The glass fiber reinforced plastic (GFRP) composites market is predicted to capture a valuation of USD 18.54 billion in 2023, and is rising to USD 41.53 billion by 2033. The market is estimated at a CAGR of 8.4% during the forecast period.
Factors Influencing the Market Growth:
Factors Limiting the Market Growth:
Several industries are increasing the adoption of glass fiber reinforced plastic (GFRP) composites to maintain a healthy environment and reduce hazardous chemicals that affect human life. However, growing the recycling process on a large scale by the automobile sector limits the market growth. The recycling process is hazardous and unsuitable for the environment; hence, the increasing number of issues is further expected to restrain the market growth.
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Advanced and superior quality materials increase the demand for glass fiber reinforced plastic (GFRP) composites. Rapid urbanization and infrastructure in developed and developing economies are flourishing the market expansion. Furthermore, the increasing standard of living and demand for glass fiber reinforced plastic composites pipes among industries further drive the market size.
Government and key market companies are investing huge amounts to uplift the market size. Adopting the high-quality materials for automation and electric equipment and devices propels the market growth. In addition, the government promoting wind energy with rotor blade technology is expected to fuel the market growth. However, 25% of metal corrosion in these industries is a failure. Therefore, adopting the cost-effective and last-long materials is increasing the market opportunities.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 8.4% |
| Market Valuation (2023) | USD 18.54 billion |
| Market Valuation (2033) | USD 41.53 billion |
According to Future Market Insights, the global glass fiber reinforced plastic (GFRP) market is projected at a healthy 8.4% CAGR during the forecast period. Historically, the market registered a CAGR of 8.0% between 2017 and 2022.
The market is estimated to reach USD 41.53 billion during the forecast period. Historically, the market stood at USD 17.81 billion from 2017 to 2022.
Principal Consultant
Based on resin type, the polyester category dominates the global market by capturing an impressive share during the forecast period. End-user companies prefer better quality products to enhance the performance, and are estimated to increase the adoption of polyester.
The growing preference for corrosion-resistance devices and premium quality products is expanding. Several end-use companies, such as automation, aircraft, electronics, railways, and electric, are growing the demand for polyester.
Based on the end-use industry, the transportation segment is leading the global market by capturing a maximum share during the forecast period. The increasing demand for fuel efficiency, low cost, and growing adoption of glass fiber reinforced plastic (GFRP) composites are the important factors that drive the market expansion. Moreover, the increasing railways and automobile sectors also boost the demand for transportation.
Growing fuel economy and providing lightweight machinery tools are expanding the market size. In addition, the GFRP composites devices, such as seats, windows, luggage bins, roof panels, and others, are increasing the high demand for transportation.
Based on the manufacturing process, the compression molding process leads the global market by securing a significant share during the forecast period. Rising cheap labor costs, production process, low scarp rate, and short cycle period fuel the demand for compression molding
Key manufacturers in the electric, automation and electronic sector are increasing the adoption of the compressive molding process. However, several components, including electric panels, electronic equipment, automobile bumpers, and medical devices, increase the adoption of the compression molding process.
The United States is capturing a significant global market share during the forecast period. Growing automobile and defense equipment is surging the demand for glass fiber reinforced plastic (GFRP) composites in the United States. In addition, the increasing development of non-traditional and cut-edge equipment is boosting the adoption of glass fiber reinforced plastic (GFRP) composites in the country. According to its historical period, the United States glass fiber reinforced plastic (GFRP) composites market is currently advancing the market expansion.
China is one of the leading countries in the Asia Pacific region that secures a relevant share of the global market. The increasing presence of electronic manufacturers and surging demand for lightweight automobile devices propel China's glass fiber reinforced plastic (GFRP) composites market. However, significantly growing wind energy in China is flourishing the market expansion.
