According to TechSci Research report, “GFRP Composites Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global GFRP Composites Market stood at USD 16.67 billion in 2022 and is anticipated to grow with a CAGR of 5.94% in the forecast period, 2023-2028. The initiatives taken by the government based on GFRP composites has led to favorable market conditions for the Global GFRP Composites Market. Several factors contribute to the growth of various GFRP composite products.
The Florida Department of Transportation (FDOT) has been actively promoting the use of Glass Fiber Reinforced Polymer (GFRP) composites in its projects. For instance, they have successfully implemented GFRP materials for Fender system piles and wales, which has proven to be highly beneficial. By utilizing GFRP, FDOT aims to mitigate the degradation caused by physical and environmental effects, ensuring the longevity and durability of its infrastructure.
The Federal Highway Administration (FHWA) recognizes the numerous advantages of incorporating GFRP rebars as reinforcement in concrete structures. This innovative approach effectively addresses the issue of undesirable stress development caused by mismatches in stiffness and thermal expansion between traditional steel rebars and concrete. By utilizing GFRP rebars, FHWA aims to enhance the performance and longevity of concrete structures, ensuring sustainable and resilient infrastructure for years.
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There is a rapidly increasing demand for Glass Fiber Reinforced Polymer (GFRP) composites, driven by a rising environmental consciousness. These advanced materials present a sustainable alternative to traditional options, owing to their remarkable combination of lightweight and high strength properties. This unique attribute not only offers potential energy efficiency improvements but also makes them highly suitable for various applications, including transportation and construction sectors. By utilizing GFRP composites, we can pave the way for a greener and more sustainable future.
The Global GFRP Composites Market is segmented into resin type, end user, regional distribution, and company
Based on its resin type, the polyester segment held the largest share in the market. The wide range of applications for polyester-based Glass Fiber Reinforced Polymer (GFRP) composites also contributes to its dominance in the market. In the automotive industry, these composites are utilized for manufacturing lightweight and fuel-efficient components, such as body panels and interior parts, while maintaining high strength and durability. Similarly, in the construction industry, polyester-based GFRP composites find extensive use in the production of corrosion-resistant rebar, structural elements, and architectural features. Moreover, their exceptional resistance to weather conditions, including UV radiation and moisture, makes them suitable for outdoor applications, such as wind turbine blades and boat hulls.
The diverse potential applications of polyester-based GFRP composites cater to the growing demand not only in the automotive and construction sectors but also in other industries like aerospace, marine, and renewable energy. This versatility further solidifies its position as a preferred material choice, offering a combination of performance, durability, and cost-effectiveness. With continuous advancements in composite technology, the future holds even more potential for the widespread utilization of polyester-based GFRP composites in various sectors, driving its sustained market dominance.
Based on region, the Asia Pacific segment is expected to grow during the forecast period.
The cost-effectiveness of producing Glass Fiber Reinforced Polymer (GFRP) composites in Asia Pacific countries is primarily attributed to the lower labor and raw material costs compared to other regions. This significant cost advantage empowers manufacturers in the region to offer highly competitive prices, making their products more attractive to customers worldwide. As a result, the Asia Pacific market for GFRP composites has experienced substantial growth, with increasing demand driven by both domestic and international customers seeking affordable yet high-quality materials. This trend further reinforces the region’s dominance in the global GFRP composites market.
Major companies operating in the Global GFRP Composites Market are:
- Owens Corning
- Jushi Group Co Ltd
- Taishan Fiberglass Inc
- Saint-Gobain Limited
- Nippon Sheet Glass Company, Limited
- Polycomp International Corporation
- PPG Industries, Inc.
- Binani 3B-Fibre Glass Company
- Nitto Boseki Co. Ltd
- Chomarat Textiles Industries SASU
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“Growing application of GFRP composites in various end-user industries are key drivers of the GFRP composites market. Growth in the competitive landscape and presence of well-established companies in the market who are dedicated to enhancing their productivity of GFRP composites with every passing year is anticipated to register an impressive growth to the Global GFRP Composites Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“GFRP Composites Market By Resin Type (Polyester, Vinyl Ester, Epoxy, Polyurethane, Others), By End User (Electrical & Electronics, Transportation, Pipes & Tanks, Construction & Infrastructure, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global GFRP Composites Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global GFRP Composites Market.
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Table of Content-GFRP Composites Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global GFRP Composites Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Resin Type (Polyester, Vinyl Ester, Epoxy, Polyurethane, Others)
4.2.2. By End User (Electrical & Electronics, Transportation, Pipes & Tanks, Construction & Infrastructure, Others)
4.2.3. By Region
4.2.4. By Company (2022)
4.3. Market Map
4.3.1. By Resin Type
4.3.2. By End User
4.3.3. By Region
- Asia Pacific GFRP Composites Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Resin Type
5.2.2. By End User
5.2.3. By Country
5.3. Asia Pacific: Country Analysis
5.3.1. China GFRP Composites Market Outlook
5.3.1.1. Market Size & Forecast
5.3.1.1.1. By Value
5.3.1.2. Market Share & Forecast
5.3.1.2.1. By Resin Type
5.3.1.2.2. By End User