Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market

Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market Outlook

As per rigorous research by ChemView Consulting, our analysts believe that the global glass fiber reinforced plastic (GFRP) composite materials market will grow at a 5.4% CAGR during the period 2023–2033 to reach a valuation of US $33,261.5 million by 2033.

Key Findings on the Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market

1. Which is the largest market for glass fiber reinforced plastic (GFRP) composite materials?

The biggest market for glass fiber reinforced plastic (GFRP) composite materials is East Asia. As per our analysis, East Asia holds nearly 45.1% share of the glass fiber reinforced plastic (GFRP) composite materials market.

2. What is the largest end user segment within the glass fiber reinforced plastic (GFRP) composite materials market?

As per Chem View Consulting, the largest segment by end user is transportation. As per our analysis, this segment accounts for nearly 41% of total revenues.

3. At what rate is the glass fiber reinforced plastic (GFRP) composite materials market expected to grow?

The glass fiber reinforced plastic (GFRP) composite materials market is expected to grow at a CAGR of 5.4% during the period 2023–2033.

4. What are the major trends influencing the glass fiber reinforced plastic (GFRP) composite materials market?

• Sustainability and Environmental Concerns: The increased awareness of environmental issues has resulted in a rise in demand for eco-friendly products. GFRP composites are considered a sustainable alternative in a variety of industries, including construction and automotive, due to their light weight and resistance to corrosion.
• Energy Efficiency: GFRP composites play a significant role in enhancing energy efficiency in buildings by providing improved insulating properties. They are used to reduce energy consumption in doors, windows, and insulating materials.

5. Who are the leading players in the glass fiber reinforced plastic (GFRP) composite materials market?

The key companies in the glass fiber reinforced plastic (GFRP) composite materials market are Nitto Boseki Co. Ltd., Asahi India Glass Ltd., Chomarat Group, PPG Industries, Saint Gobain, Bedford Reinforced Plastics, Owens Corning, Jushi Group, Binani 3B-Fibre Glass Company, and Nippon Sheet Glass.

Key Drivers for Glass Fiber Reinforced Plastic (GFRP) Composite Materials Demand

• The construction industry is a major consumer of GFRP composites for reinforcing bars, panels, and bridge decking. As infrastructure projects expand around the world, the demand for long-lasting, corrosion-resistant materials like GFRP is likely to grow.
• Additionally, continuous advancements in production methods, like automated fiber placement and resin infusion, are enhancing the cost-effectiveness and quality of GFRP composites. These advancements make GFRP more competitive in comparison to traditional materials.
• Furthermore, government initiatives supporting the use of lightweight and ecologically friendly materials, as well as manufacturer incentives, can considerably fuel the growth of the GFRP composite materials market.

Key Challenges Inhibiting Demand for Glass Fiber Reinforced Plastic (GFRP) Composite Materials

• The manufacturing of GFRP composites can be expensive owing to the cost of raw materials, energy-intensive methods, and specialised equipment, making it less competitive in some applications compared to traditional materials.
• Moreover, GFRP composites can be difficult to dispose of or reuse since they are more difficult to recycle than some other materials. This raises environmental problems as well as the potential for disposal charges.

Key Challenges & Opportunities for Glass Fiber Reinforced Plastic (GFRP) Composite Materials Manufacturers

• Maintaining consistent quality in GFRP products is difficult due to variations in material qualities, curing procedures, and surroundings. Thus, meeting client expectations requires maintaining high quality standards.
• However, the design and modification adaptability of GFRP make it appealing for niche markets and specialised applications, allowing producers to adapt to a wide range of customer needs.

Country/Region-wise Insights

US Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market Forecast

• Growing environmental concerns and stringent regulations in the US market are projected to observe significant growth?in the estimated period.
• In addition, continuous R&D efforts are improving the performance and cost-effectiveness of GFRP materials, making them even more beneficial for a wide range of application, further boosting the market growth.

Europe Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market Outlook

• Growing consciousness and a focus on sustainability and environmental conservation in the Europe market are anticipated to drive sales in the market over the assessment period.
• In addition, the construction and automotive industries in Europe are shifting towards GFRP composites due to their adaptability, corrosion resistance, and strength-to-weight ratio, thereby propelling market growth.

Japan Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market Forecast

• Continuous developments in industrial technologies, as well as a strong research and development ecosystem in the Japan market are anticipated to drive the market over the forecasted period.
• In addition, Japan’s dedication to environmental sustainability and energy efficiency has boosted the development of GFRP composites owing to their lightweight, durable, and corrosion-resistant qualities, which minimise the carbon footprint.

