The GFRP Composites Market is segmented by Resin Type (Polyester Resin, Vinyl Ester Resin, Epoxy Resin, Polyurethane Resin, Thermoplastic Resin, and Others), by End-Use IndustryType (Wind Energy, Electrical & Electronics, Transportation, Pipes & Tanks, Construction & Infrastructure, Marine, Aerospace & Defense, and Others), by Manufacturing Process Type (Compression & Injection Molding, Layup, Filament Winding, Pultrusion, RTM, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The GFRP Composites Market is segmented by Resin Type (Polyester Resin, Vinyl Ester Resin, Epoxy Resin, Polyurethane Resin, Thermoplastic Resin, and Others), by End-Use Industry Type (Wind Energy, Electrical & Electronics, Transportation, Pipes & Tanks, Construction & Infrastructure, Marine, Aerospace & Defense, and Others), by Manufacturing Process Type ...
The GFRP Composites Market was estimated at US$ 48.02 billion in 2022 and is expected to grow at a healthy CAGR of 6.6% during 2023-2028 to reach US$ 70.67 billion by 2028.
Glass Fiber Reinforced Polymer (GFRP) composites are materials composed of a matrix reinforced with glass fibers. The matrix, often made of a polymer such as epoxy or polyester resin, binds and protects the glass fibers, while the fibers provide strength and stiffness to the composite. GFRP composites exhibit excellent strength-to-weight ratio, corrosion resistance, and durability, making them popular in various industries, including construction, automotive, aerospace, and marine applications.
GFRP Composites Market Overview
Growth
6.6% for the next five years
Major Resin Type
Polyester Resin
Fastest Manufacturing Process Type
Compression & Injection Molding
Region with the highest demand
Asia-Pacific
Key Players
AGY Holdings Corp, Asahi Fiber Glass Co., LTD., Chongqing, Polycomp International Corporation, Johns Manville Corporation, Jushi Group Co., LTD., Nippon Sheet Glass Co. LTD., Owens Corning, PPG Industries, Inc., Saint-Gobain S.A. and Taishan Fiberglass, Inc.
Market Drivers
GFRP composites are commonly used to manufacture components such as panels, pipes, and structural elements, offering advantages like high strength, low weight, and resistance to environmental factors. These composites contribute to the development of lightweight and durable structures across diverse engineering fields and are expected to fuel the growth of the GFRP composites market during the forecast period.
Segments Analysis
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By Resin Type
The market is segmented into polyester resin, vinyl ester resin, epoxy resin, polyurethane resin, thermoplastic resin, and others. The polyester segment is estimated to hold the largest share of the GFRP composites market during the forecast period. The performance of the product can be improved by using resins, along with GFRP composites, as per the need of the application. The polyester segment accounted for the largest share of the market. It offers various attractive features such as resistance from corrosion, and excellent performance, due to which polyester resins are widely used as a matrix for GFRP composites in various applications such as automotive, aircraft, electronic components, railways, and others.
By End-Use Industry Type
The GFRP composites market is segmented into wind energy, electrical & electronics, transportation, pipes & tanks, construction & infrastructure, marine, aerospace & defense, and others. Transportation is estimated to account for the largest share of the GFRP market during the forecast period. There is a high demand for GFRP composites in the transportation industry owing to their lightweight, which increases fuel efficiency.
By Manufacturing Process Type
The market is segmented into compression & injection molding, layup, filament winding, pultrusion, RTM, and others. The compression & injection molding process is estimated to be the fastest-growing manufacturing process in the market during the forecast period as it offers various benefits, along with fast cycle time, low scrap rate, low labor cost, and low mold-clamping pressure. Compression & injection molding are widely used in various applications of GFRP composites, such as transportation & electrical & electronics industries. These composites are highly used for various key applications such as to produce bumpers for vehicles, enclosures for medical devices, panels for electrical equipment, and others, which in turn, is driving the growth of the segment.
Regional Analysis
In terms of regions, Asia-Pacific is expected to be the fastest-growing market for GFRP composites during the forecast period. The growth of the market is owing to the increasing consumption of GFRP composites in various end-use industries such as wind energy, electrical & electronics, construction & infrastructure, and transportation. In the Asia-Pacific’s GFRP composites market, China is the leading country and there has been the highest number of wind energy installations in the year 2019 and a new capacity of 23,328 MW was added to it later. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
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Key Players
Some of the major players in the GFRP composites market are-
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the GFRP Composites Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market Segment Analysis and Forecast
Who are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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