GFRP Market Trends and Forecasts
Lucintel finds that the future of the global GFRP product material market looks promising with opportunities in various end use industry, including transportation, marine, wind energy, pipe and tank, construction, electrical and electronics, consumer goods, and aerospace. The global GFRP market is expected to reach an estimated $74 billion by 2031 with a CAGR of 4% from 2024 to 2031. The major drivers for growth in this market are due to the growth in the construction, wind energy, electrical and electronics, consumer goods, and others market.
Glass fiber reinforced plastic (GFRP) is mainly composed of glass fibers and resin. The production of glass fibers involves melting silica sand and other raw materials at high temperatures and then spinning the molten glass into long filaments. Matrix resins, which are typically epoxy, polyester or vinyl ester are used as the materials that bond together all these glass fibers. Moreover, some additives and fillers can be incorporated to improve certain properties of the composite. In general, Glass Fiber Reinforced Plastic (GFRP) offers a more economic route compared to other high performance composites like carbon fiber reinforced plastics. GFRP tends to cost less due to low-cost glass fibers and cheaper resins available in large quantities and hence easily affordable. Despite providing good strength-to-weight ratios as well as durability, GFRP is commonly less costly than carbon fiber composites thus rendering it attractive for numerous applications where there is need for high performance at lower costs.
• Lucintel forecasts that construction will remain the largest end use industry by value and value due to the increasing use of glass fiber reinforced plastic in construction for its corrosion resistance, lightweight, and insulated properties. Aerospace is expected to witness highest growth over the forecast period.
• UPR resin will remain the largest segment by value and volume over the forecast period because it offers good mechanical and service properties, and have excellent thermal stability and weather resistance. Other resins is expected to witness highest growth over the forecast period.
• APAC is expected to remain the largest region by value and volume over the forecast period due to growth in construction, transportation, and the electrical and electronics segments. Growing economy, growth in population, and urbanization are the major forces that drive the construction segment, especially in China and India. North America is expected to witness highest growth over the forecast period.
Country wise Outlook for the GFRP Market
The global GFRP market is witnessing substantial growth globally. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major GFRP producers in key regions/countries: the USA, Germany, UK, China, and Japan.
Emerging Trends in the GFRP Market
The glass fiber reinforced plastic (GFRP) market is experiencing significant growth due to its lightweight, high strength, and corrosion-resistant properties. As industries such as automotive, aerospace, construction, and renewable energy increasingly adopt GFRP materials, several emerging trends are shaping the market landscape. These trends reflect advancements in technology, sustainability initiatives, and changing consumer preferences, driving innovation and expanding applications for GFRP. Understanding these trends is crucial for stakeholders looking to capitalize on the evolving market dynamics and enhance their competitive edge in the GFRP sector.
• Increased Demand in Renewable Energy: The growing focus on renewable energy sources, particularly wind and solar power, is driving the demand for GFRP materials. Wind turbine blades and solar panel components benefit from GFRP's lightweight and durable characteristics, leading to enhanced efficiency and performance. This trend is expected to continue as countries invest in sustainable energy solutions, further solidifying GFRP's role in the energy sector.
• Advancements in Manufacturing Technologies: Innovations in manufacturing processes, such as automated fiber placement and 3D printing, are enhancing the production of GFRP components. These technologies allow for greater precision, reduced waste, and lower production costs, making GFRP more accessible to various industries. As these advancements continue, they will likely lead to increased adoption and diversification of GFRP applications.
• Growing Focus on Sustainability: The push for sustainable materials is influencing the GFRP market, with manufacturers exploring bio-based resins and recycling methods. This trend aligns with global sustainability goals and consumer preferences for eco-friendly products. By adopting greener practices, GFRP producers can improve their market appeal and meet regulatory requirements, ultimately driving growth in the sector.
• Expansion in Automotive Applications: The automotive industry is increasingly utilizing GFRP to reduce vehicle weight and improve fuel efficiency. As manufacturers seek to meet stringent emissions regulations, GFRP's lightweight properties make it an attractive alternative to traditional materials. This trend is expected to accelerate as electric vehicles gain popularity, further integrating GFRP into automotive design and production.
• Enhanced Performance Characteristics: Ongoing research and development are leading to improved performance characteristics of GFRP, such as increased strength, thermal resistance, and fire retardancy. These enhancements are expanding the range of applications for GFRP in critical sectors like aerospace and construction. As performance standards rise, GFRP is becoming a preferred choice for high-performance applications, driving market growth.
