HOME Top Market Reports GFRP Composites Market by End-Use Industry (Transportation, Electrical & Electronics), Resin Type (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Compression & Injection Molding, RTM/VARTM, Layup,) and Region - Global Forecast to 2022

GFRP Composites Market by End-Use Industry (Transportation, Electrical & Electronics), Resin Type (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Compression & Injection Molding, RTM/VARTM, Layup,) and Region - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: January 2018
Report Code: CH 2321

 

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The global Glass Fiber Reinforced Plastics (GFRP) composites market was valued at USD 41.39 Billion in 2016 and is projected to reach USD 59.87 Billion by 2022, at a CAGR of 6.4% during the forecast period. Increase in the use of GFRP composites in electrical & electronics, transportation, pipes & tanks, and wind energy industries are driving the global GFRP composites market. In this study, years considered to estimate the market size of the GFRP composites market have been mentioned below:

  • Base Year – 2016
  • Estimated Year – 2017
  • Projected Year – 2022
  • Forecast Period – 2017 to 2022

The year 2016 has been considered as the base year to profile various companies in this report. For companies wherein information was not available for the base year, the year prior to it has been considered.

Objectives of the Study

  • To analyze and forecast the Glass Fiber Reinforced Plastic (GFRP) composites market size in terms of volume and value
  • To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
  • To define, describe, and forecast the market based on resin type, manufacturing process, and end-use industry
  • To analyze and forecast the GFRP composites market size with respect to 5 regions, namely, Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA)
  • To analyze market opportunities for stakeholders and provide a competitive landscape for market leaders
  • To analyze competitive developments such as investment & expansions, partnerships & joint ventures, mergers & acquisitions, and new product launches in the market
  • To strategically profile the key players and comprehensively analyze their market share and core competencies

Various secondary sources such as such as Factiva, Hoovers, Manta, and others have been referred to understand and gain insights on the GFRP composites market. Experts from top GFRP composites companies have been interviewed to verify and collect critical information and to assess the trends in the GFRP composites market during the forecast period. The top-down, bottom-up, and data triangulation approaches have been implemented to calculate the approximate values of the overall parent and individual market sizes.

Glass Fiber Market

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

The GFRP composites market value chain includes manufacturers of resins, fibers, and adhesives. Resin manufacturers include Huntsman Corporation (US), Gurit Holding (Switzerland), and Scott Bader (UK). Key manufacturers of GFRP composites are Owens Corning (US), Jushi Group (China), CPIC (China), PPG Industries (US), Taishan Fiberglass (China), and others. The industries of GFRP composites include pipes & tanks, transportation, aerospace & defense, electrical & electronics, construction & infrastructure, marine, aerospace & defense, wind energy, and others

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 on during the next two to five years to prioritize their efforts and investments.”

Scope of the Report

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

By Resin Type:

  • Polyester
  • Vinyl Ester
  • Epoxy
  • Polyurethane
  • Thermoplastics
  • Others

By End-use Industry:

  • Transportation
  • Aerospace & Defense
  • Wind Energy
  • Electrical & Electronics
  • Construction & Infrastructure
  • Marine
  • Pipes & Tanks
  • Others

By Manufacturing Process:

  • Compression & Injection Molding
  • Filament winding
  • Layup
  • Pultrusion
  • RTM
  • Others

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 specific needs of the companies. The following customization options are available for the report:

Product Analysis

  • Product matrix that provides a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of the North America GFRP composites market
  • Further breakdown of the Europe 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 America 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 Years Considered for the Study
    1.4 Currency
    1.5 Unit Considered
    1.6 Limitations
    1.7 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
    2.4 Research Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 32)
    4.1 Attaractive Market Opportunities for GFRP Composites
    4.2 GFRP Composites Market, By End-Use Industry
    4.3 GFRP Composites Market Share, By Region and End-Use Industry, 2016
    4.4 GFRP Composites Market, By Country
    4.5 GFRP Composites Market, By Resin Type

