HOME › Research Insight › Investments & Expansions are the Key Development Strategies Adopted by theLleading Market Players to Drive the Glass Fiber Reinforced Plastics (GFRP) Composites Market.
Investments & Expansions are the Key Development Strategies Adopted by theLleading Market Players to Drive the Glass Fiber Reinforced Plastics (GFRP) Composites Market.
" Glass Fiber Reinforced Plastics (GFRP) composites have various applications due to their versatile properties. GFRP composites are reliable, predictable, versatile, lightweight and cost-effective. In the past few years the use of glass fiber composites is increasing in applications such as electrical & electronics, wind energy, and construction. The global GFRP composites market is projected to reach USD 83.63 billion by 2026, at a CAGR of 6.61% from 2016 to 2026.
The key companies offering GFRP composites are involved in investments & expansions strategies to strengthen their positions in the GFRP composites market. These are the key strategies that accounted for a share of 40.98% of all the growth strategies adopted by the major leading companies during the period, 2012–2016. The leading companies adopted these strategies to improve their distribution channels, strengthen their presence in the developed and emerging countries, and meet the growing customer demands. Companies also adopted the partnerships, joint ventures & agreements strategies, in order to expand their product reach globally and take advantage of each-other’s competencies to compete in the market. New product launches and agreements during 2012-2016, accounted for a 34.43% share of the strategies adopted. Companies adopted these strategies to increase their product portfolios and gain access to new and large potential markets. The GFRP composites market witnessed the merger of established companies with small companies to enhance their distribution networks and diversify their product portfolios. Leading companies are acquiring small composite manufacturing companies in emerging regions to expand their global reach.
The major manufacturers profiled in this report 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. These companies have adopted various organic and inorganic growth strategies such as agreements and partnerships, expansions and investments, acquisitions, and new product developments to expand their global presence and increase their penetration into the global GFRP composites market.
Owens Corning (U.S.) is one of the key manufacturers of GFRP composites that offers SMC/BMC Rovings, Panel Roving, Roving for Chopping, rovings for filament winding, chopped strand mat, high performance glass fibers, Cem-FIL Alkali-Resistant Glass Fibers, and so on. The company has increased investment, year-on-year, in R&D to develop new products, new production capabilities, and processes. As a part of its growth strategy, the company is focused on the expansion of its capacity to cater to the increasing demand for GFRP composites.
Jushi Group Co. Ltd. (China) is a global manufacturer of glass fiber products. The company is one of the major fiberglass manufacturers in China and serves the aerospace & defense, transportation, construction & infrastructure, chemicals, electrical & electronics, infrastructure, marine, and wind energy industries. The company is conducting research studies for the development of new products for different application segments and is striving to provide the highest quality products. The company continues to invest in its facilities and in research & development to maintain its leading position in the global GFRP composites market.
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
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