The GFRP market is being reshaped by trends such as increased demand in renewable energy, advancements in manufacturing technologies, a growing focus on sustainability, expansion in automotive applications, and enhanced performance characteristics. These developments not only highlight the versatility and advantages of GFRP but also position it as a key material in various industries, paving the way for future innovations and market expansion.
Recent Developments in the GFRP Market
The glass fiber reinforced plastic (GFRP) market has been experiencing significant growth due to its lightweight, high strength, and corrosion-resistant properties. These characteristics make GFRP an ideal material for various applications, including automotive, aerospace, construction, and wind energy. Recent developments in this market reflect advancements in manufacturing processes, sustainability initiatives, and increasing demand across multiple sectors. As industries continue to seek innovative materials that enhance performance while reducing environmental impact, the GFRP market is poised for further expansion. Here are five key developments shaping the future of the GFRP market:
• Increased Adoption in Automotive Industry: The automotive sector is increasingly utilizing GFRP for vehicle components, leading to weight reduction and improved fuel efficiency. This shift is driven by stringent regulations on emissions and a growing consumer preference for sustainable vehicles.
• Advancements in Manufacturing Techniques: Innovations such as automated fiber placement and 3D printing are enhancing the efficiency and precision of GFRP production. These techniques reduce waste and lower production costs, making GFRP more accessible to various industries.
• Focus on Sustainability: Manufacturers are investing in bio-based resins and recycling technologies to create more sustainable GFRP products. This focus on eco-friendly materials is attracting environmentally conscious consumers and businesses, further driving market growth.
• Expansion in Wind Energy Applications: The demand for GFRP in wind turbine blades is rising due to its lightweight and durable properties. As countries invest in renewable energy, GFRP's role in enhancing the efficiency and longevity of wind energy systems is becoming increasingly vital.
• Growth in Construction Sector: GFRP is gaining traction in the construction industry for applications such as reinforcement and façade systems. Its resistance to corrosion and lightweight nature make it an attractive alternative to traditional materials, contributing to the modernization of construction practices.
These developments are significantly impacting the GFRP market by driving innovation, enhancing sustainability, and expanding applications across various industries. As GFRP continues to evolve, it is likely to play a crucial role in meeting the demands of a rapidly changing global market.
Strategic Growth Opportunities for the GFRP Market
The glass fiber reinforced plastic (GFRP) market is experiencing significant growth due to its lightweight, high strength, and corrosion-resistant properties. These characteristics make GFRP an ideal material for various applications, including automotive, aerospace, construction, and renewable energy. As industries increasingly seek sustainable and efficient materials, GFRP is positioned to capitalize on emerging trends. This discussion highlights five key growth opportunities across different applications, showcasing how GFRP can drive innovation and efficiency in these sectors.
• Automotive: GFRP is increasingly used in automotive components to reduce weight and improve fuel efficiency. This shift not only enhances vehicle performance but also aligns with global trends towards sustainability and lower emissions.
• Aerospace: The aerospace sector is adopting GFRP for its superior strength-to-weight ratio, which contributes to fuel savings and increased payload capacity. This application is crucial as airlines seek to reduce operational costs and environmental impact.
• Construction: GFRP is gaining traction in construction for reinforcing structures and providing durability against environmental factors. Its use in infrastructure projects enhances longevity and reduces maintenance costs, making it a preferred choice for modern construction.
• Wind Energy: The renewable energy sector is leveraging GFRP for wind turbine blades due to its lightweight and strong properties. This application supports the growth of sustainable energy solutions, contributing to global efforts in combating climate change.
• Marine: GFRP is utilized in the marine industry for boat hulls and components, offering resistance to corrosion and reducing overall weight. This application enhances performance and longevity, making it a valuable material for shipbuilders.
The strategic growth opportunities in the GFRP market across these key applications are driving innovation and efficiency. As industries continue to prioritize sustainability and performance, GFRP is set to play a pivotal role in shaping the future of material usage across various sectors.
GFRP Market Drivers and Challenges
The glass fiber reinforced plastic (GFRP) market is influenced by a variety of technological, economic, and regulatory factors that drive its growth and present challenges. As industries increasingly seek lightweight, durable materials, GFRP has gained tr
List of GFRP Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies GFRP companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the GFRP companies profiled in this report includes.
• Praana Group
• Jushi Group Co., Ltd.
• Chongqing Polycomp International Corporation (CPIC)
• Taishan Fiberglass Inc.
• Nippon Electric Glass Co., Ltd.
