Global Glass Fiber Reinforced Plastic (GFRP) Composites Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2027

Glass Fiber Reinforced Plastic (GFRP) Composites Market Overview

“The global Glass Fiber Reinforced Plastic (GFRP) Composites market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global glass fiber reinforced plastic composites market report has been segmented on the basis of resin type, manufacturing process, end-use industries, and region.

Glass fiber is the most common reinforced element, that is used majorly in industrial and commercial applications owing to its excellent mechanical properties such as durability, flexibility, superior resistance at elevated operating temperatures, and high tensile strength.

In addition, glass fiber composites are considered a substitute for aluminum and steel owing to their lightweight property.

GFRP composites are used in various applications such as building and construction, wind power turbines, aerospace, automotive, pipes and tanks, and others.

In the building and construction sector, these composite materials are utilized as reinforcement as rebars, Domes, industrial floorings, canopies, roofs, cornices, and others. These composites act as thermal resistant, more strength, ad low weight characteristics.

In aerospace applications, these composite materials are utilized as engine cowlings, fairings, and fan ducts. In addition, these composite materials are used as a substitute for conventional materials and offer various futuristic advantages over other materials.

Glass Fiber Reinforced Plastic (GFRP) Composites Market Dynamics

Increasing demand for glass fiber reinforced plastic composites across various end-use applications such as transportation and aerospace & defense is a major factor expected to drive the growth of the global market over the next few years.

In addition, increasing advancements in the electrical & electronics industry and increasing demand for glass fiber reinforced plastic composites from construction industries are other key factors expected to support revenue growth of the global market over the next few years.

Various features offered by these materials such as durability, flexibility, high tensile strength, and others are other factors anticipated to increase the adoption of glass fiber reinforced plastic composites, which in turn is expected to drive the growth of the target market over the forecast period.

However, High Processing and Manufacturing Costs is a major factor expected to hamper the growth of the global market to a certain extent.

Segmental Analysis:

On the basis of resin type, the polyester segment is estimated to dominate the global glass fiber reinforced plastic composites market. The polyester segment revenue is projected to register the highest CAGR over the forecast.

On the basis of the manufacturing process, the compression & injection molding segment is estimated to account for a major share in terms of revenue in the global market. The compression & injection molding segment revenue is also anticipated to register the highest CAGR over the forecast.

On the basis of end-use industries, the transportation segment is estimated to account for a significant share in terms of revenue in the global market. The transportation segment revenue is also projected to register the highest CAGR over the forecast.

Regional Analysis:

Asia Pacific glass fiber reinforced plastic composites market is expected to account for a significant share in terms of revenue in the global market. The Asia Pacific market is also anticipated to register faster growth in terms of revenue over the next few years, owing to increasing demand from the transportation and construction industry in the countries in the region.

The market in India is anticipated to account for a moderate share in terms of revenue in the Asia Pacific market.

Global glass fiber reinforced plastic composites market segmentation:

Segmentation by resin type:

• Polyester
• Vinyl Ester
• Epoxy
• Polyurethane
• Thermoplastics

Segmentation by manufacturing process:

• Compression & Injection Molding
• Filament winding
• Layup
• Pultrusion
• RTM
• Others (Phenolic, Benzoxazine, Cyanate Ester, and Bismalimide (BMI))

Segmentation by end-use industries:

• Transportation
• Aerospace & Defense
• Wind Energy
• Electrical & Electronics
• Construction & Infrastructure
• Marine
• Pipes & Tanks
• Others (Healthcare, Consumer Goods, and Sporting Goods)

 Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa