Glass Fiber Reinforced Plastics (GFRP) Composites Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports

GFRP Composites Market

The Global Glass Fiber Reinforced Plastics (GFRP) Composites Market was valued at USD 19.8 Billion in 2022, and is projected to reach USD 37.2 Billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.

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Glass Fiber Reinforced Plastics (GFRP) Composites Market Size, Share, Competitive Landscape and Trend Analysis Report by Resin Type (Polyester resin, Vinyl ester resin, Epoxy resin, Polyurethane resin, Others), by Process (Manual process, Continuous process, Compression molding, Injection molding), by End Use Industry (Aerospace and defense, Construction, Wind energy, Automotive, Electrical and electronics, Others)

Report Key Highlighters:
• Quantitative information mentioned in the global glass fiber reinforced plastics (GFRP) composites market includes the market numbers in terms of value ($Million) and volume (Kilotons) with respect to different segments, pricing analysis, annual growth rate, CAGR (2023-32), and growth analysis.
• The analysis in the report is provided based on resin type, process, and end-use industry The study will also contain qualitative information such as the market dynamics (drivers, restraints, opportunities), Porter's Five Force Analysis, key regulations across the region, and value chain analysis.
• A few companies, including Owens Corning, Johns Manville, Sancom Composites LLP, Asahi Kasei Corporation, PPG Industries, Inc., hold a large proportion of the glass fiber reinforced plastics (GFRP) composites market.
• This report makes it easier for existing market players and new entrants to the glass fiber reinforced plastics (GFRP) composites business to plan their strategies and understand the dynamics of the industry, which ultimately helps them make better decisions.

Glass fiber reinforced plastic composites, commonly known as fiberglass composites, represent a class of materials composed of a polymer matrix reinforced with glass fibers. These composites are vital in a variety of sectors because of their outstanding strength, durability, and adaptability. Glass fibers, which are thin strands made from melted glass, are mixed with a polymer like epoxy, polyester, or vinyl ester resin to create these composites.

This combination results in a material with remarkable properties, blending the lightweight nature of polymers with the high strength-to-weight ratio of glass fibers. This composite has several applications including aerospace and automotive, as well as construction, marine, sports equipment, and consumer goods. The unique properties of fiberglass composites, including corrosion resistance, electrical insulation, and thermal stability, contribute to their widespread use and the continued search for innovative solutions in a wide range of sectors.

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The surge in global infrastructure projects has become a major factor driving the GFRP composite market.

Governments and private companies throughout the globe are making significant investments in different building, transportation, and utility enterprises. GFRP composites are being chosen as the preferred material for these projects because of their remarkable qualities, which include a high strength-to-weight ratio, corrosion resistance, and longevity. They provide structurally robust, cost-effective, and sustainable solutions that satisfy the changing requirements of contemporary infrastructure development. The versatility of GFRP composites allows them to be used in a variety of infrastructure areas. They are used in the construction of building facades, reinforcing bars, bridge decks, railway components, utility poles, and other structural parts.

Furthermore, the design freedom of GFRP composites allows for the production of complicated forms and structures in infrastructure projects, permitting creative and aesthetically beautiful designs. Architects and engineers may use the composites' adaptability to build custom-made components, unique architectural aspects, and specialized structural characteristics that would be difficult or impossible to achieve with traditional materials.

The growing need for glass fiber reinforced plastics (GFRP) composites has boosted their demand within the aerospace and automotive industries, driving market expansion.

In the automotive sector, there's been a noticeable uptick in employing GFRP composites across various components. These materials offer advantageous properties like exceptional strength, resistance to corrosion, and flexibility in design. This versatility allows GFRP composites to be used in manufacturing automotive body panels, various vehicle parts, interior components, and even structural elements. Similarly, in the aerospace industry, there's been a considerable increase in utilizing GFRP composites in crafting critical aircraft components such as wings, fuselage sections, and internal structures.

The primary driving force behind this adoption is the remarkable strength-to-weight ratio offered by these composites. This specific quality enables the creation of aircraft components that are both robust and lightweight, a crucial combination in the aerospace sector. Industries are continuously striving to enhance performance metrics, diminish fuel consumption, and meet stringent requirements. Consequently, this has led to an escalating need for GFRP composites, owing to their capability to fulfill these criteria effectively.

The lightweight and high-strength properties of glass fiber reinforced plastics (GFRP) composites play a vital role in fueling the growth of their market due to their significant advantages and applications across various industries.

Glass fiber reinforced plastics (GFRP) composites are an impressive combination of strength and lightweight characteristics, making them a standout choice. This combination is crucial in industries like aerospace, automotive, marine, and transportation, where weight reduction without losing toughness is critical. By being lightweight, these composites help to save energy and improve overall operating effectiveness.

