Glass Fiber Reinforced Plastic (GFRP) Market Research Report - Information by Reinforcing Material (Polyester, Epoxide, Polyamide, and Others), by End-Use (Building & Construction, Marine, Transportation, Chemical Plants, Renewable Energy and Others) and Region- Forecast till 2030

Glass Fiber Reinforced Plastic Market Overview:

Glass Fibre Reinforced Plastic Market is expected to reach USD 63.11 billion by the forecast period of 2022-2030. These glass fiber reinforced plastics are made up of silica-based raw materials which are made up of metal oxides and are made from different formulations which are highly helpful. They are composed of matrix materials like polyester, epoxide, and polyamide. Some of the characteristics that they undergo are lightweight, high strength to weight ratio, being stiff, resistance against chemicals, being good insulators, retention of dimensional stability across various ranges of temperature.

 These properties are widely used in casting solid surfaces during housing, constructing boats of various sizes and shapes, pipe construction, fume scrubbers, and as storage vessels for chemicals. From the glass fiber reinforced plastic market outlook, it was noted that these composites are widely used in building and construction, in wind power turbines, automotive, and many others. This reinforcement is also taking place in industrial floorings, like roofs and canopies, fan ducts of aircraft, and tanks.

COVID 19 ANALYSIS

The outbreak of COVID 19 has spread almost to every country thus affecting public health. COVID 19 has affected the glass fiber market which has led to the slow down of the slow down. The economic downfall was marked in many countries and the production of the raw materials was also affected. Change in consumer behavior was marked.

The government announced a countrywide lockdown, which affected the market growth. He took all the initiatives and strict regulations that will curb the situation.

COMPETITIVE LANDSCAPE

There are some major competitors which are the leading manufacturers of glass fibers and composite materials. These key players provide continuous solutions for the materials if they cause any defects to the market. Some of the competitors of the market are Owen Corning in the United States, Jushi Group Co. in China, Chongqing Polycomp International Corporation in China, PPG Industries in the United States, Johns Manville Corporation in the United States, Saint Gobain Corporation in the United States, Nippon Sheet Glass Co. Ltd in Japan, Taishan Fiberglass Inc. in China, AGY Holding Corp in China, Asahi Fibre Glass Co. Ltd in Japan, Binani Industries Ltd. in India, Celanese Corporation in the United States, SAERTEX Gmbh and Co. in Germany, NITTOBO Asia Glass Fibre Co. Ltd in Taiwan and BGF Industries Inc in the United States and many more. They merge and build a good relationship.

The Global GFRP Market Share by End-Use Industry, (2019) (%):

MARKET DYNAMICS

• Divers- according to the glass fiber reinforced plastic market analysis, and glass fiber reinforced market trends the major factor acting as the driving force is the increase in industrialization, rapid demand of low weight glass fiber, moldability and proper finish of the surface of glass fibers increase the expansion of the industry. Carrying out more of the research activities on the glass fibers expands their demand. These reinforced plastic glass fibers are the largest product that is in high demand for the transportation industry increasing its growth. Materials giving high strength and having thermal resistant capability raise their demands.


• Opportunities- from the market analysis you will note that the demand for high-quality glass fibers in the marine industry provides lucrative opportunities for the glass fiber reinforced plastic market(GFRP). During the assessment period, the GFRP replaced the primitive woods and steel building methods for manufacturing ships, yachts, and the vehicles used for marine transport. From the glass fiber reinforced plastic market trend increase in urbanization with expansion in wealth steers up the growth of the glass fiber reinforced market during the glass fiber reinforced plastic forecast period.


• Challenges- penetration of low dielectric glass fiber is a challenging factor during the glass fiber reinforced plastic market growth. Defects-free GFRP materials are the most challenging factor. If machining is not done properly then defects arise on the panels and composite sheets which affects the quality and puts a negative impact on the glass fibers reinforced plastic market growth. So to manufacture a flawless composite material the manufacturers are finding a solution to overcome it. Retaining up of the tensile property is a challenging factor.


• Cumulative growth-  Increase in urbanization with expansion in wealth steers up the growth of glass fiber reinforced plastic market during the glass fiber reinforced plastic forecast period. Transportation increases the market volume and glass fiber reinforced plastic market value. If the manufacturing of the equipment costs low at low cycle time then surely an increase in glass fiber reinforced plastic market size takes place. It has been widely used in the electrical and electronic industry.,


• Restraints- The presence of moisture and high temperature affects the glass fiber epoxy resin composites thus restraining the glass fiber reinforced plastic market growth. The downfall of economic strength during COVID hampers the glass fiber reinforced market growth. High cost of the raw materials and high price taken for installation hammers down the glass fiber reinforced plastic market size.

SEGMENT OVERVIEW

REGIONAL ANALYSIS

On the global scale the GFRP market consists of five regions namely- Asia Pacific, Middle East, Europe, Latin America, Africa, etc. among all these regions, Europe covered the major glass fiber reinforced plastic market share with a dominant CAGR during the assessment period. The demand of the market spread in numerous regions of The Asia Pacific due to the increasing presence of high energy industries. Expansion of buildings and the projects related to construction has steered up the market growth. The Asia Pacific plays a dominating role in the market while North America is expected to show an increase in glass fiber reinforced plastic market growth on the basis of high consumption potential, rise in production, and increase in the financial growth of the market. Many European countries like Italy, Germany, Spain, Uk, and France are in high demand due to spending much money on innovation and for the growth in purchasing power. Countries of Latin America like Argentina, Colombia, and Brazil show growth of the economy, and the regions of the Caribbean show recovery during the forecast period. This is due to its growth in domestic investment and its expansion.

RECENT DEVELOPMENTS

REPORT OVERVIEW

The market analysis signifies the growing trends taking place in the industry. It gives a proper evaluation of the growth opportunities in various applications and regions. It summarises the strategic analysis of new product development and the major players in the market. The study provides thorough information about the unit shipments. It gives a brief overview of the competitive structure, the growth in glass fiber reinforced plastic market trends, the demands of the market, factors posing the greatest challenge on the industry, the major drivers, and better key participants for product analysis. During the glass fiber reinforced plastic market forecast period, the points hampering the growth have impacted a lot on the industry. E report focuses a lot on the applications used in the vehicles and possible threats in the glass fiber industry. From the industry analysis, it was seen that the conventional steel bogie was being replaced with composite GFRP material which was very much advantageous for the environment.