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GFRP Composite Market Projected to Soar to USD 37.2 Billion by 2032, Driven by Demand for Lightweight, Durable Materials

07-02-2024 11:20 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Dataintelo

/ PR Agency: Dataintelo
Dataintelo

Dataintelo

The global Glass Fiber And Glass Fiber Reinforced Plastic (GFRP) Composite market, which was valued at USD 20 Billion in 2023, is projected to reach USD 37.2 Billion by 2032, growing at an impressive CAGR of 6.5% from 2024 to 2032. This upsurge in market value is largely driven by an increasing demand for lightweight and durable materials across various industries.

Among the industries fuelling this bourgeoning demand for GFRP composites are the automotive, aerospace, and construction sectors. These industries are constantly in search of materials that not only enhance efficiency but also aid in significant weight reduction. This leads to considerable energy savings and aids the overarching goal of environmental sustainability.

GFRP composites have come to the fore as an optimal solution in this respect, primarily due to their excellent strength-to-weight ratio. This, coupled with their durability, has led to GFRP composites being increasingly preferred over traditional materials such as steel and aluminum.

Thanks to recent findings from Dataintelo, it's clear that the future looks promising for the global Glass Fiber And Glass Fiber Reinforced Plastic (GFRP) Composite Market

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐š ๐Ÿ๐ซ๐ž๐ž ๐ฌ๐š๐ฆ๐ฉ๐ฅ๐ž ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ @ https://dataintelo.com/request-sample/86979

๐“๐ก๐ข๐ฌ ๐ข๐ฌ ๐จ๐ง๐ž ๐จ๐Ÿ ๐ญ๐ก๐ž ๐ฆ๐จ๐ฌ๐ญ ๐๐ž๐ญ๐š๐ข๐ฅ๐ž๐ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐š๐ง๐ ๐œ๐จ๐ฏ๐ž๐ซ ๐ญ๐ก๐ž ๐Ÿ๐จ๐ฅ๐ฅ๐จ๐ฐ๐ข๐ง๐  ๐ฌ๐ž๐ ๐ฆ๐ž๐ง๐ญ๐ฌ:

The glass fiber and glass fiber reinforced plastic (GFRP) composite market has been segmented on the basis of๐‘๐ž๐ฌ๐ข๐ง ๐“๐ฒ๐ฉ๐ž
โ— Polyester
โ— Vinyl Ester
โ— Epoxy
โ— Polyurethane
โ— Thermoplastics
โ— Others

๐Œ๐š๐ง๐ฎ๐Ÿ๐š๐œ๐ญ๐ฎ๐ซ๐ข๐ง๐  ๐๐ซ๐จ๐œ๐ž๐ฌ๐ฌ
โ— Lay-Up
โ— Filament Winding
โ— Compression & Injection Molding Process
โ— Others

๐„๐ง๐-๐ฎ๐ฌ๐ž๐ซ
โ— Transportation
โ— Aerospace & Defense
โ— Wind Energy
โ— Electrical & Electronics
โ— Construction & Infrastructure
โ— Marine
โ— Oil & Gas
โ— Automotive
โ— Pipes & Tanks
โ— Others

๐‘๐ž๐ ๐ข๐จ๐ง
โ— Asia Pacific
โ— North America
โ— Latin America
โ— Europe
โ— Middle East & Africa

๐Š๐ž๐ฒ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ
โ— ๐€๐†๐˜
โ— ASAHI FIBER GLASS Co., Ltd.
โ— Celanese Corporation
โ— ๐‚๐ก๐ข๐ง๐š ๐‰๐ฎ๐ฌ๐ก๐ข ๐‚๐จ., ๐‹๐ญ๐.
โ— Johns Manville
โ— Mitsubishi Chemical Group Corporation.
โ— Nippon Sheet Glass Co., Ltd
โ— Owens Corning
โ— PPG Industries, Inc.
โ— Saint-Gobain
โ— Sancom Composites LLP



Segment Analysis:

In terms of resin types, the glass fiber and glass fiber reinforced plastic (GFRP) composite market segments into Polyester, Vinyl Ester, Epoxy, Polyurethane, thermoplastics, and others. The polyester resin segment is expected to hold a significant share due to its excellent flexibility, high mechanical strength, and superior chemical resistance. The use of vinyl ester and epoxy resins is also growing in various applications owing to their robust physical attributes and versatility.

The market also finds segmentation based on the manufacturing process. The popular methods include lay-up, filament winding, and compression & injection molding processes, among others. Different processes are chosen based on the particular requirements of the products, taking into account factors such as reinforcing materials, desired hardness, flexibility, and cost-effectiveness. Furthermore, by end-users, the market caters to several industries such as transportation, aerospace & defense, wind energy, electrical & electronics, and construction & infrastructure. The wind energy industry along with aerospace & defense has been observed to demonstrate significant demand, largely due to the material's durability, lightweight nature, and high tensile strength.

Regional Analysis:

On a geographical front, the market for glass fiber and GFRP composites is spread across regions such as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The Asia Pacific region is slated to emerge as a prominent market for glass fiber and GFRP composites, largely driven by growing industrialization and increasing demand from the automobiles and construction sectors in countries like India and China.

