Glass Fiber Reinforced Plastic (GFRP) Market Report, Analysis, Composite Research, Share, Size, and Industry Trend by Forecast to 2023
The global glass fiber reinforced plastic (GFRP) market is categorized into five regions based on geography, namely–North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Among them, Europe accounted for around 28% market share as of 2016 and is predicted to grow with the healthy CAGR over the assessment period. Asia Pacific market is categorized into India, China, Japan, and Indonesia. These aforementioned nations are predicted to drive the demand for GFRP in the upcoming years due to presence of matured oil reserves, resulting in the higher consumption of GFRP. This in turn expected to increase the utilization of GFRP based chemical storage vessels over the forecast period. Moreover, rising demand for wind energy is predicted to fuel the growth of the GFRP based wind blades market. In North America, the GFRP market is predicted to grow with the highest CAGR during the assessment period, 2017 to 2023. GFRP based construction materials is the main area for GFRP consumption in the renovation projects.
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Manufacturers are shifting their focus in developing and producing more environmental friendly GFRP products which contain less harmful chemicals. Rising demand for green GFRP along with technological advancement is predicted to fuel the market growth over the forecast period. European GFRP market is classified into Russia, Germany, U.K, Spain, Italy, and France. Comparatively Norway and Germany are expected to be the dominant region on account of increasing maritime exploration activities coupled with increasing ship and yacht manufacturing. Moreover, the robust presence of automobile manufacturers along with the increasing consumption of GFRP based automotive components is predicted to fuel the demand for GFRP over the assessment period. In Latin America, countries such as Brazil and Mexico is expected to witness significant market growth on account of increasing housing industry renovation activities. Asia Pacific is predicted to be the healthy growing market due to emerging crude oil processing as well as proliferation of petroleum refineries in India and China is predicted to produce wide range of chemicals. This in turn expected to drive GFRP based chemical storage vessels. Moreover, rising number of passenger cars and heavy duty vehicles along with increased usage of lubricant is expected to drive the demand for GFRP in this region.
Segmentation
The global GFRP market is categorized on the basis of reinforcing material type, end user industry, and region. On the basis of reinforcing material type, the market is bifurcated into polyester, epoxide, polyamide, and others. On the basis of end user industry, the GFRP market is categorized into building & construction, marine, transportation, chemical plants, renewable energy, and others. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
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Key Players
- PPG Industries, Inc.
- Owens Corning
- Jushi Group Co., Ltd.
- Chongqing Polycomp International Corporation
- Johns Manville Corporation
- Saint-Gobain Corporation
- Nippon Sheet Glass Co., Ltd.
- Taishan Fiberglass Inc.
- AGY Holding Corp.
- Asahi Fiber Glass Co., Ltd.
- Binani Industries Limited
- Celanese Corporation
- SAERTEX GmbH & Co. KG
- NITTOBO ASIA Glass Fiber Co. Ltd.
- BGF Industries, Inc.
Regional Analysis:
The Global GFRP Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Europe is predicted to grow with the highest CAGR during the review period, 2017 to 2023 on account of expanding marine industry. The demand for GFRP is predicted to surge in numerous countries of the Asia Pacific such as China, India and Japan due to high adoption rate by the wind energy industries. Moreover, the presence of tremendous building & construction projects in this region is predicted to propel the growth of the market.
North American GFRP Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. In Europe, the demand for GFRP is predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of increasing expenditure in innovation and growing purchasing power of consumers. Moreover, presence of major automobile manufacturers specifically in Germany is expected to give momentum to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness new economic projections for Latin America and the Caribbean show moderate recovery over the forecast period and growth with favored expansions in consumption and domestic investment. GFRP based construction materials are expected to drive this region market over the forecast period. Asia Pacific GFRP market is predicted to grow with the moderate CAGR due to continuous growth of automotive sector in various economies of Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for synthetic lubricants which in turn is predicted to fuel the demand for GFRP over the forecast period, 2017 to 2023.
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