China & India Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market Forecast

• Rising need for lightweight, long-lasting, and corrosion-resistant materials across a variety of industries in the China & India markets is anticipated to fuel the market over the forecast period. The China & India glass fiber reinforced plastic (GFRP) composite materials markets are likely to account for a leading share of the global glass fiber reinforced plastic (GFRP) composite materials market.?
• Additionally, growing awareness of the advantages of GFRP composites and developments in manufacturing techniques are supporting market expansion.

Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market Outlook & Forecast by Segmentation

By Resin Type

Based on resin type, the polyester segment is anticipated to remain at the forefront of glass fiber reinforced plastic (GFRP) composite materials market share over the assessment period. The growth is mainly because polyester resin is often less expensive than other resin types such as epoxy or vinyl ester. This cost benefit makes it an appealing option for manufacturers wishing to develop GFRP composite materials on larger scales or within budget limitations.

In addition, polyester resin is well known for its simplicity of handling and processing. It has a low viscosity, which makes the impregnation of glass fiber easier and allows for faster manufacturing cycles. This ease of use decreases manufacturing time and labour costs.

By Manufacturing Process 

Based on manufacturing process, the compression molding segment is expected to remain at the forefront of glass fiber reinforced plastic (GFRP) composite materials market share over the assessment period. The growth is mainly because compression molding enables the manufacturing of many parts or components in a single cycle. This high level of manufacturing efficiency results in shorter turnaround times and higher output, which can be important for satisfying market demands.

Additionally, compression molding provides superior control over product size and quality. The technique ensures uniform and reproducible outcomes, which are critical in industries requiring accuracy and reliability, like aerospace and automotive.

By End User

Based on end user, the transportation segment is set to account for 41% of the glass fiber reinforced plastic (GFRP) composite materials market share over the assessment period. The growth is mainly because GFRP composites have excellent strength and a long service life, which is critical for transportation vehicles that are subjected to a variety of climatic conditions and stresses over time. This decreases the need for regular replacements while also improving the overall cost-effectiveness of GFRP composite materials.

GFRP composites are highly corrosion-resistant, which is a major concern in the transportation sector, particularly for maritime and aircraft applications. Using GFRP composites helps extend the life of transportation vehicles and structures, lowering maintenance costs and downtime.

Which Company Owns the Largest Share in the Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market?

The key companies in the glass fiber reinforced plastic (GFRP) composite materials market are Nitto Boseki Co. Ltd., Asahi India Glass Ltd., Chomarat Group, PPG Industries, Saint Gobain, Bedford Reinforced Plastics, Owens Corning, Jushi Group, Binani 3B-Fibre Glass Company, and Nippon Sheet Glass.

Recent Developments:

• In March 2022, Saint Gobain, a multinational firm based in France, announced an investment of approximately INR 500 crore to grow its activities in India. The business started by producing window lines, float glass, and other services.
• In May 2022, Asahi India Glass Ltd., an Indian glass solutions and manufacturing company, authorised its 100% purchase of Shield Autoglass Company.
• In April 2021, Bedford Reinforced Plastics, a full-service provider with a diverse range of FRP (fiberglass-reinforced plastic) products and services, announced the release of ReadySeries, a quick-ship, easily installed modular solution that meets access and safety’s fundamental needs. ReadySeries is reported to be the initial modular system of this size manufactured from FRP.

As per our analysis, the companies that hold the largest share in the market are

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Owens Corning

Founded in 1938 and with headquarters in Toledo, Ohio, United States, it is the largest producer of fiberglass composites in the world.

Jushi Group

Founded in 1969 and with headquarters in Tongxiang, Zhejiang, it is the world’s largest producer of fiberglass.

Nippon Sheet Glass

Founded in 1990 and with headquarters in Minato City, Tokyo, Japan, it is a glass production company.

Binani 3B-Fibre Glass Company

Founded in 2008 and located in Herve, Liege, Belgium, it is a major developer and supplier of glass fiber solutions for thermoplastic and thermoset polymer reinforcing.

PPG Industries

Founded in 1883 and with headquarters in Pittsburgh, Pennsylvania, the United States, it is a global manufacturer and distributor of paints, coatings, and specialty materials.

What Makes this Report More Insightful than Others?

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