Glass Fiber Reinforced Plastics (GFRP) Composites Market Size to Grow USD 37.2 Billion at a CAGR of 6.5% | Valuates Reports
BANGALORE, India, Feb. 20, 2024 /PRNewswire/ -- 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): Global Opportunity Analysis and Industry Forecast, 2023-2032.
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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Major Factors Driving the Growth of GFRP Composites Market:
Numerous reasons, such as the need for lightweight and highly durable materials in sectors including aerospace, automotive, construction, and renewable energy, are driving the expansion of the GFRP composites market. GFRP composites are perfect for applications needing outstanding performance and lifespan because of their remarkable qualities, which include corrosion resistance, durability, and design flexibility. The market is also growing as a result of improvements in manufacturing technology, a greater emphasis on sustainability, and government programmes encouraging the use of eco-friendly products.
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TRENDS INFLUENCING THE GROWTH OF THE GFRP COMPOSITES MARKET:
GFRP composites are vital to the aerospace sector, as aircraft construction relies heavily on weight reduction, with every gramme saved translating into significant fuel savings. These materials are perfect for fuselages, wings, and interiors of airplanes because they have great strength-to-weight ratios, fatigue resistance, and design flexibility. In aerospace applications, GFRP composites are expected to enjoy continuous growth as manufacturers look for ways to reduce emissions, increase fuel efficiency, and improve performance. The growing need for lightweight materials in the automobile industry is a major driver of the rise of Glass Fibre Reinforced Plastic (GFRP) composites. GFRP composites are perfect for lowering vehicle weight and increasing fuel economy because they provide an alluring blend of strength and low weight.
GFRP composites are becoming more and more popular in the building industry because of their remarkable resilience to corrosion and adaptability. Building materials with better performance and longevity are becoming more and more in demand as infrastructure development projects and global urbanization rates increase. Due to its many advantages over conventional materials like steel and concrete, GFRP composites are seeing increased use in structural parts, facades, bridges, and pipelines. The need for GFRP composites is mostly driven by the renewable energy industry, especially in wind energy applications. The lightweight and high-strength characteristics of GFRP composites are especially advantageous for wind turbine blades, allowing for improved performance and efficiency.
The productivity and economy of GFRP composites have been greatly increased by technological developments in manufacturing, including automated layup procedures, resin infusion methods, and additive manufacturing. The market for GFRP composites has grown as a result of these developments, which have decreased production costs, shortened cycle times, and increased design options. This has opened up GFRP composites to a wider range of industries and applications. The need for materials with eco-friendly qualities is growing as worries about resource conservation and environmental sustainability grow. Because they are recyclable and need less energy to produce, GFRP composites fit in nicely with sustainability objectives in a variety of sectors. GFRP composites are becoming more and more popular as a sustainable substitute for conventional materials, thanks to the increasing preference of manufacturers and end users.
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MARKET SHARE ANALYSIS:
With a CAGR of 7.0%, vinyl ester resin is predicted to have the strongest growth. Vinyl ester resin's remarkable mechanical strength, corrosion resistance, and adaptability are the reasons behind its rising demand. Vinyl ester resin is preferred in industries like construction, automotive, and marine due to its exceptional performance in challenging conditions. Its cost-effectiveness and ability to work with a variety of reinforcing elements also add to its popularity as a material for composite applications.
It is anticipated that the continuous process will have the highest CAGR, at 6.9%. Demand for continuous processes has grown as a result of their effectiveness, affordability, and low resource consumption. By reducing downtime, continuous production guarantees a steady output and constant quality. This approach has significant benefits for businesses like chemicals and pharmaceuticals that need to produce standardized products in large quantities.
The industry with the highest predicted CAGR, aerospace and defense, is 7.2%. Global security concerns, technical breakthroughs, and geopolitical conflicts all contribute to increased demand in the aerospace and defense business. Governments make significant investments in defense capabilities, which increases demand for state-of-the-art weapons, planes, and surveillance systems. The industry's growth is also aided by the expanding commercial aviation sector, which is driven by the demand for freight transportation and an increase in air travel.
In 2022, Asia-Pacific accounted for the most proportion. The Asia-Pacific market for glass fiber reinforced polymers (GFRP) composites is expanding rapidly due to rising demand from the aerospace, automotive, and construction sectors. The popularity of GFRP is influenced by the region's concentration on lightweight materials, technological breakthroughs, and economic expansion. Major firms are putting money into R&D, which is accelerating market growth.
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Key Players:
- Asahi Kasei Corporation
- PPG Industries Inc
- Nitto Boseki Co.
- Nippon Sheet Glass Co. Ltd.
- Owens Corning
- 3B - the fibreglass company
- Mitsubishi Chemical Group Corporation
- Celanese Corporation
- Johns Manville
- Sancom Composites LLP
- 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
- BGF Industries Inc
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