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LONDON, GREATER LONDON, UNITED KINGDOM, February 25, 2025 /EINPresswire.com/ -- Is The Glass Fiber Reinforced Plastic (GFRP) Composites Market Set To Witness Substantial Growth?
Steady growth is predicted for the global glass fiber reinforced plastic GFRP composites market over the next few years; it is poised to expand from $26.15 billion in 2024 to $28.23 billion in 2025, at a compound annual growth rate CAGR of 8.0%. Factors influencing this growth include an increase in infrastructure investments, a growing focus on sustainability, escalated research and development efforts, a greater utilization of eco-friendly materials, and the burgeoning wind energy sector.
The market size of the glass fiber reinforced plastic GFRP composites sector is projected to experience continued strong growth, escalating to $37.97 billion by 2029 at a compound annual growth rate CAGR of 7.7%. The growth throughout this forecast period can be linked to the expansion of the automotive industry, infrastructure development, growth in the electrical and electronics sector, a shift from metal to composite materials, and government investments in renewable energy. Major advancements anticipated for this period include the development of high-performance resins, automated and robotics manufacturing, real-time quality control systems, optimized fiber reinforcement, and the integration of augmented reality AR.
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What Are The Key Drivers Of The Glass Fiber Reinforced Plastic GFRP Composites Market Growth?
The booming construction industry is anticipated to be a primary driver of the GFRP composite market. Urbanization stimulates construction activities, as a growing urban population necessitates new housing, infrastructure, and commercial spaces. Consequently, this trend has ignited a surge in construction projects. GFRP composites, known for their lightweight yet durable properties, provide corrosion resistance and prolong structural lifespan. Furthermore, this material effectively reinforces concrete, enhances design flexibility, and avoids rust and electromagnetic interference. As an example, in February 2023 the UK's Office for National Statistics stated that annual construction output rose by 5.6% in 2022 versus 2021, following a record rise of 12.8% in 2021.
Who Are The Key Players In The Industry?
Prominent companies operating in the GFRP composites market include Reliance Industries, Mitsubishi Chemical Group Corporation, Asahi Kasei Corporation, Toray Industries Inc., Owens Corning, Celanese Corporation, Huntsman International LLC, Hexcel Corporation, SGL Carbon SE, Saint-Gobain Group, Röchling SE & Co. KG, 3B-the Fiberglass Company, Pultrall Inc., Advanced Composites Inc., Jiuding New Material Co. Ltd., Tuf-Bar Inc., Tribeni Fiber Pvt Ltd., Stromberg Architectural, Everest Composites Pvt. Ltd., RG Fibrotech Private Limited, and Chongqing Dujiang Composites Co. Ltd.
What Emerging Trends Will Impact The GFRP Composites Market?
Notable companies in the GFRP composites market are focusing on developing advanced solutions connected to GFRP recycling technology to boost sustainability while minimizing environmental impacts. The goal of GFRP recycling technology is to salvage and repurpose glass fibers from discarded GFRP materials. This environmentally conscious innovation facilitates efficient recycling of both fibers and resins. In October 2023, Japan-based textile industry company Toray Industries Inc. introduced a GFRP-PPS recycling technology. Even with 50% or greater recycled content, this technology's mechanical strength is comparable to virgin PPS. The company uses proprietary compounding techniques to combine PPS resin with specific reinforcing fibers, which reduces glass fiber shortening and breaking during the recycling process.
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How Is The GFRP Composites Market Segmented?
1. By Resin Type: Thermoplastic; Polyurethane; Polyester; Epoxy; Vinyl Ester; Other Resin Types
2. By Glass Type: S-Glass; C-Glass; E-Glass; Other Glass Types
3. By Manufacturing Process: Compression Molding; Injection Molding; Layup; Filament Winding; Pultrusion; Resin Transfer Molding RTM And Vacuum-Assisted Resin Transfer Molding VARTM; Other Manufacturing Processes
4. By End-User: Transportation; Renewable Energy; Electric And Electronics; Military And Defense; Telecommunication; Building And Construction; Other End-Users
Subsegments include:
1. By Thermoplastic, segmented into Polypropylene PP; Polyamide PA; Polyethylene PE; Polyvinyl Chloride PVC; Acrylonitrile Butadiene Styrene ABS
2. By Polyurethane, segmented into Rigid Polyurethane Composites; Flexible Polyurethane Composites; Polyurethane Foam Composites
3. And more, spanning up to six sub-segments under each category.
Which Regions Lead The GFRP Composites Market?
Asia-Pacific was the most substantial region in the GFRP composites market as of 2024 and is predicted to continue experiencing rapid growth throughout the forecast period. Moreover, the GFRP composites market report covers several other regions including Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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