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Number of Wind Energy Capacity Installations
                    5.2.1.2 Increasing Adoption of GFRP Composites in the Transportation Industry
                    5.2.1.3 Recovery of the US Marine Industry
                    5.2.1.4 Increasing Use of GFRP Composite Pipes in Sewage & Water Management and Oil & Gas Industry
                    5.2.1.5 Increasing Use of GFRP Composites in the Construction & Infrastructure Industry
           5.2.2 Restraints
                    5.2.2.1 Issues Related to Recycling
                    5.2.2.2 High Processing and Manufacturing Costs
           5.2.3 Opportunities
                    5.2.3.1 Increasing Demand for GFRP Composites From Construction & Infrastructure Industry in the MEA
                    5.2.3.2 High Demand for GFRP Composite Pipes in the Emerging Economies
           5.2.4 Challenges
                    5.2.4.1 Developing Low-Cost Technologies
    5.3 Porter’s Five Forces Analysis
           5.3.1 Threat of New Entrants
           5.3.2 Threat of Substitutes
           5.3.3 Bargaining Power of Suppliers
           5.3.4 Bargaining Power of Buyers
           5.3.5 Intensity of Competitive Rivalry

6 Macroeconomic Overview and Key Trends (Page No. - 44)
    6.1 Introduction
    6.2 Trends and Forecast of GDP
    6.3 Per Capita GDP vs Per Capita Composite Materials Demand
    6.5 Trends and Forecast of the Construction Industry
    6.6 Trends in the Wind Energy Industry
    6.7 Trends in the Aerospace Industry
    6.8 Trends in the Automotive Industry

7 GFRP Composites Market, By Resin Type (Page No. - 52)
    7.1 Introduction
    7.2 Polyester
    7.3 Vinyl Ester
    7.4 Epoxy
    7.5 Polyurethane
    7.6 Thermoplastic
    7.7 Others
           7.7.1 Phenolic
           7.7.2 Benzoxazine
           7.7.3 Cyanate Ester
           7.7.4 Bismalimide (BMI)

8 GFRP Composites Market, By End-Use Industry (Page No. - 61)
    8.1 Introduction
    8.2 Wind Energy
    8.3 Electrical & Electronics
    8.4 Transportation
           8.4.1 Rail
           8.4.2 Automotive
    8.5 Pipes & Tanks
           8.5.1 Oil and Gas
           8.5.2 Water & Wastewater Treatment Plants
           8.5.3 Pulp and Paper
           8.5.4 Others
    8.6 Construction & Infrastructure
           8.6.1 Decking and Railing
           8.6.2 Rebars
           8.6.3 Others
    8.7 Marine
    8.8 Aerospace & Defense
           8.8.1 Interior
           8.8.2 Exterior
    8.9 Other End-Use Industries
           8.9.1 Healthcare
           8.9.2 Consumer Goods
           8.9.3 Sporting Goods

9 GFRP Composites Market, By Manufacturing Process (Page No. - 77)
    9.1 Introduction
    9.2 Compression & Injection Molding Process
    9.3 Layup
    9.4 Filament Winding
    9.5 Pultrusion
    9.6 Resin Transfer Molding (RTM)
    9.7 Other Manufacturing Processes

10 GFRP Composites Market, By Region (Page No. - 87)
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Canada
     10.3 Europe
             10.3.1 Germany
             10.3.2 UK
             10.3.3 France
             10.3.4 Italy
             10.3.5 Spain
             10.3.6 Turkey
             10.3.7 Russia
             10.3.8 Poland
             10.3.9 Austria
             10.3.10 Netherlands
             10.3.11 Rest of Europe
     10.4 APAC
             10.4.1 China
             10.4.2 India
             10.4.3 Japan
             10.4.4 South Korea
             10.4.5 Malaysia
             10.4.6 Australia & New Zealand
             10.4.7 Singapore
             10.4.8 Rest of APAC
     10.5 MEA
             10.5.1 South Africa
             10.5.2 Saudi Arabia
             10.5.3 UAE
             10.5.4 Rest of MEA
     10.6 Latin America
             10.6.1 Brazil
             10.6.2 Mexico
             10.6.3 Argentina
             10.6.4 Rest of Latin America

11 Competitive Landscape (Page No. - 110)
     11.1 Overview
     11.2 Market Share Analysis of Top Players
     11.3 Competitive Scenario
             11.3.1 Investments & Expansions
             11.3.2 Agreements, Partnerships, and Joint Ventures
             11.3.3 New Product Launches
             11.3.4 Mergers & Acquisitions

12 Company Profiles (Page No. - 120)
(Business Overview, Services Offered, Recent Developments, MnM View, Key Strategies, SWOT Analysis)*
     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
             12.11.1 Binani Industries Ltd.
             12.11.2 BGF Industries, Inc.
             12.11.3 China Beihai Fiberglass Co., Ltd.
             12.11.4 Nitto Boseki Co., Ltd.
             12.11.5 Jiangsu Jiuding New Material Co., Ltd.
             12.11.6 PFG Fiberglass Corporation
             12.11.7 Celanese Corporation
             12.11.8 Saertex GmbH
             12.11.9 Reliance Industries
             12.11.10 China National Building Material Company Ltd.
             12.11.11 Quantum Composites
             12.11.12 Advanced Composites Inc.

