Glass Fiber Reinforced Plastics Gfrp Composites Market
Glass Fiber Reinforced Plastics (GFRP) Composites Market Forecasts to 2030 - Global Analysis By Type (General-Purpose Glass Fibers and Special-Purpose Glass Fibers), Resin Type, Form, Manufacturing Process, Application and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $20.01 BN |
|
Projected Year Value (2030) |
US $35.67 BN |
|
CAGR (2024 - 2030) |
8.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Glass Fiber Reinforced Plastics (GFRP) Composites Market is accounted for $20.01 billion in 2024 and is expected to reach $35.67 billion by 2030 growing at a CAGR of 8.5% during the forecast period. Glass Fiber Reinforced Plastics (GFRP) composites are materials composed of a polymer matrix reinforced with glass fibers. These fibers, typically made from strands of glass filaments, impart strength, stiffness, and durability to the composite material. GFRP composites are known for their high strength-to-weight ratio, corrosion resistance, and electrical insulation properties. GFRP composites are engineered to enhance specific performance characteristics, making them versatile solutions.
According to the Vision 2030 economic-transformation plan, the Saudi Arabian government has initiated numerous infrastructure projects. These projects majorly cover projects related to power, water, hydrocarbons, construction, road, rail, seaport, and airport sectors.
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Market Dynamics:
Driver:
Escalating demand for lightweight materials in electric vehicles
GFRP composites offer high strength-to-weight ratios, contributing to the overall weight reduction of EVs. This reduction enhances energy efficiency and extends driving range, crucial factors in EV adoption. Additionally, GFRP composites provide corrosion resistance and design flexibility, meeting stringent automotive standards. As automakers continue to focus on sustainability and performance, the use of GFRP composites in EVs is poised to grow, driving market expansion in the automotive sector.
Restraint:
Recycling challenges
Recycling challenges in GFRP composites stem from the complex nature of combining glass fibers with polymer matrices. Separating these materials for recycling is difficult and costly, often requiring specialized techniques that are not widely available. This limitation hampers the market by increasing disposal costs, reducing the material's attractiveness in environmentally conscious industries, and complicating compliance with recycling regulations.
Opportunity:
Growing investments in infrastructure projects worldwide
GFRP composites offer high strength, corrosion resistance, and lightweight characteristics, making them ideal for infrastructure applications such as bridges, tunnels, and buildings. These materials reduce construction time and costs while enhancing durability and sustainability. Governments and private sectors are increasingly opting for GFRP composites to meet stringent regulatory standards and achieve long-term economic benefits, thereby driving significant growth in the global market.
Threat:
Processing complexities
Processing complexities in GFRP composites include precise fiber alignment, resin infusion, and curing parameters, requiring specialized equipment and skilled labour. These complexities increase production costs and time, limiting mass adoption in cost-sensitive markets like automotive and consumer goods. Moreover, variability in quality due to process intricacies can affect reliability and performance consistency, hampering market growth as industries seek reliable, efficient manufacturing solutions.
Covid-19 Impact
The covid-19 pandemic significantly impacted the glass fiber reinforced plastics (GFRP) composites market. Supply chain disruptions, reduced industrial activities, and decreased construction projects stalled demand. However, the market also saw resilience due to the material's properties like corrosion resistance and lightweight advantages, which are valuable in healthcare and essential infrastructure. As industries recover and prioritize sustainability, GFRP composites are expected to rebound with renewed growth prospects.
The rolls segment is expected to be the largest during the forecast period
The rolls segment is estimated to have a lucrative growth. Glass fiber reinforced plastics (GFRP) composites in roll form are versatile materials known for their high strength-to-weight ratio and durability. These rolls are used in various industries, including construction, automotive, and aerospace, for reinforcement purposes. They offer excellent resistance to corrosion and environmental factors, making them ideal for applications requiring long-lasting and reliable performance. Easy to handle and install, GFRP rolls enhance structural integrity and longevity.
The construction segment is expected to have the highest CAGR during the forecast period
The construction segment is anticipated to witness the fastest CAGR growth during the forecast period. GFRP composites are extensively used in construction due to their high strength, lightweight, and corrosion resistance. They are employed in reinforcing concrete structures, bridges, and buildings, offering durability and reduced maintenance costs. GFRP composites enhance structural performance, provide design flexibility, and improve the lifespan of construction projects. Their non-conductive properties also make them suitable for use in environments where electromagnetic transparency is required.
Region with largest share:
The Asia-Pacific region is a key hub for the glass fiber reinforced plastics (GFRP) composites market, driven by rapid industrialization and infrastructure development. Countries like China, Japan, India, and South Korea are major contributors, leveraging GFRP composites in automotive, construction, aerospace, and electrical industries. The region benefits from increasing urbanization, government investments in infrastructure, and growing demand for lightweight and durable materials. Overall, innovations in material technologies, positions Asia-Pacific as a pivotal region in the global GFRP composites industry.
Region with highest CAGR:
In North America, the Glass Fiber Reinforced Plastics (GFRP) Composites market is robust, driven by diverse applications across industries such as automotive, aerospace, marine, and construction. The region benefits from advanced manufacturing capabilities, strong research and development investments, and stringent regulatory standards favouring lightweight and sustainable materials. Overall, North America remains a significant market for GFRP composites with opportunities for growth in innovative applications.
