New York, Sept. 25, 2023 (GLOBE NEWSWIRE) --
New York, Sept. 25, 2023 — In a comprehensive research analysis conducted by ChemView Consulting, the Glass Fiber Reinforced Plastic (GFRP) Composite Materials Market is anticipated to cross a valuation of US$ 33,261.5 million and exhibit remarkable CAGR of 5.4% from 2023 to 2033. This extensive report offers key insights into market trends, major drivers, challenges, and the prominent players in the industry.
East Asia Remains the Most Lucrative Market for Glass Fiber Reinforced Plastic
East Asia is likely to remain the largest market for GFRP composite materials, holding a substantial share of approximately 45.1% in 2023. The region's robust presence in the industry can be attributed to its thriving industrial sectors and the demand for durable and corrosion-resistant materials. The transportation sector emerges as the dominant end user segment, contributing nearly 41% to the total revenues. GFRP composites' strength, longevity, and corrosion resistance make them ideal for various transportation applications.
The glass fiber reinforced plastic composite materials market is witnessing a surge in demand driven by increased environmental awareness. GFRP composites are considered a sustainable alternative in industries such as construction and automotive due to their lightweight properties and corrosion resistance. GFRP composites play a pivotal role in enhancing energy efficiency in buildings by providing superior insulation properties. Their applications in doors, windows, and insulating materials aid in reducing energy consumption, contributing to sustainability efforts.
Prominent companies in the industry scenario include Nitto Boseki Co. Ltd., Asahi India Glass Ltd., Chomarat Group, PPG Industries, Saint Gobain, Bedford Reinforced Plastics, Owens Corning, Jushi Group, Binani 3B-Fibre Glass Company, and Nippon Sheet Glass.
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Growth in Construction Sector Precursor to Demand for GFRP
The construction sector is a major consumer of GFRP composites, using them in reinforcing bars, panels, and bridge decking. As infrastructure projects expand globally, the demand for durable, corrosion-resistant materials like GFRP is expected to rise. Further, government support for lightweight and eco-friendly materials, along with incentives for manufacturers, is poised to significantly fuel the growth of the glass fiber reinforced plastic composite materials market.
Key Challenges Inhibiting Demand for GFRP Composite Materials:
The manufacturing of GFRP composites can be expensive due to raw material costs, energy-intensive processes, and specialized equipment, making them less competitive in certain applications compared to traditional materials. GFRP composites are not easily recyclable, posing environmental concerns and potential disposal costs, as recycling them can be more challenging than other materials.
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Regional Insights:
- The US market is expected to experience significant growth due to heightened environmental concerns and strict regulations. Ongoing research and development efforts are improving GFRP material performance and cost-effectiveness.
- Europe is witnessing increased sales, driven by a focus on sustainability and environmental conservation. The construction and automotive industries in Europe are shifting towards GFRP composites for their adaptability, corrosion resistance, and high strength-to-weight ratio.
- Japan's dedication to environmental sustainability and energy efficiency is boosting GFRP composites' development, thanks to their lightweight, durable, and corrosion-resistant properties that reduce the carbon footprint.
- The demand for lightweight, long-lasting, and corrosion-resistant materials in various industries is driving growth in China and India. These markets are expected to account for a significant share of the global GFRP composite materials market.
Glass Fiber Reinforced Plastic Market Outlook & Forecast by Segmentation:
Resin Type: The polyester segment is anticipated to lead the GFRP composite materials market due to its cost-effectiveness and ease of handling, making it an attractive choice for large-scale manufacturing.
Manufacturing Process: Compression molding is expected to dominate the market share as it allows the production of multiple parts in a single cycle, reducing turnaround times and ensuring product quality.
End User: The transportation segment is set to account for the largest market share, given GFRP composites' strength, longevity, and corrosion resistance, which are crucial for transportation applications.
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Leading Players in the Market:
Key companies dominating the GFRP composite materials market include Nitto Boseki Co. Ltd., Asahi India Glass Ltd., Chomarat Group, PPG Industries, Saint Gobain, Bedford Reinforced Plastics, Owens Corning, Jushi Group, Binani 3B-Fibre Glass Company, and Nippon Sheet Glass.
Recent Developments:
- In March 2022, Saint Gobain announced a substantial investment in India to expand its operations, focusing on window lines, float glass, and related services.
- In May 2022, Asahi India Glass Ltd. completed its 100% acquisition of Shield Autoglass Company.
- In April 2021, Bedford Reinforced Plastics launched ReadySeries, a quick-ship modular solution manufactured from FRP, designed to meet access and safety needs.
Explore ChemView Consulting’s related ongoing Coverage in Chemicals and Materials Domain:
Global Glass Fiber Market: According to a ChemView Consulting study report, the Global Glass Fiber Market was worth US$ 19 Bn in 2022 and is predicted to increase at a CAGR of 5% during the forecast period. The market is estimated to reach $28.1 billion by the end of 2030. The E-glass category had the majority of the fiberglass market share and is likely to maintain this trend during the projection period.
Purified Terephthalic Acid (PTA) Market: The industry is estimated to cross a valuation of US $85,350.5 million an register a CAGR of 4.3% during 2023 to 2033. Due to strong consumption rates and manufacturing activities, particularly in China and India, Asia-Pacific dominates the market. Players in the industry are concentrating on technological developments in order to produce PTA more efficiently and sustainably.
Styrene Butadiene Rubber (SBR) Market: The SBR market is poised to attain 4.6% CAGR and will be reach over US $12,400.5 million. The rise of the construction industry has resulted in greater use of SBR in adhesives, sealants, and coatings. Other examples of market expansion include infrastructure initiatives in emerging countries and the repair of aged structures in industrialized countries.
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About ChemView Consulting:
ChemView Consulting is a leading market research firm, with expertise in Chemicals & Materials, Food & Beverages, Packaging, Oil & Gas, Clean Energy & Power, Life Sciences, Industrial Equipment, Mobility, and Consumer Product. We are one of the top market intelligence firms specializing in business analytics with an expertise in the ever-growing chemicals industry. We track high-growth markets with innovative ideas and opportunities insights through B2B research.
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