The growing production of fuel-efficient vehicles, electric cars, advanced SUVs, and other lightweight equipment is further driving the China market. In addition, the increasing construction activities, transportation, and railways are accelerating the demand for glass fiber reinforced plastic (GFRP) composites in the country. Looking at its historical period, China is continuously growing its market size with its prominent market players.
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The United States is collecting a significant share of the global market by securing a better valuation during the forecast period. In addition, new market entrances, research & development activities, and low-cost molding technologies are booming in the United States glass fiber reinforced plastic (GFRP) composites market.
Growing commercialization and a huge amount of investment by top companies in developing standardized products are expected to propel the United States market. Moreover, the adoption of advanced 3D technology and innovation of products are estimated to mushroom the market. End-users, such as construction, automobiles, and rapid infrastructure, are further upsurging the market growth in the coming period.
The prominent players are playing a crucial role in the market by focusing on providing better, good, effective, standardized products. In addition, the players are developing better and light weight machinery equipment and devices for multiple end-use companies with their innovative and advanced technologies. In short, these players attract their consumers by providing them with electric and automobile devices that are easy to work, access and consume less fuel.
Through their deep research and well-established infrastructure for launching new products, they capture the consumer's attention. Apart from it, the prominent players are the backbone and the first step to take any business to stand on their feet. The players adopt several marketing strategies, investing huge amounts in acquiring maximum profits, including acquisitions, partnerships, collaborations, and agreements.
Other Essential Key Players are:
Recent Developments in the Glass Fiber Reinforced Plastic (GFRP) Composites Market are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covereda | The United States Canada, Germany, The United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa and South Africa |
| Key Segments Covered | Resin Type, Manufacturing Process, End User, Region |
| Key Companies Profiled | Johns Manville; BGF Industries; Asahi Glass Company Limited; Advanced Glassfiber Yarns LLC; Chomarat Group; Jushi Group Co. Ltd; Taishan Fiberglass Inc; Owens Corning, PPG Industries Inc; Binani 3B-The Fibreglass Company; Saertex Group; Chongqing Polycomp International Corp; Saint-Gobain Vetrotex; Nitto Boseki Co. Ltd; Nippon Sheet Glass Co. Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global demand is forecasted to grow at 8.4% through 2033.
The net worth of the global market might
reach about US$ 41.53 billion by 2033.
Higher military spending makes the United States
the dominant regional market.
Growing production of fuel-efficient vehicles is driving
the regional market in China.
The compression molding process is mostly
adopted in the making process.
1. Executive Summary | Glass Fiber Reinforced Plastic (GFRP) Composites Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Resin Type 5.1. Polyester 5.2. Vinyl Ester 5.3. Epoxy 5.4. Polyurethane 5.5. Thermoplastic 5.6. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Manufacturing Process 6.1. Compression Molding 6.2. Injection Molding 6.3. Layup 6.4. Filament Winding 6.5. Pultrusion 6.6. RTM & VARTM 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User 7.1. Transportation 7.2. Building & Construction 7.3. Electrical & Electronics 7.4. Renewable Energy 7.5. Telecom 7.6. Infrastructure 7.7. Military & Defence 7.8. Technical Textiles 7.9. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. Middle East & Africa (MEA) 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Owens Corning 16.2. JEC Group 16.3. PPG Industries, Inc. 16.4. Johns Manville 16.5. Saint-Gobain 16.6. AGY Holding Corp 16.7. Nippon Sheet Glass Co., Ltd 16.9. Braj Binani Group 16.10. BGF Industries, Inc. 16.11. Nitto Boseki Co., Ltd 16.12. PFG FIBER GLASS CORPORATION 16.13. Celanese Corporation 16.14. SAERTEX GmbH & Co. KG 16.15. Denka Company Limited 16.16. Aeron Composite Pvt. Ltd 16.17. Reinforced Plastic Industries 17. Assumptions & Acronyms Used 18. Research Methodology
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Glass Fiber Reinforced Plastic (GFRP) Composites Market
