & electronics and wind energy applications are driving the global GFRP composites market.

The base year considered for the study is 2015, and the market size is projected between 2016 and 2021; 2016 and 2026.

Objectives of the Study:

The report analyzes the global GFRP composites market, in terms of volume (Kilotons) and value (USD million).The report also estimates the market size and growth potential of the GFRP composites across different segments such as resin type, manufacturing process, application, and region. It forecasts the market size in terms of regions, namely, Asia-Pacific, North America, Europe, and the Middle East & Africa, and Latin America. The study also covers market opportunities and the competitive landscape for stakeholders and market leaders.

The research methodology used to estimate and forecast the GFRP composites begins with the gathering of data of the key company revenues and raw material costs through secondary sources such as Factiva, Hoovers, Manta, and others. The product offerings are also taken into consideration to determine the market segmentation. The bottom-up approach has been used to arrive at the overall market size of GFRP composites from the revenues of the key players. After arriving at the total market size, the overall market has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with CEOs, VPs, directors, and executives. Data triangulation and market breakdown procedures have been used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary interviewees is shown in the figure below:

Glass Fiber Market

To know about the assumptions considered for the study, download the pdf brochure

The GFRP composites value chain includes manufacturers of resins, fibers, and adhesives. Resin manufacturers include, Huntsman Corporation (U.S.), Gurit Holding AG (Switzerland), Scott Bader Ltd. (U.K.). The key manufacturers of GFRP composites are, Owens Corning (U.S.), Jushi Group Co. Ltd. (China), CHONGQING POLYCOMP INTERNATIONAL CORP. (China), PPG Industries Inc. (U.S.), Johns Manville (U.S.), Taishan Fiberglass Inc. (China), and others. The applications of GFRP composites include transportation, aerospace & defense, electrical & electronics, construction, and wind energy.

Target Audience

  • GFRP composite manufacturers
  • Raw material suppliers
  • Distributors & suppliers
  • Industry associations

“The study answers several questions for the stakeholders, primarily which market segments they need to focus upon during the next two to five years to prioritize their efforts and investments.”

Scope of the Report

The research report segments the GFRP composites into the following submarkets:

By Resin Type:

  • Polyester
  • Vinyl Ester
  • Epoxy
  • Polyurethane
  • Others
    • PEEK
    • Phenolic

By Application:

  • Transportation
  • Aerospace & defense
  • Wind Energy
  • Electrical & Electronics
  • Construction & Infrastructure
  • Marine
  • Pipe, Tank & Other Corrosion Resistant Equipment
  • Others
    • Agriculture
    • Healthcare
    • Consumer Goods

By Process:

  • Injection Molding
  • Compression Molding
  • Manual Process
  • Continuous Molding

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of the North American GFRP composites market
  • Further breakdown of the European GFRP composites market
  • Further breakdown of the Asia-Pacific GFRP composites market
  • Further breakdown of the Middle East & Africa GFRP composites market
  • Further breakdown of the Latin American GFRP composites market
  • Company Information
  • Detailed analysis and profiles of additional market players

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Geographic Scope
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                     2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                     2.1.2.1 Key Data From Primary Sources
                     2.1.2.2 Key Industry Insights
                     2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
           2.3.1 Research Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 31)
    4.1 Significant Growth Opportunities in the GFRP Composites Market
    4.2 GFRP Composites Market, By Application
    4.3 GFRP Composites Market Share, By Region and Application, 2015
    4.4 GFRP Composites Market, By Country
    4.5 GFRP Composites Market, By Resin Type

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 GFRP Composites Market, By Resin Type
           5.2.2 GFRP Composites Market, By Manufacturing Process
           5.2.3 GFRP Composites Market, By Application
    5.3 Market Dynamics
           5.3.1 Market Dynamics
           5.3.2 Drivers
                     5.3.2.1 Growing Wind Energy Installations
                     5.3.2.2 Increase in Use of GFRP Composites in End-Use Industries
                     5.3.2.3 Recovery of the Marine Industry in the U.S. After the Economic Recession
                     5.3.2.4 Increasing Demand for Lightweight Materials From the Transportation Industry
           5.3.3 Restraints
                     5.3.3.1 Recyclability Issues
           5.3.4 Opportunities
                     5.3.4.1 Growing Demand for GFRP Composites in the Mena Region
           5.3.5 Challenges
                     5.3.5.1 to Reduce Capital and Technology Costs
           5.3.6 Impact Analysis of Drivers
    5.4 Porter’s Five Forces Analysis
           5.4.1 Threat of New Entrants
           5.4.2 Threat of Substitutes
           5.4.3 Bargaining Power of Suppliers
           5.4.4 Bargaining Power of Buyers
           5.4.5 Intensity of Competitive Rivalry