*Details on Business Overview, Services Offered, Recent Developments, MnM View, Key Strategies, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 153)
     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 (91 Tables)
 
Table 1 Global Wind Energy Installations, 2011–2016
Table 2 European Union: Co2 Emission Standards for New Passenger Cars (G/Km)
Table 3 Trends and Forecast of GDP, USD Billion (2017—2022)
Table 4 Per Capita GDP vs Per Capita Composite Materials Demand, 2016
Table 5 Construction Industry Spendings in North America, USD Billion (2015—2022)
Table 6 Construction Industry Spendings in Europe, USD Billion (2015—2022)
Table 7 Construction Industry Spendings in APAC, USD Billion (2015—2022)
Table 8 Construction Industry Spendings in MEA, USD Billion (2015—2022)
Table 9 Construction Industry Spendings in Latin America, USD Billion (2015—2022)
Table 10 Wind Energy Installation, MW (2015—2016)
Table 11 Market of New Airplanes, 2017-2036
Table 12 Automotive Production, Million Units (2011—2016)
Table 13 GFRP Composites Market Size, By Resin Type, 2015—2022 (USD Billion)
Table 14 GFRP Composites Market Size, By Resin Type, 2015—2022 (Kiloton)
Table 15 Polyester Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (USD Billion)
Table 16 Polyester Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (Kiloton)
Table 17 Vinyl Ester Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (USD Billion)
Table 18 Vinyl Ester Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (Kiloton)
Table 19 Epoxy Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (USD Billion)
Table 20 Epoxy Resin-Based GFRP Composites Market Size, By Region, 2015–2022 (Kiloton)
Table 21 Polyurethane Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (USD Million)
Table 22 Polyurethane Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (Kiloton)
Table 23 Thermoplastic Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (USD Billion)
Table 24 Thermoplastic Resin-Based GFRP Composites Market Size, By Region, 2015—2022 (Kiloton)
Table 25 Other Resins-Based GFRP Composites Market Size, By Region, 2015—2022 (USD Million)
Table 26 Other Resins-Based GFRP Composites Market Size, By Region, 2015—2022 (Kiloton)
Table 27 GFRP Composites Market Size, By End-Use Industry, 2015—2022 (USD Billion)
Table 28 GFRP Composites Market Size, By End-Use Industry, 2015—2022 (Kiloton)
Table 29 Germany: New Wind Energy Installations, 2012–2016 (MW)
Table 30 France: Annual Wind Energy Installations, 2012–2016 (MW)
Table 31 UK: Annual Wind Energy Installations, 2012–2016 (MW)
Table 32 China: New Wind Energy Installations, 2012–2016 (MW)
Table 33 India: New Wind Energy Installations, 2012–2016 (MW)
Table 34 GFRP Composites Market Size in Wind Energy, By Region, 2015—2022 (USD Million)
Table 35 GFRP Composites Market Size in Wind Energy, By Region, 2015—2022 (Kiloton)
Table 36 GFRP Composites Market Size in Electrical & Electronics, By Region, 2015—2022 (USD Million)
Table 37 GFRP Composites Market Size in Electrical & Electronics, By Region, 2015—2022 (Kiloton)
Table 38 GFRP Composites Market Size in Transportation, By Region, 2015—2022 (USD Billion)
Table 39 GFRP Composites Market Size in Transportation, By Region, 2015—2022 (Kiloton)
Table 40 GFRP Composites Market Size in Pipes & Tanks, By Region, 2015—2022 (USD Million)
Table 41 GFRP Composites Market Size in Pipes & Tanks, By Region, 2015—2022 (Kiloton)
Table 42 GFRP Composites Market Size in Construction & Infrastructure, By Region, 2015—2022 (USD Million)
Table 43 GFRP Composites Market Size in Construction & Infrastructure, By Region, 2015—2022 (Kiloton)
Table 44 GFRP Composites Market Size in Marine, By Region, 2015—2022 (USD Million)
Table 45 GFRP Composites Market Size in Marine, By Region, 2015—2022 (Kiloton)
