Aug 31, 2023   SOURCE: BusinessWire

The Global Glass Fiber Reinforced Plastic (GFRP) Market is Poised for Promising Growth Estimated to Reach $61.3 Million by 2028 - ResearchAndMarkets.com

The "Glass Fiber Reinforced Polymer (GFRP) Market: Trends, Opportunities and Competitive Analysis 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The future of the global Glass Fiber Reinforced Plastic (GFRP) market looks bright, with a wide range of opportunities spanning various end-use industries. These include transportation, marine, wind energy, pipe and tank, construction, electrical and electronics, consumer goods, and aerospace.

The global GFRP market is anticipated to achieve an estimated value of $61.3 million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 3.7% from 2022 to 2028. The growth drivers for this market are attributed to expansions in construction, wind energy, electrical and electronics, consumer goods, and other sectors.

Emerging Trends and Dynamics

Several emerging trends are significantly shaping the dynamics of the GFRP industry. These include:

  1. Low Styrene Content Unsaturated Polyester Resin: The industry is witnessing a shift towards using low styrene content unsaturated polyester resin, which offers better sustainability and environmental benefits.

  2. Ecofriendly Unsaturated Polyester Resin: There is increasing adoption of eco-friendly unsaturated polyester resin, aligning with growing environmental consciousness and sustainability efforts.

  3. Low Dielectric Glass Fiber in High-Performance PCBs: The penetration of low dielectric glass fiber in high-performance Printed Circuit Boards (PCBs) is on the rise, driven by the demand for efficient and high-performance electronics.

  4. Introduction of Flat Glass Fiber: The introduction of flat glass fiber is expanding the possibilities for innovative product design and applications.

  5. High Tensile Strength and Modulus Glass Fiber: Research and development efforts are focused on creating glass fibers with high tensile strength and modulus, contributing to enhanced material properties.

GFRP Market Segmentation

The GFRP market is segmented by various factors, including end use, resin type, product type, manufacturing process, and region:

End Use:

  • Transportation
  • Marine
  • Wind Energy
  • Aerospace
  • Pipes & Tanks
  • Construction
  • Electrical and Electronics
  • Consumer Goods
  • Other End Uses

Resin Type:

  • UPR Resin
  • Vinyl Ester Resin
  • Epoxy Resin
  • PA Resin
  • PP Resin
  • Phenolic Resin
  • Other Resins

Product Type:

  • E/ECR-Glass Fiber Composites
  • S-Glass Fiber Composites
  • C-Glass Fiber Composites
  • Others (NE,R,T)

Manufacturing Process:

  • Hand Lay-Up
  • Spray-Up
  • Resin Infusion
  • Filament Winding
  • Pultrusion
  • Injection Molding
  • Compression Molding
  • Prepreg Lay-Up
  • Others

Key Players and Competitive Landscape

  • 3B-The Fibreglass Company (Goa Glass fiber)
  • AOC
  • Ashland LLC
  • BASF SE
  • Celanese
  • Chongqing Polycomp International Corporation (CPIC)
  • Cytec Solvay Group
  • DuPont
  • Hexion
  • Huntsman
  • Johns Manville Corporation
  • Jushi Group Co., Ltd.
  • Nippon Electric Glass Co., Ltd.
  • Nitto Boseki Co., Ltd
  • Owens Corning
  • Polynt
  • SABIC
  • Taishan Fiberglass Inc.

The GFRP market features prominent players who compete based on product quality, expansion of manufacturing facilities, research and development investments, and other strategic initiatives.

Conclusion

The global GFRP market is poised for robust growth, fueled by increasing demand from sectors like construction, wind energy, and electrical and electronics. Emerging trends, such as environmentally friendly resin usage and innovative glass fiber development, are reshaping the industry landscape. As the market continues to evolve, key players are strategizing to ensure competitive effectiveness and deliver innovative products and technologies that cater to the changing demands of various end-use industries.

For more information about this report visit https://www.researchandmarkets.com/r/nnkd5p

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