Market Analysis: Global Glass Fiber-reinforced Plastics (GFRP) Market
Global glass fiber-reinforced plastics (GFRP) market is expected to rise from its initial estimated value by registering a substantial CAGR of 6.70% in the forecast period of 2019-2026. Rising installation of wind energy capacity is the major factor for the growth of this market.
Few of the major competitors currently working in global glass fiber-reinforced plastics (GFRP) market are Owens Corning, JEC Group, PPG Industries, Inc., Johns Manville, Saint-Gobain, AGY, Nippon Sheet Glass Co., Ltd, ASAHI FIBER GLASS Co., Ltd., Braj Binani Group, BGF Industries, Inc., Nitto Boseki Co., Ltd, PFG FIBER GLASS CORPORATION, Celanese Corporation, SAERTEX GmbH & Co. KG, Reliance Industries Limited, Denka Company Limited, RTP Company, Reinforced Plastic Industries, Aeron Composite Pvt. Ltd, FIBREX and others.
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Market Definition: Global Glass Fiber-reinforced Plastics (GFRP) Market
Glass fiber-reinforced plastics (GFRP) are produced by the fiber glass and are used widely in commercial and industrial applications due to their lightweight and durability. They usually have high tensile strength and flexibility as compared to the metals. These materials are widely used in industries like aerospace, construction, automotive, marine, electrical and others. They are also used to create various types of the composite materials.
- Rising construction activities in developing countries is driving the growth of this market
- Increasing demand of GFRP in transportation industry is another factor driving the market growth
- Growing number of wind energy capacity installations will drive the market growth
- Rising usage of GFRP composite pipes in sewage & water management will also accelerate the growth of the market
- High production cost is restraining the growth of this market
- Increasing recyclability issue is another factor restraining the market growth
Segmentation: Global Glass Fiber-reinforced Plastics (GFRP) Market
By Resin Type
- Vinyl Ester
- Cyanate Ester
- Bismalimide (BMI)
By End- User
- Wind Energy
- Electrical & Electronics
- Pipes & Tanks
- Oil and Gas
- Water & Wastewater Treatment Plants
- Pulp and Paper
- Construction & Infrastructure
- Decking and Railing
- Aerospace & Defense
- Other End-Use Industries
- Consumer Goods
- Sporting Goods
By Manufacturing Process
- Compression & Injection Molding Process
- Filament Winding
- Resin Transfer Molding (RTM)
- Other Manufacturing Processes),
- Compression Molding
- Injection Molding
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In February 2019, SABIC announced the launch of their Stamax Stadeck which is specially designed for building and construction market. They are lighter than the wooden planks and have high durability. They are constructed in such a way that these panels can stay outdoors for long periods without rotting or corroding. They are very suitable for fencing, sheathing, decking, wheel chair ramps among others
- In July 2017, Owens Corning Infrastructure Solutions announced that they have acquired Aslan FRP. This acquisition will help the company to expand themselves globally and to add new products and solutions through which they can upgrade the performance of concrete structures. It is lighter-weight and is more corrosion-resistant than conventional steel reinforcements
Global glass fiber-reinforced plastics (GFRP) market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of glass fiber-reinforced plastics (GFRP) market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Research Methodology: Global Glass Fiber-reinforced Plastics (GFRP) Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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