• Johns Manville Corporation
• Nitto Boseki Co., Ltd
• BASF SE
• INEOS Composites (KPS Capital)
• Huntsman
• Hexion
• Polynt
• Toray Industries
• Syensqo
• Celanese
• SABIC
• DuPont
• AOC (Nippon Paint Holdings Co., Ltd)
These companies have established themselves as leaders in the global GFRP industry with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the global GFRP market are evolving, with the entry of new players and the emergence of innovative technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
GFRP Market by Segment
The most important developing sectors in the global glass fiber reinforced plastic (GFRP) industry encompass car manufacturing, space travel and construction. The light attribute of GFRP has a positive influence on automobile production, thus improving fuel efficiency and performance. In aerospace applications, its high strength-to-weight ratio helps the aircraft to become more efficient. GFRP’s utilization in construction is evident through its durable nature as well as its resistance to corrosion seen in infrastructure projects, reinforcing bars and architectural elements. These sections are growing because of rising need for advanced environmentally friendly substances.
This GFRP market report provides a comprehensive analysis of the market's current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, include end use industry , resin type, product type, and manufacturing process. The report offers insights into regional dynamics, highlighting the major markets for global GFRP market and their growth potentials. The study includes trends and forecast for the composites in global GFRP market by end use industry , resin type, product type, manufacturing process, and region as follows:
By End Use Industry [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• Transportation
• Marine
• Wind Energy
• Aerospace
• Pipes & Tanks
• Construction
• Electrical and Electronics
• Consumer Goods
• Other End Use Industries
By Resin Type [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• UPR Resin
• Vinyl Ester Resin
• Epoxy Resin
• PA Resin
• PP Resin
• Phenolic Resin
• Other Resin Types
By Product Type [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• E/ECR-Glass Fiber Composites
• S-Glass Fiber Composites
• C-Glass Fiber Composites
• Others Product Types (NE Glass, R Glass, and T Glass)
By Manufacturing Process [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• Hand Lay-Up
• Spray-Up
• Resin Infusion
• Filament Winding
• Pultrusion
• Injection Molding
• Compression Molding
• Prepreg Lay-Up
• Other Manufacturing Processes
By Region [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Features of GFRP Market
• Market Size Estimates: GFRP market size estimation in terms of value ($M) and volume ( M lbs.).
• Trend and Forecast Analysis: Market trends (2019-2024) and forecast (2025-2031) by various segments and regions.
• Segmentation Analysis: Market size by end use industry , resin type, manufacturing process, product type, and region.
• Regional Analysis: GFRP market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different end use industry, resin type, manufacturing process, product type, and regions for the GFRP market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the GFRP market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the GFRP market size?
Answer: The global GFRP market is expected to reach an estimated $74 billion by 2031.
Q2. What is the growth forecast for GFRP market?
Answer: The GFRP market is expected to grow at a CAGR of 4% from 2024 to 2031.
Q3. What are the major drivers influencing the growth of the GFRP market?
Answer: The major drivers for growth in this market are due to the growth in the construction, wind energy, electrical and electronics, consumer goods, and others market.
Q4. What are the major applications or end use industry for GFRP?
Answer: Transportation and construction use are the major end use industry for GFRP.
Q5. What are the emerging trends in GFRP market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes increased demand in renewable energy, advancements in manufacturing technologies, growing focus on sustainability, and expansion in automotive applications.
Q6. Who are the key GFRP companies?
Answer: Some of the key GFRP companies are as follows:
• Praana Group
• Jushi Group Co., Ltd.
• Chongqing Polycomp International Corporation (CPIC)
• Taishan Fiberglass Inc.
• Nippon Electric Glass Co., Ltd.
• Johns Manville Corporation
• Nitto Boseki Co., Ltd
• BASF SE
• INEOS Composites (KPS Capital)
• Huntsman
• Hexion
• Polynt
• Toray Industries
• Syensqo
• Celanese
• SABIC
• DuPont
• AOC (Nippon Paint Holdings Co., Ltd)
Q7. Which GFRP product segment will be the largest in future?
Answer: Lucintel forecast that UPR resin will remain the largest segment by value and volume over the forecast period because it offers good mechanical and service properties, and have excellent thermal stability and weather resistance. Polypropylene resin is expected to witness highest growth over the forecast period.
Q8. In GFRP market, which region is expected to be the largest in next 7 years?
Answer: Asia Pacific is expected to remain the largest region and witness the highest growth over next 7 years.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the global GFRP market by end use industry (transportation, marine, wind energy, pipe and tank, construction, etc), resin type (UPR resin, vinyl ester resin, epoxy resin, etc), product type (E/ECR-glass composites, S-glass composites, C-glass composites, and other product types (NE glass, R-glass, and T-Glass)), manufacturing process (hand lay-up, spray-up, resin infusion, filament winding, pultrusion, etc), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?