Table 46 Demand for New Airplanes, By Region, 2017–2036
Table 47 GFRP Composites Market Size in Aerospace & Defense, By Region, 2015—2022 (USD Million)
Table 48 GFRP Composites Market Size in Aerospace & Defense, By Region, 2015—2022 (Kiloton)
Table 49 GFRP Composites Market Size in Other End-Use Industries, By Region, 2015—2022 (USD Million)
Table 50 GFRP Composites Market Size in Other End-Use Industries, By Region, 2015–2022 (Kiloton)
Table 51 Comparative Study of Major Composite Manufacturing Processes
Table 52 GFRP Composites Market Size, By Manufacturing Process, 2015—2022 (USD Billion)
Table 53 GFRP Composites Market Size, By Manufacturing Process, 2015—2022 (Kiloton)
Table 54 GFRP Composites Market Size for Compression & Injection Molding, By Region, 2015—2022 (USD Billion)
Table 55 GFRP Composites Market Size for Compression & Injection Molding, By Region, 2015—2022 (Kiloton)
Table 56 GFRP Composites Market Size for Layup, By Region, 2015—2022 (USD Billion)
Table 57 GFRP Composites Market Size for Layup, By Region, 2015—2022 (Kiloton)
Table 58 GFRP Composites Market Size for Filament Winding, By Region, 2015—2022 (USD Billion)
Table 59 GFRP Composites Market Size for Filament Winding, By Region, 2015—2022 (Kiloton)
Table 60 GFRP Composites Market Size for Pultrusion, By Region, 2015—2022 (USD Million)
Table 61 GFRP Composites Market Size for Pultrusion, By Region, 2015—2022 (Kiloton)
Table 62 GFRP Composites Market Size for RTM, By Region, 2015—2022 (USD Billion)
Table 63 GFRP Composites Market Size for RTM, By Region, 2015—2022 (Kiloton)
Table 64 GFRP Composites Market Size for Other Manufacturing Processes, By Region, 2015—2022 (USD Million)
Table 65 GFRP Composites Market Size for Other Manufacturing Processes, By Region, 2015—2022 (Kiloton)
Table 66 GFRP Composites Market Size, By Region, 2015—2022 (USD Billion)
Table 67 GFRP Composites Market Size, By Region, 2015—2022 (Kiloton)
Table 68 North America: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (USD Million)
Table 69 North America: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (Kiloton)
Table 70 North America: GFRP Composites Market Size, By Country, 2015—2022 (USD Billion)
Table 71 North America: GFRP Composites Market Size, By Country, 2015—2022 (Kiloton)
Table 72 Europe: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (USD Million)
Table 73 Europe: GFRP Composites Market Size, By End-Use Industry, 2015–2022 (Kiloton)
Table 74 Europe: GFRP Composites Market Size, By Country, 2015—2022 (USD Billion)
Table 75 Europe: GFRP Composites Market Size, By Country, 2015—2022 (Kiloton)
Table 76 APAC: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (USD Billion)
Table 77 APAC: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (Kiloton)
Table 78 APAC: GFRP Composites Market Size, By Country, 2015—2022 (USD Million)
Table 79 APAC: GFRP Composites Market Size, By Country, 2015—2022 (Kiloton)
Table 80 MEA: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (USD Million)
Table 81 MEA: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (Kiloton)
Table 82 MEA: GFRP Composites Market Size, By Country, 2015—2022 (USD Million)
Table 83 MEA: GFRP Composites Market Size, By Country, 2015—2022 (Kiloton)
Table 84 Latin America: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (USD Million)
Table 85 Latin America: GFRP Composites Market Size, By End-Use Industry, 2015—2022 (Kiloton)
Table 86 Latin America: GFRP Composites Market Size, By Country, 2015—2022 (USD Million)
Table 87 Latin America: GFRP Composites Market Size, By Country, 2015–2022 (Kiloton)
Table 88 Investments and Expansions, 2012–2017
Table 89 Agreements, Partnerships, and Joint Ventures, 2012–2017
Table 90 New Product Launches, 2012–2017
Table 91 Mergers & Acquisitions, 2012–2017