6 Macroeconomic Overview and Key Trends (Page No. - 47)
    6.1 Introduction
    6.2 Trends and Forecast of GDP
    6.3 Per Capita GDP vs Per Capita Composite Demand
    6.4 Trends and Forecast of the Construction Industry
           6.4.1 Trends and Forecast of the Construction Industry in North America
           6.4.2 Trends and Forecast of the Construction Industry in Europe
           6.4.3 Trends and Forecast of the Construction Industry in Asia-Pacific
           6.4.4 Trends and Forecast of the Construction Industry in Middle East & Africa
           6.4.5 Trends and Forecast of the Construction Industry in Latin America
    6.5 Trends of the Wind Energy Industry
    6.6 Trends of the Automotive Industry

7 GFRP Composites Market, By Resin Type (Page No. - 58)
    7.1 Introduction
    7.2 Polyester
    7.3 Vinyl Ester
    7.4 Epoxy
    7.5 Polyurethane
    7.6 Others
           7.6.1 Peek Resin
           7.6.2 Phenolic Resin
           7.6.3 Hybrid Resin

8 GFRP Composites Market, By Manufacturing Process (Page No. - 67)
    8.1 Introduction
    8.2 Manual
           8.2.1 Manual Molding
           8.2.2 Tape Layup
           8.2.3 Hand Layup
           8.2.4 Spray Layup
    8.3 Compression Molding
           8.3.1 Sheet Molding Compound (SMC) Process
           8.3.2 Glass Mat Thermoplastic (GMT) Process
    8.4 Injection Molding
           8.4.1 Bulk Molding Compound (BMC) Process
           8.4.2 Thermoplastic Injection Molding (TIM)
           8.4.3 RT m/Vartm
           8.4.4 Reaction Injection Molding (RIM) Process
    8.5 Continuous
           8.5.1 Pultrusion Process
           8.5.2 Laminating Process
           8.5.3 Filament Winding Process

9 GFRP Composites Market, By Application (Page No. - 76)
    9.1 Introduction
    9.2 Wind Energy
    9.3 Electrical & Electronics
    9.4 Transportation
           9.4.1 Rails
           9.4.2 Automotive
    9.5 Pipe & Tanks
           9.5.1 Oil & Gas
           9.5.2 Water & Wastewater Treatment Plants
           9.5.3 Pulp & Paper
           9.5.4 Others
    9.6 Construction & Infrastructure
           9.6.1 Decking & Railing
           9.6.2 Rebars
           9.6.3 Others
    9.7 Marine
    9.8 Aerospace & Defense
           9.8.1 Interior
           9.8.2 Exterior
    9.9 Other Applications
           9.9.1 Healthcare
           9.9.2 Consumer Goods

10 GFRP Composites Market, By Region (Page No. - 92)
     10.1 Introduction
     10.2 North America
               10.2.1 North America, By Country
                           10.2.1.1 U.S.
                           10.2.1.2 Canada
               10.2.2 North America, By Application
     10.3 Europe
               10.3.1 Europe, By Country
                           10.3.1.1 Germany
                           10.3.1.2 U.K.
                           10.3.1.3 France
                           10.3.1.4 Italy
                           10.3.1.5 Spain
                           10.3.1.6 Turkey
                           10.3.1.7 Russia
               10.3.2 Europe, By Application
     10.4 Asia-Pacific
               10.4.1 Asia-Pacific, By Country
                           10.4.1.1 China
                           10.4.1.2 India
                           10.4.1.3 Japan
                           10.4.1.4 South Korea
                           10.4.1.5 Malaysia
                           10.4.1.6 Australia & New Zealand
               10.4.2 Asia-Pacific, By Application
     10.5 Middle East & Africa
               10.5.1 Middle East & Africa, By Country
                           10.5.1.1 UAE
                           10.5.1.2 South Africa
               10.5.2 Middle East & Africa, By Application
     10.6 Latin America
               10.6.1 Latin America, By Country
                           10.6.1.1 Brazil
                           10.6.1.2 Mexico
               10.6.2 Latin America, By Application

