How Has The Glass Fiber Reinforced Plastic (GFRP) Composites Market Size Evolved In Recent Years?
The glass fiber reinforced plastic (gfrp) composites market has seen considerable growth due to a variety of factors.
• In recent times, the market size of glass fiber reinforced plastic (GFRP) composites has experienced substantial growth. It is projected to expand from $26.15 billion in 2024 to $28.23 billion in 2025, projecting a compound annual growth rate (CAGR) of 8.0%.
Several reasons can be identified for this growth during the historic period, including increased investment in infrastructure, a greater focus on sustainability, more extensive research and development, a rise in the use of environmentally-friendly materials, and the expansion of the wind energy sector.
How Will The Glass Fiber Reinforced Plastic (GFRP) Composites Market Size Evolve In The Foreseeable Future?
The glass fiber reinforced plastic (gfrp) composites market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for glass fiber reinforced plastic (GFRP) composites is anticipated to witness significant growth, reaching $37.97 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 7.7%.
This projected increase in the forecast period is due to the burgeoning automotive industry, infrastructural advancements, the growth of the electrical and electronics sector, the transition from metal to composite materials, and governmental support towards renewable energy. Some of the main trends during this forecast period include the creation of high-performance resins, the utilization of automation and robotics in manufacturing, real-time quality management systems, effective fiber reinforcement, and the incorporation of augmented reality (AR).
What Are The Essential Drivers Behind The Growth Of The Glass Fiber Reinforced Plastic (GFRP) Composites Market?
The expansion of the construction sector is anticipated to drive the growth of the glass fiber-reinforced plastic (GFRP) composite market in the future. The construction sector comprises all operations associated with the building and assembly of infrastructure and structures. The process of urbanization fuels construction activities as the growing urban populations necessitate new housing, infrastructure, and commercial spaces, thereby leading to continuous construction projects. Glass fiber reinforced plastic (GFRP) composites, known for their light weight, durability, and ability to resist corrosion, enhance the structural lifespan of buildings. These materials can efficiently fortify concrete, provide design flexibility, and prevent rusting and electromagnetic interruption. For example, in February 2023, the UK-based Office for National Statistics reported that annual construction output in 2022 rose by 5.6% from 2021, which had witnessed a significant growth of 12.8%. As a result of these factors, the rising construction industry is steering the advancement of the glass fiber-reinforced plastic (GFRP) composites market.
What Are The Core Segments Of The Globa Glass Fiber Reinforced Plastic (GFRP) Composites Market?
The glass fiber reinforced plastic (GFRP) composites market covered in this report is segmented –
1) By Resin Type: Thermoplastic, Polyurethane, Polyester, Epoxy, Vinyl Ester, Other Resin Types
2) By Glass Type: S-Glass, C-Glass, E-Glass, Other Glass Types
3) By Manufacturing Process: Compression Molding, Injection Molding, Layup, Filament Winding, Pultrusion, Resin Transfer Molding (RTM) And Vacuum-Assisted Resin Transfer Molding (VARTM), Other Manufacturing Processes
4) By End-User: Transportation, Renewable Energy, Electric And Electronics, Military And Defense, Telecommunication, Building And Construction, Other End-Users
Subsegments:
1) By Thermoplastic: Polypropylene (PP), Polyamide (PA), Polyethylene (PE), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS)
2) By Polyurethane: Rigid Polyurethane Composites, Flexible Polyurethane Composites, Polyurethane Foam Composites
3) By Polyester: Unsaturated Polyester Resin (UPR), Isophthalic Polyester, Orthophthalic Polyester
4) By Epoxy: Bisphenol-A (BPA) Epoxy Resin, Novolac Epoxy Resin, Specialty Epoxy Resin For Composites
5) By Vinyl Ester: Standard Vinyl Ester Resin, Specialty Vinyl Ester Resin, Vinyl Ester Resin For Corrosion Resistance
6) By Other Resin Types: Phenolic Resin, Bismaleimide (BMI) Resin, Polyimide Resin, Cyanate Ester Resin
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Which Emerging Trends Are Reshaping The Glass Fiber Reinforced Plastic (GFRP) Composites Market Size?
Prominent corporations in the glass fiber reinforced plastic (GFRP) composites sector are progressing towards more sophisticated solutions regarding the recycling of GFRP to augment sustainability and minimize environmental effects. Glass fiber reinforced plastic recycling technology's objective is to retrieve and reprocess glass fibers from discarded GFRP materials, capable of effectively recycling both fibers and resins, thus alleviating environmental concerns. To illustrate, in October 2023, Toray Industries Inc., a textile firm based in Japan, premiered its technology for recycling glass fiber-reinforced polyphenylene sulfide (GFRP-PPS). Despite having 50% or more recycled material, this product maintains a mechanical strength comparable to pure PPS. Utilizing unique compounding methods to merge PPS resin with distinct reinforcing fibers, it minimizes the shortening and fracturing of glass fiber throughout recycling. Additionally, the technology significantly reduces CO2 emissions by a minimum of 40 percent. Owing to its exceptional heat and chemical resistance, it stands suitable for multiple industrial uses, such as parts for electronic components and electric vehicles.
Who Are the Key Players in the Glass Fiber Reinforced Plastic (GFRP) Composites Market?
Major companies operating in the glass fiber reinforced plastic (GFRP) composites market are include:
•Reliance Industries
• Mitsubishi Chemical Group Corporation
• Asahi Kasei Corporation
• Toray Industries Inc.
• Owens Corning
• Celanese Corporation
• Huntsman International LLC
• Hexcel Corporation
• SGL Carbon SE
• Saint-Gobain Group
• Röchling SE & Co. KG
• 3B-the Fiberglass Company
• Pultrall Inc.
• Advanced Composites Inc.
• Jiuding New Material Co. Ltd.
• Tuf-Bar Inc.
• Tribeni Fiber Pvt Ltd.
• Stromberg Architectural
• Everest Composites Pvt. Ltd.
• RG Fibrotech Private Limited
• Chongqing Dujiang Composites Co. Ltd.
What are the Regional Insights into the Glass Fiber Reinforced Plastic (GFRP) Composites Market?
Asia-Pacific was the largest region in the glass fiber reinforced plastic (GFRP) composites market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the glass fiber reinforced plastic (GFRP) composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
