The Glass Fiber Reinforced Plastics (GFRP) composites market is projected to grow at a CAGR of 6.4% during the forecast period. The global Glass Fiber Reinforced Plastics (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 major factor driving the GFRP composites market is the high demand for GFRP composites from the transportation, electrical & electronics, wind energy, and pipes & tanks industries.
However, the difficulty of recycling GFRP composites and high cost is a major factor restraining their use in various applications and hindering the growth of the global GFRP composites market.
Compression & injection molding is the fastest growing manufacturing process in the GFRP composites market. The compression & injection molding manufacturing process offers several advantages, including fast cycle time, low labor cost, low scrap rate, and low mold-clamping pressure. It is widely used in GFRP composite applications such as transportation and electrical & electronics industries.
These composites are used for the production of bumpers for vehicles, panels for electrical equipment, enclosures for medical devices, and others. These are the key applications of GFRP composites, thus driving the use of the injection molding process to manufacture various GFRP composite components.
Asia Pacific is the fastest-growing market for GFRP composites. The Asia Pacific region is expected to be the fastest-growing market for GFRP composites during the next 5 years. This market in Asia Pacific is driven by the increasing consumption of GFRP composites in various industries such as wind energy, construction & infrastructure, electrical & electronics, and transportation.
China is leading the Asia Pacific GFRP composites market. The wind energy industry in China witnessed the highest number of wind energy installations in 2016 and added a new capacity of 23,328 MW.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following 3 categories: - By Company Type: Tier 1—10%, Tier 2—25%, and Tier 3—65%
- By Designation: C-level—10%, Director Level—30%, and Others—60%
- By Region: North America—20%, Europe—15%, Asia Pacific—45%, Latin America—11%, and the Middle East & Africa—9%
The report provides a comprehensive analysis of companies operating in the GFRP composites market.
They are as follows: • Owen Corning (US)
• Jushi Group (China)
• PPG Industries (US)
• AGY Holding (US)
• Taishan Fiberglass (China)
• Saint Gobain (France)
• Nippon Sheet Glass (Japan)
• CPIC (China)
• Asahi Fiber Glass (Japan)
Research Coverage This report covers the global GFRP composites market and forecasts the market size till 2022. The report includes market segmentation on the basis of manufacturing process, resin type, end-use industry, and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). The Porter’s Five Force analysis, along with drivers, restraints, challenges, and opportunities of the market have been discussed in the report. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Reasons to Buy the Report The report is expected to help market leaders/new entrants in the GFRP composites market in the following ways: 1. This report segments the GFRP composites market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different verticals and regions.
2. The report is expected to help stakeholders understand the pulse of the market and provides the information on key market drivers, restraints, challenges, and opportunities.
3. This report is expected to help stakeholders understand competitors and gain insights to enhance their positions in the GFRP composites market. The competitive landscape section includes the ecosystem of the competitors, investments & expansions, new product launches, and agreements.
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Gross Domestic Product
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