Market Analysis
The global Glass Fiber Reinforced Plastic Market is likely to grow at a healthy CAGR between 2017- 2023, according to the new report by Market Research Future (MRFR). Fiber glass reinforced plastic or GFRP, simply put, is a composite material that is made of polymer matrix, which is reinforced with fibers. It has wide applications in renewable energy, chemical plants, transportation, marine, building and construction, and others.
Key Players
Eminent players profiled in the global Glass Fiber Reinforced Plastic Market report include BGF Industries, Inc. (U.S.), NITTOBO ASIA Glass Fiber Co. Ltd. (Taiwan), SAERTEX GmbH Co. KG (Germany), Celanese Corporation (U.S.), Binani Industries Limited (India), Asahi Fiber Glass Co., Ltd. (Japan), AGY Holding Corp. (U.S.), Taishan Fiberglass Inc. (China), Nippon Sheet Glass Co., Ltd. (Japan), Saint-Gobain Corporation (U.S.), Johns Manville Corporation (U.S.), PPG Industries, Inc. (U.S.), Chongqing Polycomp International Corporation (China), Jushi Group Co., Ltd. (China), and Owens Corning (U.S.).
Various factors are propelling the global glass fiber reinforced plastic market growth. As per the latest MRFR report, such factors include the shifting focus of manufacturers towards cost-effective cars and lightweight materials, booming automotive sector, growing number of wind energy plants to cater to the energy needs for the ever-increasing population, and high adoption rate of glass fiber reinforced plastic. Additional factors adding market growth include rising per capita disposable income in emerging and developed economies, the proliferation of fiber glass reinforced plastic-based construction materials, burgeoning demand for lightweight glass fiber materials for the construction of yachts and ships, and surging demand for glass fiber based chemical storage vessels.
On the contrary, due to the environmental impact of water content and high temperatures, the glass fiber reinforced plastic’s mechanical properties get altered that may impede the global glass fiber reinforced plastic market growth over the forecast period. Besides, the ongoing COVID-19 pandemic has resulted in a halt in manufacturing activities worldwide, impacting the demand for plastics as well as its processing and production. Plastics industry, especially electronics, construction, industrial equipment, consumer goods, and automotive and transportation, are the most critically impacted, which in turn has affected the glass reinforced plastic market growth.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global glass fiber reinforced plastic market report based on end user industry and reinforcing material type.
By reinforcing material type, the global glass fiber reinforced plastic market is segmented into polyamide, epoxide, polyester, and others.
By end user material, the global glass fiber reinforced plastic market is segmented into renewable energy, chemical plants, transportation, marine, building and construction, and others. Of these, the transportation segment will lead the market over the forecast period.
Regional Analysis
Based on the region, the global glass fiber reinforced plastic market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), Latin America, the Middle East and Africa. Among these, Europe is likely lead the market over the forecast period. Burgeoning demand in yacht manufacturing facilities in Spain, Norway, Russia, Germany, and Europe and strong existence for maritime industry is adding to the global glass fiber reinforced plastic market growth in the region.
The glass fiber reinforced plastic market in the APAC region is predicted to grow at a fast pace over the forecast period. The booming construction industry, coupled with improving living standards, is adding to the global glass fiber reinforced plastic market growth in the region. South Korea, India, China have a maximum share in the region.
The glass fiber reinforced plastic market in North America is predicted to have healthy growth over the forecast period. The presence of several chemical industries is adding to the global glass fiber reinforced plastic market in the region. Mexico and the US have a maximum share in the region.
The global glass fiber reinforced plastic market in Latin America is predicted to have steady growth over the forecast period. Mexico has the maximum share in the region for the robust presence of automobile manufacturers.
The global glass fiber reinforced plastic market in the MEA is predicted to have sound growth over the forecast period.
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