The global glass fiber reinforced plastic (GFRP) composites market is anticipated to grow at a positive CAGR of 6.6% from 2022 to 2032. The target market is set to reach a valuation of US$ 60 Bn by the end of 2022. Owing to escalating demand for strong and resilient plastic materials for construction activities the market for glass fiber reinforced plastic (GFRP) composites is expected to grow steadily over the forecast period.
A lightweight and durable fiber, glass reinforced plastic is produced from very fine fibers of glass. In comparison to carbon fibers, glass fibers demonstrate low brittleness and the fibers of glass used for their production are more affordable. Again, compared to metals, glass fiber possesses superior properties, both strength, and weight-wise. In addition, glass fibers can be produced using different molding techniques.
Glass fibers are largely utilized as an essential raw material for creating distinctive types of composite materials. One of the most important applications of glass fibers is the manufacturing of glass fiber reinforced plastic (GFRP) composites, the largest class of composite materials. Around 90% of the reinforcements used in the composites sector are glass fibers.
GFRP composites are widely used in a variety of industries such as wind energy, construction, automotive, aerospace, piping, and anti-corrosive industrial equipment. This bodes well for the overall market growth. Further, the increasing demand for GFRP composites from the transportation and construction sectors will likely fuel the growth of the glass fiber as well as the glass fiber reinforced plastic (GFRP) composites market in the upcoming decade.
Competitive Landscape
Johns Manville, BGF Industries, Asahi Glass Company Limited, Advanced Glassfiber Yarns LLC, Chomarat Group, Jushi Group Co. Ltd., Taishan Fiberglass Inc., Owens Corning, PPG Industries Inc., Binani 3B-The Fibreglass Company, Saertex Group, Chongqing Polycomp International Corp., Saint-Gobain Vetrotex, Nitto Boseki Co. Ltd. and Nippon Sheet Glass Co. Ltd., among others are some of the major players in the glass fiber reinforced plastic (GFRP) composites market profiled in the full version of the report.
Leading market players are focusing on increasing their research and development activities to identify the best raw material for the manufacturing process. These enterprises engage in various organic and inorganic business expansion strategies.
Get a Sample Copy of the Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-167
Key Segments
By Type
- Epoxy
- Polyester
- Vinyl Ester
By Application
- Transportation
- Electricals
- Electronics
More Insights into Glass Fiber Reinforced Plastic (GFRP) Composites Market Report
In its latest report, FMI offers an unbiased analysis of the global glass fiber reinforced plastic (GFRP) composites market, providing historical data from 2014 to 2020 and forecast statistics for 2022 to 2032.
Based on region, the glass fiber reinforced plastic (GFRP) composites market in the Asia Pacific and in North America will demonstrate significant growth during 2022-2032. The target market in these regions together accounts for 50% of the global glass fiber reinforced plastic (GFRP) composites market share.
Browse latest Market Reports@ https://www.futuremarketinsights.com/category/chemicals-and-materials
