Investments & Expansions are the Key Developmental Strategies Adopted by the Leading Players in the Glass Fiber Reinforced Plastics (GFRP) Composites Market.
The Glass Fiber Reinforced Plastics (GFRP) composites comprise glass fibers reinforced with various thermoset or thermoplastic resins. Owing to their lightweight, high strength, flexible design solutions, and high durability, these composites are being preferred in various end-use industries such as aerospace & defense, transportation, pipes & tanks, electricals & electronics, construction & infrastructure, marine, and others. The 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% from 2017 to 2022.
Key companies offering GFRP composites have adopted the strategy of investments & expansions to strengthen their position in the GFRP composites market. Leading companies adopted this strategy to increase their distribution channels, strengthen their presence in developed and emerging countries, and meet the growing customer demand. Companies also adopted the strategies of partnerships, and joint ventures & agreements to expand their product reach globally and gain a competitive edge in the market. Companies have also adopted new product launches and agreements to increase their product portfolios and gain access to new and potential markets. The GFRP composites market witnessed mergers of established companies with small companies to enhance distribution networks and diversify product portfolios. Leading companies are acquiring small composite manufacturing companies in emerging regions to expand their global reach.
Major manufacturers of GFRP composites profiled in this report are Owens Corning (US), Jushi Group (China), CPIC (China), PPG Industries (US), Taishan Fiberglass (China), etc. These companies have adopted various organic and inorganic growth strategies such as agreements & partnerships, investments & expansions, acquisitions, and new product developments to expand their global presence and increase their penetration into the global GFRP composites market.
Owens Corning (US) 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, etc. The company has increased investments, year-on-year, in R&D to develop new products, new production capabilities, and processes. As part of its growth strategy, the company is focused on the expansion of its capacities to cater to the increasing demand for GFRP composites.
The Jushi Group (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 applications and is providing highest quality products. The company continues to invest in its facilities and in research & development to maintain a leading position in the global GFRP composites market.
Related 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
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