Glass Fiber Reinforced Plastic (GFRP) Market can have a robust growth with an astonishing CAGR during the forecast period (2017-2023), reveals Market Research Future (MRFR). The report further incorporates drivers and segmental analysis to have a comprehensive understanding of the market in coming years. Sectors such as automotive, marine and chemical have huge applications for GFRP. At the same time, increasing disposable income across the globe can boost the market further.
However, glass fiber epoxy resin composites mechanical properties bear negative impacts when exposed to moisture and high temperature which can adversely affect the growth of the GFRP market.
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Arctic Biomaterial Oy of Finland has developed a biodegradable version of GFRP, ArcBioxTM BGF30-B1, which makes it possible to integrate bio-based plastics in technically complex applications where durability is of utmost priority.
Asahi Kasei, in collaboration with Mazda Motor Corporation, has developed Leona polyamide 66 with glass fiber reinforcement to substitute metal brackets resulting in a weight reduction of 83%.
The global GFRP market can be segmented by reinforcing material type and end-user industry.
By reinforcing material type, the market can be segmented into polyester, epoxide, polyamide, and others.
By end-user industry, the market can be segmented into building & construction, marine, transportation, chemical plants, renewable energy, and others.
Mapping the global GFRP market reveals namely Asia Pacific (APAC), Europe, Latin America (LATAM), North America, and the Middle East & Africa (MEA).
North American infrastructure across verticals are the main reason to give GFRP sector extraordinary boost. The growth has been assured further by the rising economic growth and high consumption potential. Europe is expected to grow with the fastest CAGR with automotive sector propelling the regional growth significantly. Germany, Spain, the U.K., France, and Russia will contribute substantially.
Changing Latin American consumption pattern and economic reshaping of countries such as Argentina, Colombia, and Brazil can take the regional market to a different level. The APAC region can also ensure remarkable growth with countries such as India, China, Malaysia, Thailand, and Japan are anticipated to hike the demand for synthetic lubricants which as a consequence would trigger GFRP market during the forecast period. The building and construction sector can guide the market further ahead.
The market is looking for new product launches, merger, and collaborations for expansion. For instance, Owens Corning acquired Guangde SKD Rock Wool Manufacture Co., Ltd. to increase their territorial boundary. On the other hand, Johns Manville Corporation is getting bought by Berkshire Hathaway Inc. which is a sure sign of the former’s intent to impact the market expressively.
Some of the prominent players operating in the global GFRP market are Owens Corning (U.S.), Jushi Group Co., Ltd. (China), Chongqing Polycomp International Corporation (China), PPG Industries, Inc. (U.S.), Johns Manville Corporation (U.S.), Saint-Gobain Corporation (U.S.), Nippon Sheet Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (China), AGY Holding Corp. (U.S.), Asahi Fiber Glass Co., Ltd. (Japan), Binani Industries Limited (India), Celanese Corporation (U.S.), SAERTEX GmbH & Co. KG (Germany), NITTOBO ASIA Glass Fiber Co. Ltd. (Taiwan), and BGF Industries, Inc. (U.S.) and others.
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