List of Figures (32 Figures)

Figure 1 GFRP Composites Market Segmentation
Figure 2 GFRP Composites Market: Research Design
Figure 3 Market Size Estimation: Bottom-Up Approach
Figure 4 Market Size Estimation: Top-Down Approach
Figure 5 GFRP Composites Market: Data Triangulation
Figure 6 Transportation to Be the Leading End-Use Industry of GFRP Composites Between 2017 and 2022
Figure 7 Thermoplastic to Be the Fastest-Growing Resin Type of GFRP Composites
Figure 8 China to Be the Fastest Growing Market for GFRP Composites
Figure 9 Compression & Injection Molding to Be the Leading Manufacturing Process of GFRP Composites
Figure 10 APAC to Be the Fastest-Growing GFRP Composites Market
Figure 11 GFRP Composites Market to Grow at A Significant Rate
Figure 12 Wind Energy to Be the Fastest Growing End-Use Industry Between 2017 and 2022
Figure 13 APAC Accounted for the Largest Market Share in 2016
Figure 14 China and India to Be the Fastest-Growing Markets for GFRP Composites
Figure 15 Polyester to Be the Leading Resin Type of GFRP Composites
Figure 16 Factors Governing the GFRP Composites Market
Figure 17 Porter’s Five Forces Analysis
Figure 18 Polyester to Be the Leading Resin Type of GFRP Composites
Figure 19 Wind Energy to Register the Highest CAGR During the Forecast Period
Figure 20 APAC to Lead the Construction & Infrastructure End-Use Industry
Figure 21 Compression & Injection Molding to Be the Leading Manufacturing Process of GFRP Composites
Figure 22 APAC to Drive the GFRP Composites Market for Compression & Injection Molding
Figure 23 China to Register the Highest CAGR in the GFRP Composites Market
Figure 24 North America: GFRP Composites Market Snapshot
Figure 25 Europe: GFRP Composites Market Snapshot
Figure 26 APAC: GFRP Composites Market Snapshot
Figure 27 Owens Corning Captures the Largest Market Share in GFRP Composites Market
Figure 28 Owens Corning: Company Snapshot
Figure 29 PPG Industries, Inc.: Company Snapshot
Figure 30 Saint-Gobain S.A.: Company Snapshot
Figure 31 Nippon Sheet Glass Co. Ltd.: Company Snapshot
Figure 32 Nippon Sheet Glass Co. Ltd.: SWOT Analysis

The global Glass Fiber Reinforced Plastics (GFRP) composites market is projected to grow from USD 43.93 Billion in 2017 to USD 59.87 Billion by 2022, at a CAGR of 6.4% during the forecast period. The GFRP composites market is growing due to the high demand for wind blades from the wind energy electrical & electronics, pipes & tanks, construction & infrastructure, and transportation industries. GFRP composites are preferred, as they can reduce the weight of the product and are stronger than metallic parts. The GFRP composites market witnessed strong growth in the past few years due to the growing use of GFRP composites in the US, Germany, China, Brazil, and Japan.

The GFRP composites market is segmented on the basis of manufacturing processes into compression & injection molding, filament winding, layup, pultrusion, RTM, and others. Based on manufacturing process, compression & injection molding is the fastest growing segment of the GFRP composites market. It is the most preferred process to manufacture GFRP composites. Thus, the compression & injection molding manufacturing process segment accounted for a major share, in terms of value, in 2016. The compression & injection molding manufacturing process reduces labor cost, scrap rate, has a fast cycle time, and low mold-clamping pressure. This manufacturing process is widely employed in the transportation 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 segmented on the basis of end-use industry into wind energy, transportation, pipes & tanks, marine, construction & infrastructure, electrical & electronics, aerospace & defense, and others. The transportation end-use industry accounted for the largest share of the GFRP composites market in 2016, in terms of both, value and volume. The high demand for GFRP composites in the transportation industry can be attributed to their weight and increased fuel efficiency.

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 enhance the performance of the product. Based on resin type, the polyester segment accounted for the largest share of the GFRP composites market in 2016. Owing to their corrosion resistance and superior performance properties, polyester resins are widely used as a matrix for GFRP composites in several applications such as aircraft, electronics components, automotive, railways, and others.

Currently, the Asia Pacific region is the largest consumer of GFRP composites. India and China are the major markets for GFRP composites due to the growing wind energy, construction & infrastructure, pipes & tanks, and electrical & electronics industries. The GFRP composites market in Asia Pacific region is projected to grow at the highest rate during the forecast period. The growing demand in the region for environment-friendly products as well as emission control policies has made Asia Pacific the largest market for GFRP composites.

Glass Fiber Market

The global GFRP composites market size is expected to increase significantly during the forecast period, in terms of both, value and volume. However, the high cost of technology and high investment costs are factors restraining the growth of the global GFRP composites market.

Companies such as Owens Corning (US), Jushi Group (China), CPIC (China), and Taishan Fiberglass (China) are some of the leading players in the global GFRP composites market. Owens Corning has sustained the leading position in the market by tapping various lucrative markets globally. It has made strategic alliances with local distribution centers in emerging markets to increase its market share and customer base. As part of the company’s growth strategies in the GFRP composites market, it has mainly focused on investments & expansions, and new product launches.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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