11 Competitive Landscape (Page No. - 113)
     11.1 Overview
     11.2 Investments & Expansions and New Product Launches Were the Most Popular Growth Strategies
     11.3 Developments in the GFRP Composites Market, 2012–2016
     11.4 Market Share Analysis of Key Players
               11.4.1 Owens Corning
               11.4.2 Jushi Group Co. Ltd.
               11.4.3 Chongqing Polycomp International Corporation
     11.5 Recent Developments
               11.5.1 Investments & Expansions
               11.5.2 Agreements, Partnerships & Joint Ventures
               11.5.3 New Product Launches
               11.5.4 Mergers & Acquisitions

12 Company Profiles (Page No. - 124)
(Overview, Products & Services, Strategies & Insights, Developments and MnM View)*
     12.1 Owens Corning
     12.2 Jushi Group Co., Ltd.
     12.3 Chongqing Polycomp International Corporation
     12.4 PPG Industries Inc.
     12.5 Johns Manville Corporation
     12.6 Saint-Gobain S.A.
     12.7 Nippon Sheet Glass Co. Ltd.
     12.8 Taishan Fiberglass Inc.
     12.9 AGY Holdings Corp.
     12.10 Asahi Fiber Glass Co., Ltd.
     12.11 Other Companies

*Details on Overview, Products & Services, Strategies & Insights, Developments and MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 156)
     13.1 Insights From Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports
     13.7 Author Details


List of Tables (85 Tables)

