The global glass fiber reinforced plastic (GFRP) composites market is anticipated to create lucrative growth opportunities over the forecast period by exhibiting a CAGR of 8.4% from 2023 to 2033. The market is predicted to capture a valuation of US$ 18.54 billion in 2023 and is rising to US$ 41.53 billion by 2033. According to Future Market Insights’ historical analysis, the global glass fiber reinforced plastic (GFRP) composites market registered a CAGR of 8.0% between 2017 and 2022. The market stood at US$ 17.81 billion from 2017 to 2022.
The growth of the market is attributed to the increasing demand for high-quality materials, urbanization, and rapid infrastructure advancing the market growth. Furthermore, the surging demand for flexibility, superior quality, and renewable energy is anticipated to bolster growth in the market over the assessment period. Furthermore, propelling government initiatives, innovations, and adoption of molding technologies are expanding the market opportunities. The growth in the market is rising owing to increasing demand for flexibility, strength, and durability is raising the adoption of glass fiber-reinforced plastic (GFRP) composites.
The rising automobile sector paired with increasing demand for low-material products combined with strength is accelerating the demand for glass fiber-reinforced plastic (GFRP) composites over the projection period. Furthermore, rising consumer inclination towards renewable energy is also driving growth in the market. Aiming for a pollution-free environment and sea, the marine industry is rising the adoption of glass fiber-reinforced plastic (GFRP) composites.
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- Advanced and superior-quality materials augment the demand for glass fiber-reinforced plastic (GFRP) composites. The growth is attributed to the growing urbanization and improved infrastructure in developed and developing economies. These factors are flourishing the market growth.
- The rising standard of living and increasing demand for glass fiber-reinforced plastic composite pipes among industries further drive the market size. Furthermore, various governments and other key market companies are heavily investing in order to uplift the market size even further.
- The adoption of high-quality materials for automation and electric equipment along with devices augments the market growth even further. In addition to that, the government is actively promoting wind energy with rotor blade technology is expected to fuel the market growth.
- Although, 25% of metal corrosion in these industries is doomed to failure. As a result, adopting cost-effective and last-long materials is increasing market opportunities. Moreover, the automation sector has elevated the usage of glass fiber reinforced plastic (GFRP) composites to produce light-weighted cars and other vehicles to save fuel.
- The spurring construction industry and low-cost fuel techniques are flourishing the market growth. Rising molding technologies and piping activities are increasing the sales of glass fiber-reinforced plastic (GFRP) composites.
The key market players are focusing on offering better and more effective standardized products. In addition, the players are able to develop better and lightweight machinery equipment. These devices and equipment are used by 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, and access and consume less fuel.
With the help of deep research and well-established infrastructure for the launch of new products, they are able to successfully capture the consumer’s attention. Besides this, key players in the market are known as the backbone and the first step to take any business to stand on its feet. The players adopt several marketing strategies, investing huge amounts in acquiring maximum profits, including acquisitions, partnerships, collaborations, and agreements.
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More Insights into the Glass Fiber Reinforced Plastic (GFRP) Composites Market
The United States is estimated to dominate the global glass fiber reinforced plastic (GFRP) composites market by accounting for a significant market share over the assessment period. Furthermore, 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 another market exhibiting lucrative growth over the forecast period. The growth of the Asia Pacific region is attributed to the presence of electronic manufacturers and surging demand for lightweight automobile devices that propel China’s glass fiber reinforced plastic (GFRP) composites market. However, significantly growing wind energy in China is flourishing the market expansion.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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