Glass Fiber Reinforced Plastic (GFRP) Market Size was valued at USD 35.2 Billion in 2022. The Glass Fiber Reinforced Plastic (GFRP) industry is projected to grow from USD 37.6 Billion in 2023 to USD 65.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.10% during the forecast period (2023 - 2032). Rising demand from the automobile industry and increasing demand from the wind energy industry are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for glass fiber reinforced plastic (GFRP) is being driven by the increased adoption of glass reinforced plastic in the transportation sector. One of the most important characteristics of glass reinforced plastic (GRP) is its light weight. GRP is 75% lighter than steel equivalents, resulting in decreased transportation costs and the elimination of the need for heavy lifting equipment. Furthermore, the use of glass reinforced plastic reduces the danger of manual handling injuries because it can be easily cut and manipulated on-site. Because glass reinforced plastic raw materials have a higher strength-to-weight ratio, they provide more mileage and reduce fuel costs. As a result, increased vehicle manufacturing is expected to increase demand for glass reinforcement materials in the transportation industry.
For instance, According to the International Trade Administration (ITA), the Chinese government plans to create 35 million automobiles by 2025. Similarly, the predicted contribution is consistent with the Malaysian government's 2020 automotive policy projections of total production volume of 1.47 million automobiles and overall industry volume of 1.22 million vehicles by 2030. The growing demand for lightweight vehicles in the aerospace and defence, marine, and other transportation sectors is expected to stimulate demand for glass reinforced plastic. Rising investments in the aerospace and defence, as well as the marine sectors, are now driving the industry's expansion.
The trend of large-scale urbanization has increased demand for urban residential constructions. Manufacturers in the construction industry in developed countries such as the United States, the United Kingdom, Spain, and Germany are working to improve the quality of existing residential units, whereas manufacturers in developing economies such as Asian and African nations are focusing on the development of new affordable housing units. The growth in residential real estate investment leads to an increase in demand for GFRP. Furthermore, the GFRP market is expected to rise during the projected period due to rising disposable income and increased awareness about the benefits of GFRP pipes in the construction industry.
The increasing demand from the automotive industry is another driver of the Glass Fibre Reinforced Plastic (GFRP) Market growth. The use of GFRP in the automotive industry is growing because it helps to reduce vehicle weight, improve fuel efficiency, and lower emissions.
For instance, the BMW i3 electric car's body structure is made of GFRP, which helps to reduce weight and increase performance. Furthermore, GFRP is in high demand in the construction industry since it is a lightweight and durable material that can be utilized to make building components such as panels, roofing, and pipes. This is propelling the GFRP Market forward.
The Glass Fiber Reinforced Plastic (GFRP) Market segmentation, based on Reinforcing Material includes , Epoxide, Polyamide and Others. In 2022, polyester category had the biggest market share for glass reinforced plastic, and it is anticipated that they will maintain their dominance from 2022 to 2032. The most popular thermosets are polyester resins because of their characteristics, including minimal shrinkage, high strength, efficient electrical insulation, excellent adhesion to a variety of substrates, resilience to chemicals and solvents, low toxicity, and low cost. The increasing acquisition by various businesses to increase the manufacturing of glass reinforced plastic or fibreglass reinforced plastic has fueled the market's expansion in recent years.
Figure1: Glass Fiber Reinforced Plastic (GFRP) Market, by Reinforcing Material, 2022&2032(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Glass Fiber Reinforced Plastic (GFRP) Market segmentation, based on End-Use Industry, includes Building & Construction, Marine, Transportation, Chemical Plants, Renewable Energy and Others. In 2022, the building and construction category dominated the market for glass reinforced plastic. Fibreglass is a highly versatile building material that combines the strength of metal with the insulating properties of wood. It is also known as glass-reinforced plastic (GRP) or fibreglass. Contrary to concrete, it is far lighter, easier to work with, and even capable of lasting longer without upkeep. Because of this, it is frequently utilized in the building and construction industry. The market will rise throughout the forecast period due to rising demand for glass reinforced plastic and rising construction activity.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Glass Fiber Reinforced Plastic (GFRP) Market area will dominate this market, because of an increase in the number of wind energy capacity installations, an increase in the use of GFRP composite pipes in sewage and water management, a high potential for consumption, an increase in production capacity, and an increase in the pace of economic growth in this area..
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: GLASS FIBER REINFORCED PLASTIC (GFRP) MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Glass Fiber Reinforced Plastic (GFRP) Market accounts for the second-largest market share due to the increased need for lightweight and durable materials in the automotive and construction industries. Further, the German Glass Fiber Reinforced Plastic (GFRP) Market held the largest market share, and the UK Glass Fiber Reinforced Plastic (GFRP) Market was the fastest growing market in the European region.
