The raw material used in the production of glass fiber reinforced plastic (GFRP) is silica-based which is combined with metal oxides. Furthermore, the product is reinforced with different materials according to the need of the application. It is expected to pave its way across different industry verticals to gain traction in the foreseeable future. Market Research Future (MRFR)’s report unfolds that the global glass fiber reinforced plastic (GFRP) market is likely to exhibit expansion at a moderate pace over the forecast period 2017 to 2023.
The main properties of GFRP that is expected to facilitate demand generation over the next few years are lightweight, high levels of stiffness, high strength-to-weight ratio, chemical resistance, good electrical insulating properties, etc. These properties are anticipated to lead to increasing applications across the construction of boats and pipework. Thus, the growth of the marine industry is projected to catapult the Glass Fiber Reinforced Plastic (GFRP) Market on upward trajectory.
The product is also extensively used in different industrial processes. Thus, rapid industrialization is likely to accelerate revenue generation in the glass fiber reinforced plastic (GFRP) market over the next couple of years. In addition, increasing demand for lightweight and high-quality surface finishes in the automotive sector is poised to favor the increasing demand for GFRP in the upcoming years. On the other hand, the adverse effects of moisture and high temperature on glass-fiber epoxy resin composites are expected to check the growth of the market across the assessment period.
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Glass Fiber Reinforced Plastic (GFRP) Market Segmentation:
Based on the reinforcing material type, the global glass fiber reinforced plastic (GFRP) market has been segmented into epoxide, polyester, polyamide, and others.
The global glass fiber reinforced plastic (GFRP) market, on the basis of end-user, has been segmented into building & construction, transportation, chemical plants, marine, renewable energy, and others.
Glass Fiber Reinforced Plastic (GFRP) Market Regional Analysis:
The detailed geographical analysis of the global glass fiber reinforced plastic (GFRP) market covered in this report encompasses five key regions – Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa (MEA). Europe is projected to expand at the highest CAGR over the next couple of years. The regional segment’s growth can be primarily attributed to the developments in the marine industry. In addition, rising investments in navy are also poised to favor market expansion. Italy, Germany, Spain, U.K, France, and Russia are some of the major country-level markets expected to boost expansion of the glass fiber reinforced plastic (GFRP) market in the region over the assessment period. Also, a large fraction of automobile manufacturers is based out of Europe. This, in turn, is projected to support the proliferation of the glass fiber reinforced plastic (GFRP) market in the years to come. Asia Pacific is likely to register a moderate growth pace with increasing contributions from nations such as China, Malaysia, India, Thailand, and Japan.
Competitive Dashboard:
Jushi Group Co., Ltd. (China), Owens Corning (U.S.), Chongqing Polycomp International Corporation (China), Johns Manville Corporation (U.S.), PPG Industries, Inc. (U.S.), Saint-Gobain Corporation (U.S.), Taishan Fiberglass Inc. (China), Nippon Sheet Glass Co., Ltd. (Japan), AGY Holding Corp. (U.S.), Binani Industries Limited (India), Asahi Fiber Glass Co., Ltd. (Japan), Celanese Corporation (U.S.), NITTOBO ASIA Glass Fiber Co. Ltd. (Taiwan), SAERTEX GmbH & Co. KG (Germany), and BGF Industries, Inc. (U.S.) are some of the major players operating in the global glass fiber reinforced plastic (GFRP) market.
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