North America is also expected to hold a notable share in the market, owing to the escalating demand from aerospace & defense and wind energy sectors, primarily in the United States. In Europe, the market is being spurred by the evolving automobile sector and the rising wind energy installations, particularly in countries like Germany and Spain. Meanwhile, Latin America and Middle East & Africa are projected to witness steady growth, triggered by the growing awareness about renewable energy sources and increasing infrastructure development activities.

Key market players leveraging these regional and segmental opportunities include the likes of AGY, ASAHI FIBER GLASS Co., Ltd., Celanese Corporation, China Jushi Co., Ltd, and others

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐š ๐Ÿ๐ซ๐ž๐ž ๐ฌ๐š๐ฆ๐ฉ๐ฅ๐ž ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ @ https://dataintelo.com/request-sample/86979

Market Drivers:

1. Increasing demand from automotive industry: Glass fiber reinforcement is popularly used in the automotive industry due to its properties like easy molding, high strength-to-weight ratio, better fuel efficiency, and corrosion resistance. The global shift towards electric vehicles and lightweight vehicles has further increased the demand for GFRP composites in automotives.

2. Robust demand in construction industry: GFRP composites are widely used in the construction industry owing to their excellent properties such as high strength, low weight, and corrosion resistance. They are used in panels, windows, door frames, and facades, etc., which has led to a surge in their demand.

3. Demand from renewable energy sector: With the increasing focus on renewable energy, GFRP materials are being widely deployed in the wind energy industry to build wind turbine blades.

4. Aerospace & Defense applications: GFRP composites are extensively adopted in the aerospace & defense industry because of their key advantages like high strength, stiffness, and lightweight characteristics.

Opportunities:

1. Rise in Infrastructure Development: The ongoing infrastructural development in emerging economies presents a significant opportunity for the GRFP composite market.

2. Technological Innovations: Advances in technology leading to the development of new and superior-quality GFRP composite materials may open new opportunities in the market.

3. Green energy demand: The growing demand for renewable energy sources, particularly wind energy, is expected to provide market growth opportunities owing to the use of GFRP composites in wind turbine blades.

4. Increasing popularity of eco-friendly vehicles: As the focus on sustainability intensifies, there will be greater demand for lightweight, fuel-efficient vehicles. This could lead to increased opportunities in the GFRP market

๐˜๐จ๐ฎ ๐œ๐š๐ง ๐๐ข๐ซ๐ž๐œ๐ญ๐ฅ๐ฒ ๐›๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐Ÿ๐ซ๐จ๐ฆ: https://dataintelo.com/checkout/86979

1. WHO SHOULD BUY THIS REPORT?

- Corporate Entities: Large corporations across various industries can immensely benefit from this report by gaining insights into market trends, competitor strategies, and consumer behavior.

- Marketing and Sales Professionals: These reports can provide these professionals with valuable data to develop effective sales strategies, understand customer preferences and forecast emerging trends.

- Business Investors: Investors looking for promising sectors to invest in can use this report for data-driven decision making.

- Market Research agencies: These agencies can utilize the Dataintelo report to assess market landscapes, upcoming trends, and potential future disruptions.

- Government Institutions: These reports can help government bodies in policy making by offering insights into market performance and identifying sectors needing interventions.

- Educational Institutions: Universities and research scholars can use this report for academic research and study purposes.

- Startup Companies: Start-ups can use this report to understand the market scenarios, customer needs, competition, and potential growth areas.

2. GOOD THINGS ABOUT DATAINTELO:

- Comprehensive Research: Dataintelo conducts extensive market research using reliable sources ensuring the credibility and accuracy of the data provided.

- Custom Reports: They offer customized reports catering to the specific needs of the clients delivering targeted insights.

- Wide Coverage: They provide reports covering a wide range of industries providing an extensive view of the market dynamics.

- Expert Analysis: The reports come with expert analysis giving interpretative understanding of the raw data.

- Affordable: Compared to other market research companies, Dataintelo provides great value for the cost.

- Updated Data: The reports are regularly updated with the latest market trends and dynamics.

- Excellent Customer Service: Dataintelo provides excellent aftersales service, helping clients understand the report and answering related queries.

- Easy Accessibility: The reports can be easily accessed on various digital platforms making it convenient for the user to access and interpret them

Contact Us :
Dataintelo
Name - Alex Mathews
Phone No.: +1 909 414 1393
Email - sales@dataintelo.com
Website - https://dataintelo.com
Address - 500 East E Street, Ontario, CA 91764, United States.

๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐œ๐š๐ง ๐›๐ž ๐œ๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐ž๐ ๐š๐ฌ ๐ฉ๐ž๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐ง๐ž๐ž๐.

๐„๐ฆ๐š๐ข๐ฅ ๐ฎ๐ฌ ๐จ๐ง - ๐ฌ๐š๐ฅ๐ž๐ฌ@๐๐š๐ญ๐š๐ข๐ง๐ญ๐ž๐ฅ๐จ.๐œ๐จ๐ฆ

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