Key players in the market
Some of the key players profiled in the Glass Fiber Reinforced Plastics (GFRP) Composites Market include Asahi Fiberglass Corporation, Lanxess AG, Nippon Electric Glass Corporation, PPG Industries, Taishan Fiberglass Inc., Saint-Gobain Vetrotex, Johns Manville, Jushi Group, AGY Holding Corporation, Bedford Reinforced Plastics, 3B-the Fibreglass Company, Nitto Boseki Corporation, Binani Industries Limited, Sichuan Weibo New Material Group, Owens Corning Limited and Chongqing Polycomp International Corporation (CPIC).
Key Developments:
In October 2021, LANXESS launched sustainable high-performance plastic under the name Durethan BLUEBKV60H2.0EF. In the easy-flowing compound, 92 percent of the raw materials are replaced by sustainable alternatives. This is a top value among glass-fiber-reinforced plastics.
In April 2021, Bedford Reinforced Plastics, a full-service supplier offering an extensive line of fiberglass-reinforced plastic (FRP) products and services, announced the launch of ReadySeries, a quick-ship, easy-to-install modular solution to meet access and safety structure needs. ReadySeries is said to be the first modular system of this magnitude made of FRP.
Types Covered:
• General-Purpose Glass Fibers
• Special-Purpose Glass Fibers
Resin Types Covered:
• Polyester Resin
• Epoxy Resin
• Vinyl Ester Resin
• Polyurethane Resin
• Phenolic Resin
• Acrylic Resin
• Cyanate Ester Resin
• Other Resin Types
Forms Covered:
• Panel
• Powder
• Rebar
• Rolls
• Sheet
• Other Forms
Manufacturing Processes Covered:
• Compression Molding
• Injection Molding
• Pultrusion
• Filament Winding
• Resin Transfer Molding (RTM)
• Other Manufacturing Processes
Applications Covered:
• Automotive
• Aerospace
• Construction
• Wind Energy
• Marine
• Electrical & Electronics
• Sports & Leisure
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market, By Type
5.1 Introduction
5.2 General-Purpose Glass Fibers
5.3 Special-Purpose Glass Fibers
6 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market, By Resin Type
6.1 Introduction
6.2 Polyester Resin
6.3 Epoxy Resin
6.4 Vinyl Ester Resin
6.5 Polyurethane Resin
6.6 Phenolic Resin
6.7 Acrylic Resin
6.8 Cyanate Ester Resin
6.9 Other Resin Types
7 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market, By Form
7.1 Introduction
7.2 Panel
7.3 Powder
7.4 Rebar
7.5 Rolls
7.6 Sheet
7.7 Other Forms
8 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market, By Manufacturing Process
8.1 Introduction
8.2 Compression Molding
8.3 Injection Molding
8.4 Pultrusion
8.5 Filament Winding
8.6 Resin Transfer Molding (RTM)
8.7 Other Manufacturing Processes
9 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market, By Application
9.1 Introduction
9.2 Automotive
9.3 Aerospace
9.4 Construction
9.5 Wind Energy
9.6 Marine
9.7 Electrical & Electronics
9.8 Sports & Leisure
9.9 Other Applications
10 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Asahi Fiberglass Corporation
12.2 Lanxess AG
12.3 Nippon Electric Glass Corporation
12.4 PPG Industries
12.5 Taishan Fiberglass Inc.
12.6 Saint-Gobain Vetrotex
12.7 Johns Manville
12.8 Jushi Group
12.9 AGY Holding Corporation
12.10 Bedford Reinforced Plastics
12.11 3B-the Fibreglass Company
12.12 Nitto Boseki Corporation
12.13 Binani Industries Limited
12.14 Sichuan Weibo New Material Group
12.15 Owens Corning Limited
12.16 Chongqing Polycomp International Corporation (CPIC)
List of Tables
1 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Region (2022-2030) ($MN)
2 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Type (2022-2030) ($MN)
3 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By General-Purpose Glass Fibers (2022-2030) ($MN)
4 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Special-Purpose Glass Fibers (2022-2030) ($MN)
5 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Resin Type (2022-2030) ($MN)
6 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Polyester Resin (2022-2030) ($MN)
7 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Epoxy Resin (2022-2030) ($MN)
8 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Vinyl Ester Resin (2022-2030) ($MN)
9 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Polyurethane Resin (2022-2030) ($MN)
10 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Phenolic Resin (2022-2030) ($MN)
11 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Acrylic Resin (2022-2030) ($MN)
12 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Cyanate Ester Resin (2022-2030) ($MN)
13 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Other Resin Types (2022-2030) ($MN)
14 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Form (2022-2030) ($MN)
15 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Panel (2022-2030) ($MN)
16 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Powder (2022-2030) ($MN)
17 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Rebar (2022-2030) ($MN)
18 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Rolls (2022-2030) ($MN)
19 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Sheet (2022-2030) ($MN)
20 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Other Forms (2022-2030) ($MN)
21 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Manufacturing Process (2022-2030) ($MN)
22 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Compression Molding (2022-2030) ($MN)
23 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Injection Molding (2022-2030) ($MN)
24 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Pultrusion (2022-2030) ($MN)
25 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Filament Winding (2022-2030) ($MN)
26 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Resin Transfer Molding (RTM) (2022-2030) ($MN)
27 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Other Manufacturing Processes (2022-2030) ($MN)
28 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Application (2022-2030) ($MN)
29 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Automotive (2022-2030) ($MN)
30 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Aerospace (2022-2030) ($MN)
31 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Construction (2022-2030) ($MN)
32 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Wind Energy (2022-2030) ($MN)
33 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Marine (2022-2030) ($MN)
34 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Electrical & Electronics (2022-2030) ($MN)
35 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Sports & Leisure (2022-2030) ($MN)
36 Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Outlook, By Other Applications (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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