Glass Fibre Reinforced Plastic Products Market Size, Drivers Analysis, Trends, Insights, Forecast till 2033

 The Glass fiber reinforced plastic (GFRP) market is projected to reach a value of US$ 41.92 billion by 2033, according to a new report by market research and competitive intelligence firm Fact.MR. Currently, the market stands at US$ 18.54 billion as of 2023.

GFRP products are increasingly popular among various end users due to their numerous advantages, such as high strength, lightweight nature, resistance to corrosion and fire, and durability. These products are made by combining glass fibers with a polymer matrix, creating a robust and versatile material often referred to as fiberglass reinforced plastic (FRP).

The rising demand for infrastructure construction, including pipelines, structural components, and bridges, is driving the adoption of GFRP materials. Their resilience to adverse environmental conditions and long lifespan make GFRP an ideal choice for these applications.

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Due to their superior strength-to-weight ratio, GFRP products are highly suitable for various industries, including construction, aerospace, and automotive, where reducing weight is crucial.

The demand for GFRP materials is propelled by the need for aircraft and vehicles with lower carbon emissions and improved fuel efficiency. Consequently, manufacturers of glass fiber reinforced plastic products have substantial growth opportunities in the automotive and aerospace sectors.

Key Takeaways from Market Study

  • From 2023 to 2033, the market for glass fiber reinforced plastic goods is expected to grow globally at a CAGR of 8.5%.
  • Products made of glass fiber reinforced plastic are frequently used in American aerospace production facilities to lower aircraft weight and increase fuel economy.
  • Europe's prowess in the automotive industry is driving up demand for GFRP goods. Because of their great strength and low weight, these materials are utilized in vehicle body panels, bumpers, and interior elements, which improves fuel economy and lowers emissions.
  • Asia Pacific is a promising market for suppliers of GFRP products due to its rapid industrialization, rising electronics and construction sectors, and infrastructural development.

 “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

Producers of glass fiber reinforced plastic goods are concentrating on product developments, partnerships, and technological advancements in order to take advantage of new opportunities and maintain competitiveness in the changing industry.

  • In December 2021, pre-consumer recycled glass fiber that has been salvaged from industrial waste streams was introduced in two grades by Sabic, a leading global player in the chemical industry. The mechanical properties and color equivalency of these pre-consumer reprocessed short glass fiber reinforced polybutylene terephthalates (PBT) LNP Elcrin WF0061XPiQ and LNP Elcrin WF006XXPiQ compounds are comparable to those of Elcrin iQ grades that employ virgin glass fiber reinforcement.

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

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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