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GFRP Market Trends and Forecast

Lucintel finds that the future of the global GFRP product market looks promising with opportunities in various end uses, 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 $78 billion by 2030 with a CAGR of 4% from 2023 to 2030. 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.
GFRP 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 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 Composites in the GFRP Market

GFRP Market by Region

Emerging Trends in the GFRP Market

Emerging trends in the GFRP market shaping its future applications and market dynamics:
• Increased Use in the Automotive Sector: GFRP is increasingly being used for auto parts to reduce weight and enhance fuel efficiency. We are witnessing a focus on improving the impact resistance and manufacturability of the material for high-performance cars.
• Advancements in Manufacturing Techniques: Better efficiency and precision for GFRP production are as a result of utilizing advanced manufacturing technologies including automated fiber placement, 3D printing among others. By doing this costs can be cut down and product quality improved.
• Increasing Focus on Sustainability and Recycling: There is an emphasis on developing recyclable, sustainable GFRP materials. As part of environmental initiatives, research seeks to develop bio-based resins and improve recycling processes.
• Expansion in Construction Applications: Durability and Corrosion Resistance: The durability and corrosion-resistant attributes of GFRP make it suitable for harsh environments where it finds application as rebar, cladding, structural components etc. This has made it gain traction in construction applications.
 
• Technological Innovations:
Enhanced Properties: Ongoing advances aim at improvements in mechanical properties such as strength, impact resistance, thermal performance etc., which are some properties required by demanding industries like aerospace or marine construction sector. These innovations drive its application range towards more demanding situations.
• Growing Demand in Renewable Energy: The wind turbine blades made from GFRP are increasing due to its ratio of strength-to-weight as well as weathering resistance. Therefore these plays a role in enhancing wind turbines life span thereby boosting renewable energy growth.
• Emergence of Smart Composites: This is shown by how development of smart GFRP composites with built-in sensors for monitoring structural health along with performance is gathering pace. Additionally, these smart materials provide real-time data hence increasing safety while performing maintenance activities.

These trends indicate a shift towards more sustainable, innovative, and technologically advanced solutions in the GFRP industry to
meet evolving consumer and regulatory demands globally.

GFRP Market Emerging Trend

A total of 164 figures / charts and 137 tables are provided in this 339-page report to help in your business decisions. A sample figure with insights is shown below.
GFRP Market by Segments

Recent Developments in the GFRP Market

Recent developments in global GFRP market which highlights ongoing innovations and advancements across different sectors.
 
• Improved Manufacturing Processes: The use of manufacturing processes that are digitalized or automated is improving production efficiency, precision, and scalability for GFRP components including AFP (Automated Fiber Placement) and DT (Digital Twin).
• Recycling and Sustainability Efforts: New developments in recycling technologies as well as bio-based resins which can be recycled are addressing environmental concerns. To make GFRP more sustainable by reducing its ecological footprint and improving end-of-life recyclability, efforts are underway.
• Enhanced Material Properties: The research work is leading to improved strength-to-weight ratios in GFRP materials that also have better impact resistance and thermal performance. These enhancements open up GFRP to more demanding applications such as high-performance automotive parts as well as aerospace.
• Expansion into New Applications: Due to its durability, low maintenance requirements, corrosion resistance, GFRP has found increasing applications in construction industry like rebar for reinforcing concrete structures, bridge components or architectural elements.
• Technological Integration: The creation of smart composites using embedded sensors within monitoring systems on GFRP allows real-time structural health monitoring. This technology supports predictive maintenance thus enhancing safety.

Strategic Growth Opportunities for GFRP Market

The Glass Fiber Reinforced Plastic (GFRP) market presents significant strategic growth opportunities driven by advancements in technology, increasing demand for lightweight and durable materials, and expanding applications across various industries. Leveraging these trends can drive substantial market growth and innovation. Some key strategic growth opportunities for this market include:
Growth in Aerospace Sector:
• High-Performance Materials: GFRP’s strength-to-weight ratio and durability make it suitable for aerospace applications including aircraft parts and satellite components. The growth potentiality of GFRP becomes big as energy efficiency improves and weight decreases across aerospace sector.
• Technological Innovations: Improved performance and safety characteristic could be realized if next-generation aerospace components are made from GFRP technology advances.
Advancements in Construction and Infrastructure:
• Durability and Corrosion Resistance: Such characteristics as corrosion resistance of aggressive environment contribute to applying such construction elements like rebar (reinforcing bars), bridge units or building facades. As regards infrastructure projects demanding long-life, low-maintenance materials, this is particularly important.
• Sustainable Building Practices: The environmental advantages as well as robustness associated with sustainable design principles make GFRP perfectly suited for application in green construction initiatives that are becoming more common now.