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The ability of GFRP composites to offer both robustness and lighter weight is an important development, as it directly impacts fuel efficiency and enhances performance across various sectors. Furthermore, the high strength-to-weight ratio of GFRP composites makes them a desirable alternative for a variety of structural applications. Their capacity to endure significant loads and strains while being lightweight is a crucial element driving their use in various industries.

However, these composites have high corrosion resistance in many situations, but they
may degrade when exposed to UV light over an extended period. Ultraviolet radiation can degrade the polymer matrix, resulting in loss of mechanical property and structural collapse. Because of this restriction, UV-resistant coatings or additives must be used to reduce the effects of extended exposure to sunlight, particularly in outdoor applications such as building or marine constructions. These factors are restraining the growth of the glass fiber reinforced plastic composite market.

Furthermore, the increasing adoption of GFRP composites in emerging sectors such as renewable energy and electric vehicles presents a promising avenue for future growth. GFRP materials are utilized in wind turbine blades, solar panel frames, and components for electric vehicles due to their lightweight, durable, and corrosion-resistant properties. As the global shift towards renewable energy sources and sustainable transportation intensifies, the demand for GFRP composites in these sectors is expected to escalate, opening up new avenues for market expansion.

The glass fiber reinforced plastics (GFRP) composites market is segmented based on resin type, process, end-use industry, and region. By resin type, the market is divided into polyester resin, vinyl ester resin, epoxy resin, polyurethane resin, and others. Based on the process, it is categorized into manual process, continuous process, compression molding, and injection molding. Depending on the end-use industry, the market is segregated into aerospace and defense, construction, wind energy, automotive, electrical and electronics, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The epoxy resin segment accounted for the largest share in 2022. The demand for epoxy resin is on the rise due to its versatile applications in industries such as construction, electronics, and automotive. Epoxy's excellent adhesive properties, high strength, and resistance to chemicals make it a preferred choice. Additionally, its increasing use in composites, coatings, and adhesives for manufacturing processes contributes to the growing demand, driven by the need for durable and efficient materials in various sectors.

Vinyl ester resin is expected to register the highest CAGR of 7.0%. The increasing demand for vinyl ester resin can be attributed to its exceptional corrosion resistance, mechanical strength, and versatility. Industries such as construction, automotive, and marine favor vinyl ester resin for its superior performance in harsh environments. Additionally, its compatibility with various reinforcing materials and cost-effectiveness further contribute to the rising demand, making it a preferred choice in composite applications.

The compression molding segment accounted for the largest share in 2022. The demand for compression molding processes is on the rise due to several key factors. Firstly, it offers cost-effective production for large quantities of intricate parts. Additionally, the process allows for the utilization of a wide range of materials, promoting versatility in manufacturing. Its ability to produce high-strength and durable products further contributes to its increasing popularity in industries seeking efficient and reliable molding solutions.

Continuous process is expected to register the highest CAGR of 6.9%. Continuous processes see increased demand due to their efficiency, cost-effectiveness, and reduced resource consumption. Continuous production minimizes downtime, ensuring a steady output and consistent quality. This method is particularly advantageous in industries requiring high-volume, standardized output, such as chemicals and pharmaceuticals.

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The Automotive segment accounted for the largest share in 2022. The automotive industry experiences increased demand due to factors such as rising population and urbanization, leading to greater mobility needs. Technological advancements, including electric vehicles and autonomous driving, contribute to consumer interest. Economic growth improved disposable incomes, and a growing middle class further boosted demand for automobiles globally.

Aerospace and defense is expected to register the highest CAGR of 7.2%. The aerospace and defense industry experiences increased demand due to geopolitical tensions, rising global security concerns, and technological advancements. Countries invest heavily in defense capabilities, driving demand for cutting-edge aircraft, surveillance systems, and weaponry. Additionally, the growing commercial aviation sector contributes to the industry's expansion, fueled by increased air travel and cargo transportation needs.

Asia-Pacific garnered the largest share in 2022. The glass fiber reinforced plastics (GFRP) composites market in Asia-Pacific is experiencing robust growth, driven by increasing demand across the construction, automotive, and aerospace industries. The region's economic expansion, technological advancements, and emphasis on lightweight materials contribute to GFRP's popularity. Key players are investing in research and development, further fueling market expansion.

The major players operating in the global glass fiber reinforced plastics (GFRP) composites market are Owens Corning, Johns Manville, Sancom Composites LLP, Asahi Kasei Corporation, PPG Industries, Inc., 3B - the fibreglass company, Nippon Sheet Glass Co., Ltd., Nitto Boseki Co., Ltd., Celanese Corporation, and Mitsubishi Chemical Group Corporation.

Other players include SGL Carbon, alformet, Röchling, Amiblu Holding GmbH, Chomarat Group, Saint Gobain Vetrotex, Honeywell International Inc., BASF SE, Reliance Industries Ltd., Advanced Composites Inc., Braj Binani Group, and BGF Industries Inc.

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