GFRP Composites Market to Grow with a CAGR of 5.94% through 2028
Surge in research and development activities is expected to drive the Global
GFRP Composites Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “GFRP
Composites Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global GFRP Composites Market stood
at USD16.67 billion in 2022 and is anticipated to grow with a CAGR of 5.94% in
the forecast period, 2023-2028. The initiatives taken by 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 composites
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 their 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.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "GFRP Composites Market”
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, 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 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
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of GFRP composites with every
passing year are anticipated to register an impressive growth to 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 Global GFRP Composites Market.
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