ESOMAR-certified market analysis and consulting company, Future Market Insights (FMI), has recently released a comprehensive report shedding light on the driving forces behind the demand for glass fiber reinforced plastic (GFRP) composites. This in-depth analysis not only assesses the impact of COVID-19 on the GFRP composites market but also tracks global sales trends across over 20 high-growth markets while focusing on specific end-use industries. FMI’s report provides valuable insights for businesses seeking to navigate and capitalize on the evolving landscape of the GFRP composites industry.
The glass fiber reinforced plastic (GFRP) composites market is poised for substantial growth, with a projected valuation of US$ 18.54 billion in 2023, expected to surge to US$ 41.53 billion by 2033, representing an estimated compound annual growth rate (CAGR) of 8.4% over the forecast period. This strong upward trajectory underscores the increasing demand for GFRP composites in various industries as they offer lightweight, durable, and cost-effective solutions for a wide range of applications.
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Increasing preferences for renewable energy and rising environmental concerns boost the market growth. The adoption of GFRP composites pipes in the oil, chemical, and marine industries to transfer the liquid and boost the strength propels market opportunities. Moreover, innovations of low-weighted vehicles, such as electric cars and SUVs, are further advancing the market expansion during the forecast period.
Growing molding technology, advanced products, and piping activities bolster market opportunities. The government initiatives, the rising number of investors, and present key vendors are flourishing the market opportunities. Significantly growing wind energy in China is increasing the adoption of glass fiber reinforced plastic (GFRP) composites.
The United States Dominates the Global Market
The United States is leading the global market by securing a maximum share during the forecast period. The increasing urbanization, automobiles, and construction activities are flourishing in the United States market. The growing demand for superior and high-quality equipment is increasing the demand for glass fiber reinforced plastic (GFRP) composites.
Rising standards of living, government support, and huge investments are propelling the market in the country. Innovative product launches and adopting marketing strategies are the other factors that bolster the market size. In addition, the manufacturers are adopting last-long materials with advanced molding technologies to expand the market size in the United States.
Key Takeaways:
- The glass fiber reinforced plastic (GFRP) compositesmarket is expected to have a valuation of US$ 41.53 billion by 2033.
- With a CAGR of 8.4%, the global market is increasing from 2022 to 2033.
- The United States glass fiber reinforced plastic (GFRP) composites marketis leading the global market, with registering a maximum share through 2033.
- The market secured a CAGR of 8.0% in the historical period between 2017 and 2022.
- The market captured a valuation of US$ 17.81 billion in the historical period.
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Who is winning?
The prominent players are launching their innovative products as per end-users’ requirements. Apart from it, they are investing a huge amount in research and development activities to produce innovative and easy-to-use equipment with the latest technology. The players are setting their goals by adopting better technology, apart from traditional and complicated methods.
The key vendors built several marketing tactics to enhance the market position in the international market. Their marketing strategies are collaborations, mergers, product launches, partnerships, and acquisitions.
Other Essential Players Working in the Market are:
- 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
Recent Developments in the Glass Fiber Reinforced Plastic (GFRP) Composites Market:
- In March 2020, Saint Gobain invested INR 500Cr to start manufacturing in India. The company motto provides services for window lines, float glass, and others.
- In July 2017, Owens Corning acquired Aslan FRP, a United-based company, to advance its portfolio in making infrastructure, including roads, tunnels, buildings, and marine.
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Glass Fiber Reinforced Plastic (GFRP) Composites Market Segmentation by Category
By Resin Type:
- Thermoplastic
- Polyurethane
- Polyester
- Epoxy
- Vinyl Ester
- Others
By End User:
- Transportation
- Renewable Energy
- Electric & Electronics
- Military & Defence
- Telecommunication
- Building & Construction
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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