The Asia-Pacific Glass Fiber Reinforced Plastic (GFRP) Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of their high strength, low maintenance, lightweight, and superior physical qualities. Moreover, China’s Glass Fiber Reinforced Plastic (GFRP) Market held the largest market share, and the Indian Glass Fiber Reinforced Plastic (GFRP) Market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Glass Fiber Reinforced Plastic (GFRP) Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Glass Fiber Reinforced Plastic (GFRP) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Glass Fiber Reinforced Plastic (GFRP) industry to benefit clients and increase the market sector. In recent years, the Glass Fiber Reinforced Plastic (GFRP) industry has offered some of the most significant advantages to medicine. Major players in the Glass Fiber Reinforced Plastic (GFRP) Market, including Asahi Fiber Glass Co., Ltd. (Japan), Binani Industries Limited (India), Celanese Corporation (U.S.), SAERTEX GmbH & Co. KG (Germany), NITTOBO ASIA Glass Fiber Co. Ltd. (Taiwan), and BGF Industries, Inc. (U.S.) and others, are attempting to increase market demand by investing in research and development operations.
Owens Corning is a corporation based in the United States that develops and manufactures insulation, roofing, fibreglass composites, and related materials and products. It is the largest producer of fibreglass composites in the world. It was founded in 1935 by two large American glassworks, Corning Glass Works and Owens-Illinois. Around 19,000 people are employed by the organization worldwide. Since the list's inception in 1955, Owens Corning has been a Fortune 500 firm every year. In 2020, Owens Corning has announced an increase in GFRP production capacity in China. To address the increased demand for GFRP in the Asia-Pacific region, the business committed more than $50 million in increasing the production capacity of its factory in China.
Jushi Group is China's largest manufacturer of fibreglass. The company is one of the world's leading producers of fibreglass, offering a diverse range of products such as direct roving, chopped strand mat, woven roving, and fibreglass fabric. Jushi Group has a strong presence and exports its products to over 100 countries. The company is committed to innovation and has made significant investments in research and development to increase product quality and reduce environmental impact. In 2019, Jushi Group, a renowned Chinese fibreglass maker, has announced the establishment of a new GFRP production line in the United States. The new production line, which is scheduled to be finished in 2021, will have an annual capacity of 80,000 metric tons and will aid the company's expansion into the North American market.
August 2020, Sunrise Fibreglass has completed its acquisition of National Composites, a multi-plant OEM producer of specialized fiber-reinforced plastic (FRP) and thermoformed products. This is the company's third purchase to date.
January 2021, Warminster Fibreglass, LLC, based in Decatur, Alabama, announced the acquisition of Warminster Fibreglass, based in Southampton, Pennsylvania, with offices and operations in Jacksonville, Texas and Southampton, Pennsylvania.
Glass Fiber Reinforced Plastic (GFRP) Market By End-Use Industry Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 35.2 Billion |
| Market Size 2023 | USD 37.6 Billion |
| Market Size 2032 | USD 65.2 Billion |
| Compound Annual Growth Rate (CAGR) | 7.10% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Reinforcing Material, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Owens Corning (U.S.), Jushi Group Co., Ltd. (China), Chongqing Polycomp International Corporation (China), PPG Industries, Inc. (U.S.), Johns Manville Corporation (U.S.), Saint-Gobain Corporation (U.S.), Nippon Sheet Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (China), AGY Holding Corp. (U.S.), Asahi Fiber Glass Co., Ltd. (Japan), Binani Industries Limited (India), Celanese Corporation (U.S.), SAERTEX GmbH & Co. KG (Germany), NITTOBO ASIA Glass Fiber Co. Ltd. (Taiwan), and BGF Industries, Inc. (U.S.) |
| Key Market Opportunities | Low weight and moldability are in high demand. Surface finishes of the highest grade Rapid urbanization in emerging nations, along with rising disposable income |
| Key Market Dynamics | Industrialization is accelerating. Demand for powerful materials, combined with chemical industry innovation Increased investment in research and development |
Frequently Asked Questions (FAQ) :
The Glass Fiber Reinforced Plastic (GFRP) Market size was valued at USD 35.2 billion in 2022.
The Glass Fiber Reinforced Plastic (GFRP) Market is projected to grow at a CAGR of 7.10% during the forecast period, 2023-2032.
North America had the largest share in the Glass Fiber Reinforced Plastic (GFRP) Market.
The key players in the Glass Fiber Reinforced Plastic (GFRP) Market are Asahi Fiber Glass Co., Ltd. (Japan), Binani Industries Limited (India), Celanese Corporation (U.S.), SAERTEX GmbH & Co. KG (Germany), NITTOBO ASIA Glass Fiber Co. Ltd. (Taiwan), and BGF Industries, Inc. (U.S.).
The beverage category dominated the market in 2022.
The building and construction industry had the largest share in the Glass Fiber Reinforced Plastic (GFRP) Market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
ยฉ 2024 Market Research Future ยฎ (Part of WantStats Reasearch And Media Pvt. Ltd.)