GFRP Market Drivers and Challenges

GFRP market is developing dynamically and it is driven by factors such as high demand for light weight materials in motor vehicle and air craft industries, progress in new developments and deployment of GFRP in construction as well as renewable energy (RE) industry. These drivers of the GFRP market reflect its capability to improve performance, longevity and environmental friendliness. Nevertheless, at the same time it faces some challenges like recycling impact on the environment, high cost of production or competition with other materials. In order to sustain momentum and attain long term success; stakeholders must tackle these obstacles while making use of opportunities for growth that are still available in the evolving GFRP market.
The factors responsible for driving the GFRP market include:
1. Expanding Need of Lightweight Materials: For automobile applications, GFRP is increasingly being used as a lightweight material, which helps fuel economy and performance. This demand is motivated by the desire for improved fuel efficiency and reduced emissions.
.
2. Growing Infrastructure and Construction Projects: It is ideal for use in construction works and infrastructure due to its corrosion resistance capacity against harsh weather conditions. Examples include building facades, bridging members, reinforcing bars. Hence the rise of sustainable/low-maintenance construction materials supports the use of GFRP in green building projects and infrastructure developments.
3. Technological Advancements in Production: Advancements in manufacturing technologies, such as advanced resin infusion and automated fiber placement, have enhanced the efficiency and precision of GFRP production. These improvements reduce production costs and increase the materialÄX%$%Xs performance capabilities, making GFRP more competitive in various applications. Cost Reduction: Technological advancements help reduce production costs thus making it more competitive with other composites.
Challenges in the GFRP Market:
1. Environmental and Recycling Concerns: GFRP composites cannot be easily recycled because of their complex chemical structure. This causes tremendous worry over the environment and hinders waste management. There are environmental implications for GFRP’s production and disposal highlighting the need for sustainable, green alternatives.
2. High Production Costs:Advanced or high-performance formulations may be expensive due to glass fibers and resins. The overall cost of GFRP products is influenced by this which may limit their competitiveness. The initial costs associated with investing in equipment as well as technology can nevertheless be significant though manufacturing technologies are increasingly reducing expenses.
Innovative developments and environmental issues significantly affect the progress of GFRP market. Enhanced performances are driven by new technologies creating opening while recycling complexities and high costs present challenges that require continuous innovation. To realize growth potential, sustainability and economic limitations in the GFRP sector must be reconciled with each other.

GFRP Suppliers and Their Market Shares

In this globally competitive market, several key players such as, Owens Corning, Jushi, CPIC, Taishan Fiberglass, BASF etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us.
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.
• Owens Corning
• Jushi Group Co., Ltd.
• Chongqing Polycomp International Corporation (CPIC)
• Taishan Fiberglass Inc.
• Nippon Electric Glass Co., Ltd.
• 3B-The Fibreglass Company (Goa Glass fiber)
• Johns Manville Corporation
• Nitto Boseki Co., Ltd
• BASF SE
• Ineos Composites
• Huntsman
• Hexion
• Polynt
• Toray Industries
• Solvay Group
• Celanese
• SABIC
• DuPont
• AOC
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 marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, include end use, 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, resin type, product type, and manufacturing process and region as follows:


GFRP Market by End Use [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:


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

GFRP Market by Resin Type [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:


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

GFRP Market by Product Type [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:


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

GFRP Market by Manufacturing Process [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:


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

GFRP Market by Region [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:


• 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 (2018-2023) and forecast (2024-2023) by various segments and regions.
• Segmentation Analysis: Market size by end use, 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, 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.

If you are looking to expand your business in composites in the global GFRP market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.

FAQ

Q1. What is the GFRP market size?
Answer: The global GFRP market is expected to reach an estimated $78 billion by 2030
Q2. What is the growth forecast for GFRP market?
Answer: The GFRP market is expected to grow at a CAGR of 4% from 2023 to 2030.
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 uses for GFRP?
Answer: Transportation and Construction use are the major end uses 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 low styrene content unsaturated polyester resin, increasing usage of ecofriendly unsaturated polyester resin, penetration of low dielectric glass fiber in high performance PCB, introduction of flat glass fiber, and development of high tensile strength and high tensile modulus glass fiber. Owens Corning, Jushi, Polynt, Nippon Electric Glass, and AOC are among the major suppliers of the GFRP market.
Q6. Who are the key GFRP companies?
Answer: Some of the key GFRP companies are as follows:
• Owens Corning
• Jushi Group Co., Ltd.
• Chongqing Polycomp International Corporation (CPIC)
• Taishan Fiberglass Inc.
• Nippon Electric Glass Co., Ltd.
• 3B-The Fibreglass Company (Goa Glass fiber)
• Johns Manville Corporation
• Nitto Boseki Co., Ltd
• BASF SE
• Ineos Composites
• Huntsman
• Hexion
• Polynt
• Toray Industries
• Solvay Group
• Celanese
• SABIC
• DuPont
• AOC
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 (transportation, marine, wind energy, pipe and tank, construction, electrical and electronics, consumer goods, and aerospace), resin type (UPR, vinyl ester, epoxy, PA, PP, phenolic, and others), product type (E/ECR-glass, S-glass, C-glass, and others (NE glass, R-glass, and T-Glass)), manufacturing process (hand lay-up, spray-up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay-up, and others), and 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?

