According to the new market research report “GFRP Composites Market by End-Use Industry (Transportation, Electrical & Electronics), Resin Type (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Compression & Injection Molding, RTM/VARTM, Layup,) and Region – Global Forecast to 2027″, is projected to grow from USD 43.93 billion in 2017 to USD 82.10 billion by 2027, at a CAGR of 6.4% between 2017 and 2027.
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Based on raisin type, the polyester segment led the GFRP composites market in 2016, owing to its use in the construction, pipe & tanks, and electronics applications. These resins are excellent for water treatment and are used in various applications such as chemical treatment plants and non-corrosive at a lower cost as compared to other resins.
In terms of value, the transportation end-use industry segment accounted for the largest share of the GFRP composites market in 2016. Owing to their lightweight, GFRP composites are used as substitutes of aluminum and steel in the transportation industry. GFRP composites are lighter than traditional metals by 15–20% and therefore, the weight of a vehicle can be reduced by 60% with the use of GFRP components. This increases the fuel efficiency of the vehicle and reduces its carbon footprint. In addition, stringent regulations such as CAFE and UNEP in North America and Europe have been laid down to reduce greenhouse gas emissions through the use of lightweight and fuel-efficient materials in structural components of vehicles. This has encouraged the transportation industry in North America and Europe to adopt GFRP composites. The need for low cost, automated manufacturing process to produce complex and customized parts in automotive, aerospace, and wind energy end-use industry are driving the use of additive manufacturing (3D Printing) in the GFRP composites.
Browse and in-depth TOC on “GFRP Composites Market – Global Forecast to 2027”
91 – Tables
32 – Figures
160 – Pages
The Glass Fiber Reinforced Plastics (GFRP) composites comprise glass fibers reinforced with various thermoset or thermoplastic resins. Owing to their lightweight, high strength, flexible design solutions, and high durability, these composites are being preferred in various end-use industries such as aerospace & defense, transportation, pipes & tanks, electricals & electronics, construction & infrastructure, marine, and others. The GFRP composites market is projected to grow from USD 43.93 Billion in 2017 to USD 59.87 Billion by 2022, at a CAGR of 6.4% from 2017 to 2022.
Key companies offering GFRP composites have adopted the strategy of investments & expansions to strengthen their position in the GFRP composites market. Leading companies adopted this strategy to increase their distribution channels, strengthen their presence in developed and emerging countries, and meet the growing customer demand. Companies also adopted the strategies of partnerships, and joint ventures & agreements to expand their product reach globally and gain a competitive edge in the market. Companies have also adopted new product launches and agreements to increase their product portfolios and gain access to new and potential markets. The GFRP composites market witnessed mergers of established companies with small companies to enhance distribution networks and diversify product portfolios. Leading companies are acquiring small composite manufacturing companies in emerging regions to expand their global reach.
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Owens Corning (US) is one of the key manufacturers of GFRP composites that offers SMC/BMC Rovings, Panel Roving, Roving for Chopping, rovings for filament winding, chopped strand mat, high-performance glass fibers, Cem-FIL alkali-resistant glass fibers, etc. The company has increased investments, year-on-year, in R&D to develop new products, new production capabilities, and processes. As part of its growth strategy, the company is focused on the expansion of its capacities to cater to the increasing demand for GFRP composites.
The Jushi Group (China) is a global manufacturer of glass fiber products. The company is one of the major fiberglass manufacturers in China and serves the aerospace & defense, transportation, construction & infrastructure, chemicals, electrical & electronics, infrastructure, marine, and wind energy industries. The company is conducting research studies for the development of new products for different applications and is providing highest quality products. The company continues to invest in its facilities and in research & development to maintain a leading position in the global GFRP composites market.
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