Table 1 GFRP Composites Market Size, 2014–2026
Table 2 Global Wind Energy Installations, 2011–2015
Table 3 European Union: Carbon Dioxide Emission Standards for New Passenger Cars (G/Km)
Table 4 Cost Structure Analysis of GFRP Composites
Table 5 Trends and Forecast of GDP, USD Billion (2015–2021)
Table 6 Per Capita GDP vs Per Capita Composite Demand, 2015
Table 7 Contribution of the Construction Industry to the GDP of North America, 2014–2021 (USD Billion)
Table 8 Contribution of the Construction Industry to the GDP of Europe, 2014–2021 (USD Billion)
Table 9 Contribution of the Construction Industry to the GDP of Asia-Pacific, 2014–2021 (USD Billion )
Table 10 Contribution of the Construction Industry to the GDP of Middle East & Africa, 2014–2021 (USD Billion)
Table 11 Contribution of the Construction Industry to the GDP of Latin America, 2014–2021 (USD Billion )
Table 12 Wind Energy Installation, MW (2011–2015)
Table 13 Automotive Production, Million Units (2011–2015)
Table 14 GFRP Composites Market Size, By Resin Type, 2014–2026 (USD Million)
Table 15 GFRP Composites Market Size, By Resin Type, 2014–2026 (Kiloton)
Table 16 Polyester Resin Market Size, By Region, 2014–2026 (USD Million)
Table 17 Polyester Resin Market Size, By Region, 2014–2026 (Kiloton)
Table 18 Vinyl Ester Resin Market Size, By Region, 2014–2026 (USD Million)
Table 19 Vinyl Ester Resin Market Size, By Region, 2014–2026 (Kiloton)
Table 20 Epoxy Resin Market Size, By Region, 2014–2026 (USD Million)
Table 21 Epoxy Resin Market Size, By Region, 2014–2026 (Kiloton)
Table 22 Polyurethane Resin Market Size, By Region, 2014–2026 (USD Million)
Table 23 Polyurethane Resin Market Size, By Region, 2014–2026 (Kiloton)
Table 24 Other Resins Market Size, By Region, 2014–2026 (USD Million)
Table 25 Other Resins Market Size, By Region, 2014–2026 (Kiloton)
Table 26 GFRP Composites Market Size, By Manufacturing Process, 2014–2026 (USD Million)
Table 27 GFRP Composites Market Size, By Manufacturing Process, 2014–2026 (Kiloton)
Table 28 GFRP Composites Market Size for Manual Process, By Region, 2014–2026 (USD Million)
Table 29 GFRP Composites Market Size for Manual Process, By Region, 2014–2026 (Kiloton)
Table 30 GFRP Composites Market Size for Compression Molding Process, By Region, 2014–2026 (USD Million)
Table 31 GFRP Composites Market Size for Compression Molding Process, By Region, 2014–2026 (Kiloton)
Table 32 GFRP Composites Market Size for Injection Molding Process, By Region, 2014–2026 (USD Million)
Table 33 GFRP Composites Market Size for Injection Molding Process, By Region, 2014–2026 (Kiloton)
Table 34 GFRP Composites Market Size for Continuous Process, By Region, 2014–2026 (USD Million)
Table 35 GFRP Composites Market Size for Continuous Process, By Region, 2014–2026 (Kiloton)
Table 36 GFRP Composites Market Size, By Application, 2014–2026 (USD Million)
Table 37 GFRP Composites Market Size, By Application, 2014–2026 (Kiloton)
Table 38 Germany: Annual Wind Energy Installations, 2012–2015 (MW)
Table 39 France: Annual Wind Energy Installations, 2012–2015 (MW)
Table 40 U.K.: Annual Wind Energy Installations, 2012–2015 (MW)
Table 41 China: Annual Wind Energy Installations, 2012–2015 (MW)
Table 42 India: Annual Wind Energy Installations, 2012–2015 (MW)
Table 43 GFRP Composites Market Size in Wind Energy, By Region, 2014–2026 (USD Million)
Table 44 GFRP Composites Market Size in Wind Energy, By Region, 2014–2026 (Kiloton)
Table 45 GFRP Composites Market Size in Electrical & Electronics, By Region, 2014–2026 (USD Million)
Table 46 GFRP Composites Market Size in Electrical & Electronics, By Region, 2014–2026 (Kiloton)
Table 47 GFRP Composites Market Size in Transportation, By Region, 2014–2026 (USD Million)
Table 48 GFRP Composites Market Size in Transportation, By Region, 2014–2026 (Kiloton)
Table 49 GFRP Composites Market Size in Pipe & Tanks, By Region, 2014–2026 (USD Million)
Table 50 GFRP Composites Market Size in Pipe & Tanks, By Region, 2014–2026 (Kiloton)
Table 51 GFRP Composites Market Size in Construction & Infrastructure, By Region, 2014–2026 (USD Million)
Table 52 GFRP Composites Market Size in Construction & Infrastructure, By Region, 2014–2026 (Kiloton)
Table 53 GFRP Composites Market Size in Marine, By Region, 2014–2026 (USD Million)
Table 54 GFRP Composites Market Size in Marine, By Region, 2014–2026 (Kiloton)
Table 55 Demand for New Airplanes, By Region, 2016–2035
Table 56 GFRP Composites Market Size in Aerospace & Defense, By Region, 2014–2026 (USD Million)
Table 57 GFRP Composites Market Size in Aerospace & Defense, By Region, 2014–2026 (Kiloton)
Table 58 GFRP Composites Market Size in Other Applications, By Region, 2014–2026 (USD Million)
Table 59 GFRP Composites Market Size in Other Applications, By Region, 2014–2026 (Kiloton)
Table 60 GFRP Composites Market Size, By Region, 2014–2026 (USD Million)
Table 61 GFRP Composites Market Size, By Region, 2014–2026 (Kiloton)
Table 62 North America: GFRP Composites Market Size, By Country, 2014–2026 (USD Million)
Table 63 North America: GFRP Composites Market Size, By Country, 2014–2026 (Kiloton)
Table 64 North America: GFRP Composites Market Size, By Application, 2014–2026 (USD Million)
Table 65 North America: GFRP Composites Market Size, By Application, 2014–2026 (Kiloton)
Table 66 Europe: GFRP Composites Market Size, By Country, 2014–2026 (USD Million)
Table 67 Europe: GFRP Composites Market Size, By Country, 2014–2026 (Kiloton)
Table 68 Europe: GFRP Composites Market Size, By Application, 2014–2026 (USD Million)
Table 69 Europe: GFRP Composites Market Size, By Application, 2014–2026 (Kiloton)
Table 70 Asia-Pacific: GFRP Composites Market Size, By Country, 2014–2026 (USD Million)
Table 71 Asia-Pacific: GFRP Composites Market Size, By Country, 2014–2026 (Kiloton)
Table 72 Asia-Pacific: GFRP Composites Market Size, By Application, 2014–2026 (USD Million)
Table 73 Asia-Pacific: GFRP Composites Market Size, By Application, 2014–2026 (Kiloton)
Table 74 Middle East & Africa: GFRP Composites Market Size, By Country, 2014–2026 (USD Million)
Table 75 Middle East & Africa: GFRP Composites Market Size, By Country, 2014–2026 (Kiloton)
Table 76 Middle East & Africa: GFRP Composites Market Size, By Application, 2014–2026 (USD Million)
Table 77 Middle East & Africa: GFRP Composites Market Size, By Application, 2014–2026 (Kiloton)
Table 78 Latin America: GFRP Composites Market Size, By Country, 2014–2021 (USD Million)
Table 79 Latin America: GFRP Composites Market Size, By Country, 2014–2026 (Kiloton)
Table 80 Latin America: GFRP Composites Market Size, By Application, 2014–2026 (USD Million)
Table 81 Latin America: GFRP Composites Market Size, By Application, 2014–2026 (Kiloton)
Table 82 Investments & Expansions, 2012–2016
Table 83 Agreements, Partnerships & Joint Ventures, 2012–2016
Table 84 New Product Launches, 2012–2016
Table 85 Mergers & Acquisitions, 2012–2016
 
