As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the Glass Fibre Reinforced Plastic Products (GFRP) Market stands at US$ 18.54 billion in 2023 and is projected to reach US$ 41.92 billion by 2033.
Glass fibre reinforced plastic products are experiencing rising demand from various end-use industries due to their versatile features such as lightweight, durable, strong, and fire- and corrosion-resistant. Glass fibre reinforced plastic (GFRP) products, also known as fibreglass reinforced plastic (FRP) products, are made by combining glass fibres with a polymer matrix, resulting in a strong and versatile material.
The increasing demand for infrastructure development, including bridges, pipes, and structural elements, is driving the adoption of GFRP materials due to their durability and resistance to harsh environmental conditions.
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GFRP products offer an excellent strength-to-weight ratio, making them suitable for various applications where weight reduction is crucial such as automotive, aerospace, and construction industries.
The need for fuel-efficient vehicles and aircraft with reduced carbon emissions is driving the market for GFRP materials. As a result, the automotive and aerospace industries are offering substantial growth prospects for glass fibre reinforced plastic product manufacturers.
Key Takeaways from Market Study
- Global demand for glass fibre reinforced plastic products is forecasted to rise at a CAGR of 8.5% from 2023 to 2033.
- Glass fibre reinforced plastic products are widely utilized in aerospace manufacturing facilities in the United States to enhance fuel efficiency and reduce aircraft weight.
- Europe’s expertise in the automotive sector is leading to high demand for GFRP products. These materials are used in automotive components such as body panels, bumpers, and interior parts due to their lightweight nature and high strength, leading to improved fuel efficiency and reduced emissions.
- Rapid industrialization, infrastructural development, and growing electronics and construction sectors make Asia Pacific a lucrative marketplace for GFRP product suppliers.
“Glass fibre reinforced plastic products are extensively used in wind turbine blades, solar panels, and related infrastructure due to their strong and lightweight features”, says a Fact.MR analyst.
Competitive Analysis
Manufacturers of glass fibre reinforced plastic products are focusing on technological advancements, product innovations, and strategic partnerships to capitalize on emerging opportunities and stay competitive in the evolving market.
- In December 2021, Sabic, a global leader in the chemical sector, unveiled two grades of its newest material range that incorporates pre-consumer recycled glass fibre that has been diverted from industrial waste streams. This pre-consumer reprocessed short glass fibre reinforced polybutylene terephthalates (PBT) LNP Elcrin WF0061XPiQ and LNP Elcrin WF006XXPiQ compounds offer mechanical qualities and color equivalency to Elcrin iQ grades that use virgin glass fibre reinforcing.
Key Companies Profiled
- Johns Manville
- BGF Industries
- Asahi Glass Company Limited
- Advanced Glassfiber Yarns LLC
- Chomarat Group
- Jushi Group Co. Ltd
- Taishan Fibreglass Inc
- Owens Corning, PPG Industries Inc
- Binani 3B-The Fibreglass Company
- Saertex Group
- Chongqing Polycomp International Corp
- Saint-Gobain Vetrotex
- Nitto Boseki Co. Ltd
- Nippon Sheet Glass Co. Ltd
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Key Segments GFRP Products Industry Research
- By Resin Type:
- Polyester
- Vinyl Ester
- Epoxy
- Polyurethane
- Thermoplastic
- By End-use Industry:
- Wind Energy
- Electrical & Electronics
- Transportation
- Pipes & Tanks
- Construction & Infrastructure
- Marine
- Aerospace & Defense
- By Manufacturing Process:
- Compression & Injection Molding Process
- Layup
- Filament Winding
- Pultrusion
- Resin Transfer Molding (RTM)
- By Form:
- Rebar
- Powder
- Sheets
- Panels
- Rolls
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global glass fibre reinforced plastic products market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on resin type (polyester, vinyl ester, epoxy, polyurethane, thermoplastic), end-use industry (wind energy, electrical & electronics, transportation, pipes & tanks, construction & infrastructure, marine, aerospace & defense), manufacturing process (compression & injection molding process, layup, filament winding, pultrusion, resin transfer molding (RTM)), and form (rebar, powder, sheets, panels, rolls), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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