Glass Fibre Reinforced Plastic Market shows an astonishing glass fiber reinforced plastic market growth with a remarkable CAGR during the glass fiber reinforced market forecast period of 2021-2027. 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.
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) (%):
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.
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.
|Market Size||2027: Significant Value|
|CAGR||2019-2027: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Reinforcing Material, End-User, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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||
|Key Market Drivers||
GFRP is made from silica-based raw materials combined with metal oxides.
Major advantages of GFRP include its light weight, design freedom, chemical resistance, and excellent electrical insulation properties.
GFRP is mainly used in the marine, chemical, building and construction, and renewable energy industries.
The marine industry is the leading end user of GFRP.
The Europe market for GFRP is expected to grow at the highest CAGR over the forecast period, while North America and Asia Pacific are also leading consumers.