Table of Contents
1. Executive Summary

2. Market Background and Classifications
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges

3. Market Trends and Forecast Analysis from 2018 to 2030
3.1: Macroeconomic Trends and Forecast
3.2: Global Glass Fiber Reinforced Plastic Market Trends and Forecast
3.3: Global Glass Fiber Reinforced Plastic Market by End Use
3.3.1: Transportation
3.3.2: Marine
3.3.3: Wind Energy
3.3.4: Aerospace
3.3.5: Pipe and Tank
3.3.6: Construction
3.3.7: Electrical and Electronics
3.3.8: Consumer Goods
3.3.9: Others
3.4: Global Glass Fiber Reinforced Plastic Market by Resin Type
3.4.1: UPR Resin
3.4.2: Vinyl Ester Resin
3.4.3: Epoxy Resin
3.4.4: PA Resin
3.4.5: PP Resin
3.4.6: Phenolic Resin
3.4.7: Other Resins (PU, PBT)
3.5: Global Glass Fiber Reinforced Plastic Market by Manufacturing Process
3.6: Global Glass Fiber Reinforced Plastic Market by Product Type

4. Market Trends and Forecast Analysis by Region
4.1: Global Glass Fiber Reinforced Plastic Market by Region
4.2: North American Glass Fiber Reinforced Plastic Market
4.2.1: Market by End Use: Transportation, Marine, Wind Energy, Aerospace, Pipe and Tank, Construction, Electrical and Electronics, Consumer Goods, and Others
4.2.2: United States GFRP Market
4.2.3: Canadian GFRP Market
4.2.4: Mexican GFRP Market
4.3: European Glass Fiber Reinforced Plastic Market
4.3.1: Market by End Use: Transportation, Marine, Wind Energy, Aerospace, Pipe and Tank, Construction, Electrical and Electronics, Consumer Goods, and Others
4.3.2: German GFRP Market
4.3.3: UK GFRP Market
4.3.4: Spanish GFRP Market
4.3.5: French GFRP Market
4.3.6: Italian GFRP Market
4.4: APAC Glass Fiber Reinforced Plastic Market
4.4.1: Market by End Use: Transportation, Marine, Wind Energy, Aerospace, Pipe and Tank, Construction, Electrical and Electronics, Consumer Goods, and Others
4.4.2: Chinese GFRP Market
4.4.3: Indian GFRP Market
4.4.4: Japanese GFRP Market
4.4.5: Taiwanese GFRP Market
4.5: ROW Glass Fiber Reinforced Plastic Market
4.5.1: Market by End Use: Transportation, Marine, Wind Energy, Aerospace, Pipe and Tank, Construction, Electrical and Electronics, Consumer Goods, and Others
4.5.2: Brazilian GFRP Market

5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Market Share Analysis
5.3: Operational Integration
5.4: Geographical Reach
5.5: Porter’s Five Forces Analysis

6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Glass Fiber Reinforced Plastic Market by End Use
6.1.2: Growth Opportunities for the Global Glass Fiber Reinforced Plastic Market by Region
6.2: Emerging Trends in the Global Glass Fiber Reinforced Plastic Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion
6.3.3: Mergers, Acquisitions, and Joint Ventures
6.3.4: Certification and Licensing

7. Company Profiles of Leading Players
7.1: Owens Corning
7.2: Jushi Group
7.3: Chongqing Polycomp International Corporation (CPIC)
7.4: Taishan Fiberglass Inc.
7.5: Nippon Electric Glass Co., Ltd.
7.6: 3B-The Fibreglass Company (Goa Glass fiber)
7.7: Johns Manville Corporation
7.8: Nitto Boseki Co., Ltd
7.9: BASF SE
7.10: Ineos Composites
7.11: Huntsman
7.12: Hexion
7.13: Polynt
7.14: Toray Industries
7.15: Solvay Group
7.16: Celanese
7.17: SABIC
7.18: DuPont
7.19: AOC (Lone Enterprise)
.

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