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Glass Fiber & Glass Fiber Reinforced Plastic (GFRP) Composites Market Key Players.
The global glass fiber reinforced plastic (GFRP) composites industry is a rapidly evolving market. The current scenario in the global GFRP Composites market is dominated by number of key players that include Owens Corning (U.S.), Jushi Group (China), Taishan Fiberglass Inc. (China), Chongqing Polycomp International Corp. CPIC (China), Saint-Gobain Vetrotex (France), Nippon Sheet Glass (Japan), and so on. Most of these companies are leaders in the production of glass fiber along with other products. These companies are focused on investment to establish new production facilities and capacity expansion of glass fibers to achieve economies of scale, product innovation, and expansion in order to capture and improve their market share.
The market players are concentrating on increasing their production capacities, with expectation of a surge in the GFRP Composites demand from automotive, construction & infrastructure, aerospace & defense, and wind energy sectors; especially, from Asia-Pacific and South America and Middle East. The companies are focusing their investments to set up new facilities, mainly in the BRIC countries (i.e. Brazil, Russia, India, and China) and increasing global presence through acquisition of the local regional players to address the growing demand in emerging markets.
In the recent past, expansions have dominated the strategies adopted by glass fiber players, globally. The key market players have invested large amounts in emerging countries to enter and enhance their market position through capacity expansion and new plant establishment. For instance, Owens Corning (U.S.) invested $130 million in North America for the construction of a new glass fiber production plant with coating capability and R&D activities, thereby expanding its offering within the glass non-woven market.
New product launch is the second most preferred strategy among the glass fiber market players. The companies have been focusing on new technologies for new product launches to meet the modern emerging needs. In the period from 2010 to 2013, new product launches contributed 28% in the global GFRP composites market strategies. The leading market players interestingly invested in their R&D facilities to develop new products to meet their customers’ needs. In developed countries, the demand of GFRP composites for transportation, construction & infrastructure, aerospace & defense, and wind energy sectors is driving the GFRP composites market. In order to meet these demands, the market players such as Owens Corning (U.S.), Binani 3B-The Fibreglass Company (Belgium), CPIC (China), and Johns Manville (U.S.) introduced new products at regular intervals of time in the recent past. These new launches have helped the companies to increase their market share in the global glass fiber market.
Further, the companies have been focusing on agreements, joint ventures, and supply contracts with other companies in the supply chain. For instance, Owens Corning (U.S.) has partnered with Taishan Fiberglass (China), to help grow the use of AR specialty glass products. This strategic move helped the company to enhance its market position in China, ASEAN, Japan, Korean, South Africa, and Saudi Arabia markets for its fiber glass business. In December 2013, Jushi Group (China) signed partnership deal with HELM AG (Germany) for the distribution of its products in Germany, Austria, and Switzerland as well as for large thermoplastic producers across Europe.
The transportation and aerospace & defense segments take topmost positions in the GFRP Composites market with 49% share by value in 2013; maximum growth in the near future is expected to come from wind energy and aerospace & defense. The light weight, strength, and corrosion resistant properties of glass fiber drive its growth in transportation, construction & infrastructure, electrical & electronics, consumer goods, marine, aerospace & defense, and wind energy segments.
The market leaders have adopted different strategies for the developed and developing countries. In developed countries, the demand for automated processes for manufacturing GFRP composites is increasing. Therefore, new production techniques have evolved; whereas, in developing countries the focus is on capacity expansion and new plant establishment. The strategy of the market players is focused on developing technology, expanding production capacities, and acquisition of local players in new regions through investment. However, there are different challenges associated with each of these markets such as availability of raw materials, increasing cost of energy, and sensitivity of end user markets.
Glass Fiber & Glass Fiber Reinforced Plastic (GFRP) Composites Market by Raw Material, Manufacturing Process, Application (Transportation, Construction, Electrical & Electronics, & Others) & by Geography – Global Trends & Forecast to 2019
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