 
List of Figures (48 Figures)
 
Figure 1 GFRP: Market Segmentation
Figure 2 GFRP Market: Research Design
Figure 3 Market Size Estimation: Bottom-Up Approach
Figure 4 Market Size Estimation: Top-Down Approach
Figure 5 GFRP Composites: Data Triangulation
Figure 6 Wind Energy to Dominate the GFRP Composites Market, 2016–2021
Figure 7 China to Dominate the GFRP Composites Market in Asia-Pacific, 2016–2021
Figure 8 Injection Molding to Dominate the GFRP Market
Figure 9 Asia-Pacific Dominated the GFRP Composites Market
Figure 10 GFRP Composites Market to Grow at A Rapid Pace Between 2016 and 2021
Figure 11 Wind Energy to Be the Fastest-Growing Segment of the GFRP Composites Market Between 2016 and 2021
Figure 12 Wind Energy: the Largest Application of GFRP Composites, in Terms of Value
Figure 13 India to Be the Fastest-Growing Market, 2016–2026
Figure 14 Polyester Resin to Dominate the GFRP Composites Market
Figure 15 Overview of the Factors Governing the GFRP Composites Market
Figure 16 Increase in Use of GFRP Composites in Various End-Use Industries to Drive the Market
Figure 17 Porter’s Five Forces Analysis
Figure 18 Cost Structure Analysis of GFRP Composites
Figure 19 Trends and Forecast of GDP, 2015 (USD Billion)
Figure 20 Construction Industry in U.S. Contributes Maximum to the GDP of North America
Figure 21 Construction Industry in U.K. Contributes Maximum to the GDP of Europe
Figure 22 Construction Industry in China Contributes Maximum to the GDP of Asia-Pacific
Figure 23 Construction Industry in Saudi Arabia Contributes Maximum to the GDP of Middle East & Africa
Figure 24 Construction Industry in Brazil Contributes Maximum to the GDP of Latin America
Figure 25 Wind Energy Installed Capacity, MW (2014–2015)
Figure 26 China to Lead the Vehicle Production, 2011 vs 2015 (Million Units)
Figure 27 Polyester Resin to Register the Highest CAGR in Asia-Pacific
Figure 28 Asia-Pacific to Drive the Epoxy Resin-Based GFRP Composites Market
Figure 29 Injection Molding Process to Dominate the GFRP Composites Market
Figure 30 Asia-Pacific to Drive the GFRP Composites Market for Injection Molding Process
Figure 31 GFRP Composites Market in the Wind Energy Application to Register the Highest CAGR Between 2016 and 2021
Figure 32 Asia-Pacific to Dominate the GFRP Composites Market in Construction & Infrastructure Application
Figure 33 India to Register the Highest CAGR in the GFRP Composites Market
Figure 34 U.S. is the Most Lucrative Market in North America
Figure 35 Germany is the Fastest-Growing GFRP Composites Market in Europe
Figure 36 China is the Largest GFRP Composites Market in Asia-Pacific
Figure 37 Companies Adopted Investments & Expansions and New Product Launches as Key Growth Strategies
Figure 38 Key Growth Strategies in the GFRP Composites Market, 2012–2016
Figure 39 Maximum Developments Were Recorded in 2013 and 2014
Figure 40 Owens Corning: the Largest Company in the GFRP Composites Market
Figure 41 Owens Corning: Company Snapshot
Figure 42 Owens Corning: SWOT Analysis
Figure 43 PPG Industries Inc.: Company Snapshot
Figure 44 PPG Industries Inc.: SWOT Analysis
Figure 45 Saint-Gobain S.A.: Company Snapshot
Figure 46 Saint-Gobain S.A.: SWOT Analysis
Figure 47 Nippon Sheet Glass Co. Ltd.: Company Snapshot
Figure 48 Nippon Sheet Glass Co. Ltd.: SWOT Analysis

