The glass fiber reinforced plastic (GFRP) composites market is poised for substantial growth, expected to reach a valuation of USD 18.54 billion in 2023 and expand to USD 41.53 billion by 2033, reflecting a robust CAGR of 8.4% over the forecast period.
The increasing demand for durable, flexible, and high-quality products is a key driver behind the adoption of GFRP composites. Industries such as electronics, automotive, and construction are witnessing heightened demand for these materials. In the automotive sector, for example, manufacturers are focusing on lightweight devices and equipment to enhance fuel efficiency, thereby boosting the GFRP composites market.
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Additionally, there is a growing preference for renewable energy sources and heightened environmental concerns, which are further propelling market growth. The use of GFRP composites pipes in industries like oil, chemicals, and marine for liquid transfer and enhanced strength is creating new opportunities in the market. Innovations in lightweight vehicles such as electric cars and SUVs are also contributing to market expansion.
Advancements in molding technology, the introduction of advanced products, and increased piping activities are further bolstering market opportunities. Government initiatives and the growing number of investors in the sector are also facilitating market growth. In regions like China, the rapid expansion of wind energy projects is driving significant adoption of glass fiber reinforced plastic (GFRP) composites.
Overall, the GFRP composites market is poised to capitalize on these factors to achieve substantial growth in the coming years.
Key Takeaways:
- The glass fiber reinforced plastic (GFRP) composites market 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 market is 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.
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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Key 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
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 Manufacturing Process:
- Injection Molding
- Filaments
- Compression Molding
- RTM & VARTM
- Layup
- Others
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