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Attractive Opportunities in the GFRP Composites Market

Jun 21, 2019 2:01 PM ET

According to the new market research report “GFRP Composites Market by End-Use Industry (Transportation, Electrical & Electronics), Resin Type (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Compression & Injection Molding, RTM/VARTM, Layup,) and Region – Global Forecast to 2027″, is projected to grow from USD 43.93 billion in 2017 to USD 82.10 billion by 2027, at a CAGR of 6.4% between 2017 and 2027.

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The GFRP composites market is projected to grow from USD 43.93 billion in 2017 to USD 59.87 billion by 2022, at a CAGR of 6.4% from 2017 to 2022. The GFRP composites are widely being used in the transportation, electrical & electronics, construction & infrastructure, pipes & tanks, marine, wind energy, and other industries. The increasing demand for GFRP composites is supported by its low cost, lightweight, corrosion resistance properties, high strength, and easy availability.

The Asia Pacific GFRP composites market is expected to grow at the highest CAGR between 2017 and 2022. India and China are the major GFRP composites markets due to the growing wind energy, construction & infrastructure, pipes & tanks and electrical & electronics industries in these countries. Furthermore, the presence of major companies such as Jushi Group (China), CPIC (China), and Nippon Sheet Glass (Japan) is also driving the GFRP composites market in the region. These players, along with other major players in the European and North American regions are expanding in the APAC region to cater to the growing demand for fibers, resins, and GFRP composites in the region.

Browse and in-depth TOC on “GFRP Composites Market”

91 – Tables
32 – Figures
160 – Pages

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The Glass Fiber Reinforced Plastics (GFRP) composites comprise glass fibers reinforced with various thermoset or thermoplastic resins. Owing to their lightweight, high strength, flexible design solutions, and high durability, these composites are being preferred in various end-use industries such as aerospace & defense, transportation, pipes & tanks, electricals & electronics, construction & infrastructure, marine, and others. The GFRP composites market is projected to grow from USD 43.93 Billion in 2017 to USD 59.87 Billion by 2022, at a CAGR of 6.4% from 2017 to 2022.

Key companies offering GFRP composites have adopted the strategy of investments & expansions to strengthen their position in the GFRP composites market. Leading companies adopted this strategy to increase their distribution channels, strengthen their presence in developed and emerging countries, and meet the growing customer demand. Companies also adopted the strategies of partnerships, and joint ventures & agreements to expand their product reach globally and gain a competitive edge in the market. Companies have also adopted new product launches and agreements to increase their product portfolios and gain access to new and potential markets. The GFRP composites market witnessed mergers of established companies with small companies to enhance distribution networks and diversify product portfolios. Leading companies are acquiring small composite manufacturing companies in emerging regions to expand their global reach.

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Major manufacturers of GFRP composites profiled in this report are Owens Corning (US), Jushi Group (China), CPIC (China), PPG Industries (US), Taishan Fiberglass (China), etc. These companies have adopted various organic and inorganic growth strategies such as agreements & partnerships, investments & expansions, acquisitions, and new product developments to expand their global presence and increase their penetration into the global GFRP composites market.

Owens Corning (US) is one of the key manufacturers of GFRP composites that offers SMC/BMC Rovings, Panel Roving, Roving for Chopping, rovings for filament winding, chopped strand mat, high-performance glass fibers, Cem-FIL alkali-resistant glass fibers, etc. The company has increased investments, year-on-year, in R&D to develop new products, new production capabilities, and processes. As part of its growth strategy, the company is focused on the expansion of its capacities to cater to the increasing demand for GFRP composites.

The Jushi Group (China) is a global manufacturer of glass fiber products. The company is one of the major fiberglass manufacturers in China and serves the aerospace & defense, transportation, construction & infrastructure, chemicals, electrical & electronics, infrastructure, marine, and wind energy industries. The company is conducting research studies for the development of new products for different applications and is providing highest quality products. The company continues to invest in its facilities and in research & development to maintain a leading position in the global GFRP composites market.

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