The global Glass Fiber Reinforced Plastics (GFRP) composites market is projected to grow from USD 44.10 Billion in 2016 to USD 83.63 Billion by 2026, at a CAGR of 6.61% during the forecast period. The GFRP composites market is growing due to the high demand from the wind energy & other emerging application industries such as electrical & electronics, and transportation. GFRP composites are preferred as they have the ability to reduce the weight of the product and are stronger than metallic parts. The GFRP manufacturing process improves productivity through innovative engineering approaches, minimizes energy consumption, and reduces the VOC emission levels. The GFRP composites market witnessed strong growth during the past few years due to the growing use of composites in the U.S., Germany, China, Brazil, and Japan.

The GFRP composites market is segmented on the basis of the manufacturing processes into compression molding, manual process, injection molding and the continuous process. Injection molding is the fastest growing, as well as the largest market for GFRP composites in terms of the manufacturing process. It is the most preferred process for the manufacture of GFRP composites, and accounted for a major share, in terms of value, in 2015. This is because the process enables low labor costs, low scrap rate, has a fast cycle time and low mold-clamping pressure. The process is widely applicable in the automotive and electrical & electronics industries for the production of bumpers for vehicles, panels for electrical equipment, enclosures for medical devices, and others.

The GFRP composites market is also segmented by application, which includes, wind energy, transportation, construction & infrastructure, electrical & electronics, and others. Wind energy accounts for the highest market share, as well as is the fastest growing application, owing to innovations in the integration of lightweight GFRP composites, which have facilitated the manufacture of increasingly larger blade lengths with increased stiffness. This is expected to increase the demand for GFRP composites from wind energy component manufacturers.

Product performance can be enhanced with the use of resins along with GFRP composites. As per the requirement of the application, GFRP composites are used along with resins to exhibit properties that enhance the performance of the product. Polyester resins are thermosetting resins and are widely used in GFRP composites, and have the largest market share. These resins are an excellent option for water treatment, chemical, electrical and non-corrosive applications that are the major applications of GFRP composites.

Currently, the Asia-Pacific region is the largest consumer of GFRP composites. India and China are also major markets due to the growing wind energy industries. China witnessed the highest number of wind energy installations in 2015.

Glass Fiber Market

The high cost of technology and high investment costs restrain the growth of the global GFRP composites market.

Owens Corning (U.S.), Jushi Group Co. Ltd. (China), CHONGQING POLYCOMP INTERNATIONAL CORP. (China), and Taishan Fiberglass Inc. (China) are some of the leading players in the global GFRP composites market. Owens Corning has been able to hold a leading position in the market by tapping various global markets. It has made strategic alliances with local distribution centers of emerging markets to increase its market share and customer base. As a part of the company’s growth strategies in GFRP composites, it is mainly focused on investments & expansions, and new product launches.

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