The global Glass Fiber Reinforced Plastic Composite Material Market is expected to grow on a digital transformational note in the next 10 years. These days, the chemical industry has started adopting digital technologies and tools as they prove to be an economically viable solution to extract more efficiencies from the once-upon-a-time incumbent processes. This would further help in designing new processes and products as well. This would be the way chemical vertical would go in the next few years.
Glass fibre reinforced plastic (GFRP) commonly known as fiberglass is a synthetic amalgamated material made up of plastic and extremely fine fibres of glass. It is the largest segment in the composite industry. GFRP composite material is a relatively low-cost composite material as compared to carbon and other metal fibre composites. From last few decade, this synthetic composite material is in demand for its high strength, light weight, corrosion resistance quality. GFRP products are in high demand in the industries such as wind energy, aerospace, and defence, construction, automotive, etc. for its light weight and corrosion resistant property.
Developing countries like China and India are developing their infrastructure; this leads in growth of construction industries which anticipated to drive demand for GFRP composite materials. Market space of GFRP composite material is very competitive, vendors with better access to technical and financial resources are focusing on developing innovative products to render their competitor products before their launch. Most of the key players in this market space have their inbuilt research and development departments.
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Glass fibre Reinforced Plastic Composite Material Market: Drivers & Restraints
An increase in demand for lightweight fiberglass composite in the automotive industry, rise in demand for diverse blade sizes in wind energy industry and infrastructure development in the construction industry are the leading factors behind GFRP market growth worldwide. GFRP composite material can be customized easily as it is versatile and profitable during its manufacturing. This property holds significant growth opportunity in the construction industry.
Qualities like durability, thermal efficiency, and strength of fiberglass are attracting its end users. To meet increasing demand of GFRP composite market, GFRP composite material manufacturer has to face challenges such as availability of raw material, rising price, competition from carbon fibre and changing regulations.
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Glass fibre Reinforced Plastic Composite Material Market: Regional Outlook
Based on the geographies, Glass fiber reinforced plastic (GFRP) composite material market is segmented into seven regions — North America GFRP composite material market, Latin America GFRP composite material market, Eastern Europe GFRP composite material market, Western Europe GFRP composite material market, APEJ GFRP composite material market, Japan GFRP composite material market and the Middle East & Africa GFRP composite material market.
Among the regions mentioned above, countries such as India, China, Thailand, and Vietnam are the developing countries focusing on their infrastructure development that includes new construction, renovation, and repair of the commercial, residential and institutional region. Therefore, Asia Pacific (excluding Japan) along is leading GFRP composite material market space. Followed by North America in transportation sector use. Eastern and Western Europe are more active in research and development activities for developing high quality performing GFRP composite material products. Country wise China emerged as the largest producer, supplier and product consumer for GFRP products, followed by other developing countries like India and Brazil.
Glass fibre Reinforced Plastic Composite Material Market: Key Players
Some of the market players accounting for global (GFRP) composite material market includes Delkom Group, Advanced Glassfiber Yarns (Agy) Llc, Nitto Boseki Co. Ltd., Saint-Gobain Vetrotex, Jushi Group Co. Ltd., Taiwan Glass Ind Corp., Binani 3b-The Fibreglass Company, Ppg Industries Inc., Gradeall International Limited, Changzhou Pengyu Frp Pressure Vessel Co., Ltd. Among listed above players, key vendors identified in this market space are Asahi Glass, Jushi Group, China Beihai Fiberglass, Saint-Gobain, PPG and Nippon Electric Glass.
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