PUBLISHER: Allied Market Research | PRODUCT CODE: 1414906
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414906
According to a new report published by Allied Market Research, titled, "Glass Fiber Reinforced Plastics (GFRP) Composites Market," The glass fiber reinforced plastics (GFRP) composites market was valued at $19.8 billion in 2022, and is estimated to reach $37.2 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
The increasing focus on sustainable and eco-friendly materials is driving the demand for GFRP composites. Tightening regulations and environmental concerns prompt the search for materials that are recyclable and environmentally conscious. Ongoing research aims to improve the recyclability of composite materials, thereby enhancing the sustainability profile of GFRP composites. The development of recyclable GFRP composites would mark a significant advancement, fostering growth opportunities in industries striving for environmentally friendly solutions. Governments and regulatory bodies globally are imposing stricter regulations aimed at reducing carbon emissions, promoting recycling, and improving resource efficiency. GFRP composites, with their potential for recyclability and lower carbon footprint compared to certain conventional materials, are increasingly sought after to meet these stringent regulatory requirements.
The increasing focus on sustainable and eco-friendly materials is driving the demand for GFRP composites. Tightening regulations and environmental concerns prompt the search for materials that are recyclable and environmentally conscious. Ongoing research aims to improve the recyclability of composite materials, thereby enhancing the sustainability profile of GFRP composites. The development of recyclable GFRP composites would mark a significant advancement, fostering growth opportunities in industries striving for environmentally friendly solutions. Governments and regulatory bodies globally are imposing stricter regulations aimed at reducing carbon emissions, promoting recycling, and improving resource efficiency. GFRP composites, with their potential for recyclability and lower carbon footprint compared to certain conventional materials, are increasingly sought after to meet these stringent regulatory requirements.
Technological advancements in glass fiber reinforced plastic (GFRP) composites have propelled significant innovations, revolutionizing their manufacturing, properties, and applications. Advanced manufacturing techniques have streamlined the production processes of GFRP composites, enabling precision and efficiency in creating complex components. Methods such as automated fiber placement, resin transfer molding, and additive manufacturing have optimized production, reduced costs, and facilitated the fabrication of intricate and tailored composite parts for diverse industries. Ongoing research focuses on developing innovative resin formulations and reinforcing fibers for GFRP composites. These advancements aim to enhance mechanical strength, durability, thermal stability, and resistance to environmental factors. Moreover, the integration of nanotechnology into GFRP composites offers opportunities to further augment their properties, introducing functionalities like increased strength, conductivity, or enhanced performance tailored to specific industry needs. Efforts in recycling technologies enable the efficient reuse of GFRP materials, minimizing waste and extending the material's lifecycle.
The glass fiber reinforced plastics (GFRP) composites market is segmented based on resin type, process, end-use industry, and region. By type, the market is divided into polyester resin, vinyl ester resin, epoxy resin, polyurethane resin, and others. Based on the process, it is categorized into manual process, continuous process, compression molding, and injection molding. Depending on the end-use industry, the market is segregated into aerospace and defense, construction, wind energy, automotive, electrical and electronics, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global glass fiber reinforced plastics (GFRP) composites market are Owens Corning, Johns Manville, Sancom Composites LLP, Asahi Kasei Corporation, PPG Industries, Inc., 3B - the fibreglass company, Nippon Sheet Glass Co., Ltd, Nitto Boseki Co., Ltd., Celanese Corporation, and Mitsubishi Chemical Group Corporation. Other players include SGL Carbon, alformet, Rochling, Amiblu Holding GmbH, Chomarat Group, Saint Gobain Vetrotex, Honeywell International Inc., BASF SE, Reliance Industries Ltd., Advanced Composites Inc., Braj Binani Group, and BGF Industries Inc.
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