New York, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Persistence Market Research estimates the global glass fiber reinforced plastic (GFRP) composite materials market to reach a value of US$ 17.1 Bn in 2022. Sales of GFRP composite materials are expected to increase at a CAGR of 8.4% to reach a market size of US$ 38.38 Bn by the end of 2032.
This latest research by Persistence Market Research indicates that the demand for GFRP composite materials would change significantly between 2017 and 2021. Demand was driven in part by the rapid increase in the usage of composites in a wide variety of end-use sectors. Construction, transportation, renewable energy, and other end-use industries have grown fast in recent years.
The market for GFRP composite materials has grown at an impressive rate in the past due to the increasing demand from these end-use sectors and the inherent benefits of composites such as high strength-to-weight ratio, durability, machinability, and various others provided them an edge over their substitutes.
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Despite such remarkable growth in the market, it is still in the developing stage and enormous commercial potential is still undiscovered. With proper research techniques and exploration of high-potential applications, the market is anticipated to exhibit an even high growth rate during the forecast period than we have seen during the previous years.
Government Reforms in Wind Energy Sector to Aid Market Expansion
The market for GFRP composite materials is primarily driven by the expansion of the wind energy industry because there is significant demand for composites in the renewable energy sector. The wind energy industry is a significant user of GFRP composite materials. These composites are utilized in a variety of applications for high-performance wind turbine blades that need to operate in harsh environmental conditions.
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Wind turbine rotor blade production technology has advanced significantly in recent years. The use of composite materials in the production of turbine blades has had a significant impact on cost reduction.
Governments’ initiatives, on the other hand, are the primary impetus behind the promotion of the wind energy industry across the world and will have a good impact on the composites industry.
GFRP Composite Materials Industry Survey Segmentation
By Glass Type:
- S-Glass
- C-Glass
- E-Glass
- Other Glass
By Resin Type:
- Polyester
- Vinyl Ester
- Epoxy
- Polyurethane
- Thermoplastic
- Others
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By Manufacturing Process:
- Compression Molding
- Injection Molding
- Layup
- Filament Winding
- Pultrusion
- RTM & VARTM
- Others
By End Use:
- Transportation
- Building & Construction
- Electrical & Electronics
- Renewable Energy
- Infrastructure
- Chemicals/Corrosion
- Telecom
- Military & Defense
- Technical Textiles
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Competitive Landscape
Major GFRP composites material manufacturers are concentrating on mergers and acquisitions to expand their footprints and product lines. In addition, due to the rising demand for GFRP composites, some companies are also constructing new manufacturing facilities to bolster their market position and capitalize on every available opportunity.
For Instance,
- In May 2022 Asahi India Glass Limited approved the acquisition of a 100% stake in Shield Autoglass.
- In March 2022 Saint Gobain expanded its presence in India by starting manufacturing facilities for float glass, integrated windows lines, and SIPCOT-Urban Forest with an investment of more than INR 500 Cr.
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