Glass Fibre Reinforced Plastic Market 2021 – 2030: Why It Is Important?

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Glass Fibre Reinforced Plastic Market Overview -
Transforming face of industrialization is asking for constant innovation in components that would meet demands generated by the cutting-edge technology of the time. Glass fiber reinforced plastic (GFRP) is one such material that has widespread application across sectors and is contributing much in taking technology ahead by leaps and bounds.

The global Glass Fibre Reinforced Plastic Market GFRP market can have a robust growth with an astonishing CAGR during the forecast period (2021-2030), reveals Market Research Future (MRFR). The report further incorporates drivers and segmental analysis to have a comprehensive understanding of the market in coming years. Sectors such as automotive, marine and chemical have huge applications for GFRP. At the same time, increasing disposable income across the globe can boost the market further.

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Eminent Firms:
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.

Market Potential and Pitfalls :-

Its properties such as light weight, high strength-to-weight ratio, dynamic design applications, high level of stiffness, excellent chemical resistance, electrical insulating properties, and ability to maintain dimensional stability under a diverse range of temperatures are the reasons behind it garnering accolades from industries. However, glass fiber epoxy resin composites mechanical properties bear negative impacts when exposed to moisture and high temperature which can adversely affect the growth of the GFRP market.

Growing demand for Glass Fibre Reinforced Plastic in health and hygiene applications is also likely to be a major driver for the Glass Fibre Reinforced Plastic Market. Agriculture is also likely to remain an important application for the Glass Fibre Reinforced Plastic Market over the forecast period. Glass Fibre Reinforced Plastic is acquiring an important role in tissue engineering and other healthcare applications due to its favorable physical properties. This is likely to remain a key driver for the global Glass Fibre Reinforced Plastic Market over the forecast period. Glass Fiber Reinforced Plastic (GFRP) demonstrates a combination of properties including light-weight, high levels of stiffness and high strength-to-weight ratio that allows design freedom, alongside the resistance to chemicals, excellent electrical insulating properties, and retaining dimensional stability across a wide range of temperatures. Due to these properties, GFRP materials are used in applications ranging from casting on solid surfaces in housing, in the construction of boats to the pipework needed for chemical storage vessels and fume scrubbers.

Over the past few years, the glass fiber reinforced plastic market is witnessing a huge growth mainly due to the demand for sturdy, yet light-weight materials in the fields of marine and aircraft building. Moreover, the rising demand for low weight, mouldability, and high-quality surface finishes in the automotive manufacturing sector escalates market on the global platform.

According to Market Research Future (MRFR), a leading research firm, the global glass fiber reinforced plastic market, is estimated to witness a thriving growth by 2023. In its recent study, MRFR also asserts that the market would register an impressive CAGR during the anticipated period (2021 – 2030). Rapid industrialization, urbanization, and improving economic conditions worldwide are the key trends driving the GFRP market.

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Segment Study of
 Glass Fibre Reinforced Plastic Market :-

By Type- globally the market is characterized based on material type, end-user industry, and region. Based on resin type, this industry is segmented into UPR, vinyl ester, epoxy, PA, PP, phenolic, and many more. Again based on its glass fiber type, the market is bifurcated into E/ECR Glass, C Glass, S Glass, and many others. According to the end-user fiber industry, the market is divided into building and construction, marine, transportation, chemica

By Technology- due to the advancement of technology, a new innovative manufacturing process was used for the discovery of glass fiber. The development of many innovative products took place in the saturated market.

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Glass Fibre Reinforced Plastic Market
 Market  - Geographical Analysis

Asia Pacific region dominates the global largest Glass Fibre Reinforced Plastic Market share attributes to the rising demand for PVC materials that are extensively used across end-use industries. Additionally, the increasing production of lightweight and heavy-duty automotive parts led by the demand to increase fuel efficiency in commercial vehicles consumes a massive amount of EDC materials. Also, the raw material advantage in the region results in increased numbers of EDC production plants, attracting foreign investors.  

Furthermore, the high adoption of advanced technologies in the region propels the growth of the market. The market demand is predicted to surge in various APAC countries such as Bangladesh, China, Vietnam, Japan, Thailand, Malaysia, South Korea, and India, on account of increasing per capita income and the continuous growth in the sales of passenger cars heavy-duty vehicles.

Europe stands second in the global Glass Fibre Reinforced Plastic Market. The growth in the market is predominantly driven by the growing automotive production sales and the huge investments in RD activities. Moreover, the rising expenditures in innovation, alongside the increasing purchasing power of demographics in the region, drive the growth of the market. 

The demand for ethylene dichloride is anticipated to grow in countries like Poland, the Netherlands, Italy, Germany, Spain, the UK, France, and Russia. However, Germany and the UK have emerged as important consumer markets for EDC in the region.

The Glass Fibre Reinforced Plastic Market in North America is growing at a moderate CAGR. Factors such as the high consumption potential and rising production capacities in the region foster the market growth. Besides, the increasing economic growth rate in the region allows the market to hold a prominent position in the global EDC market. North American countries such as the US and Canada are among the major contributors to regional growth.

Industry Trend:

Arctic Biomaterial Oy of Finland has developed a biodegradable version of GFRP, ArcBioxTM BGF30-B1, which makes it possible to integrate bio-based plastics in technically complex applications where durability is of utmost priority.

Asahi Kasei, in collaboration with Mazda Motor Corporation, has developed Leona polyamide 66 with glass fiber reinforcement to substitute metal brackets resulting in a weight reduction of 83%.

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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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