Glass Fiber Reinforced Plastics (GFRP) Composites Market to Reach $37.2 Billion, Globally, by 2032 a

Author : yuvansh lele | Published On : 27 Feb 2024

Allied Market Research published a report, titled, "Glass Fiber Reinforced Plastic (GFRP) Composites Market by Resin Type (Polyester Resin, Vinyl Ester Resin, Epoxy Resin, Polyurethane Resin, and Others), Process (Manual Process, Continuous Process, Compression Molding, and Injection Molding), and End-Use Industry (Aerospace and Defense, Construction, Wind Energy, Automotive, Electrical and Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global glass fiber reinforced plastic (GFRP) composites market was valued at $19.8 billion in 2022 and is projected to reach $37.2 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.

Prime determinants of growth

The global glass fiber reinforced plastic (GFRP) composites market is experiencing growth due to several factors such as increasing focus on sustainable and eco-friendly materials and increasing demand for glass fiber reinforced plastic composites from the aerospace and automotive industries. However, the recycling and sustainability concerns hinder market growth to some extent. Moreover, technological advancements in glass fiber reinforced plastic (GFRP) composites offer remunerative opportunities for the expansion of the glass fiber reinforced plastic (GFRP) composites market.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$19.8 billion
Market Size in 2032	$37.2 billion
CAGR	6.5 %
No. of Pages in Report	250
Segments Covered	Resin Type, Process, End-Use Industry, and Region.
Drivers	Increased Demand in Aerospace and Automotive Industries Increasing focus on sustainable and eco-friendly materials
Opportunity	Technological Advancements
Restraint	Recycling and sustainability concerns

Impact of the Russia-Ukraine War on the glass fiber reinforced plastic (GFRP) composites market

The Russia-Ukraine war poses significant challenges to the glass fiber reinforced plastic (GFRP) composites industry. The conflict may cause price fluctuations in raw materials and energy sources, impacting manufacturing costs and product pricing. Geopolitical tensions and trade uncertainties may hinder international trade, affecting the global flow of materials crucial for GFRP composite production.
Infrastructure damage in the region could disrupt manufacturing and distribution networks, while increased demand for GFRP composites in military applications may strain supply for other industries. Export restrictions on high-performance composites and disruptions in the supply chain may lead to increased costs, shortages, or production delays, affecting companies reliant on these advanced materials.

The vinyl ester resin segment is expected to grow faster throughout the forecast period

Based on the resin type, the epoxy resin segment held the highest market share in 2022, accounting for nearly one-fifth of the global glass fiber reinforced plastic (GFRP) composites market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that epoxy resin is a versatile thermosetting polymer widely employed in glass fiber reinforced plastics (GFRP) composites. By comprising a liquid resin and a hardening agent, it forms a strong, durable material when cured. The exceptional adhesive properties, low shrinkage, and high mechanical strength of epoxy make it an ideal matrix for GFRP, where glass fibers are embedded to enhance structural integrity. This composite is valued for its lightweight nature, corrosion resistance, and superior strength-to-weight ratio.

However, the vinyl ester resin segment is projected to manifest the highest CAGR of 7.0% from 2023 to 2032. This can be attributed to the fact that vinyl ester resin is a versatile thermosetting polymer widely employed in the fabrication of glass fiber reinforced plastics (GFRP) composites. This resin is derived from the esterification of epoxy resins with unsaturated monocarboxylic acids, and exhibits exceptional corrosion resistance, mechanical strength, and thermal stability. Its molecular structure combines the toughness of epoxy resins with the flexibility of polyester resins, making it ideal for GFRP applications. Vinyl ester resin is extensively utilized in industries such as marine, automotive, and construction for manufacturing corrosion-resistant tanks, pipes, and structural components.

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The compression molding segment is expected to lead the trial by 2032

Based on the process, the compression molding segment held the highest market share in 2022, accounting for more than two-fifths of the global glass fiber reinforced plastic (GFRP) composites market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that compression molding is a manufacturing process employed in the production of glass fiber reinforced plastics (GFRP) composites. This method involves placing a pre-measured amount of thermosetting resin and glass fibers in a mold cavity, which is then subjected to high pressure and temperature. The heat cures the resin, and the pressure ensures proper fiber impregnation, resulting in a strong, durable composite with excellent mechanical properties. Compression molding is particularly suitable for large, complex parts with high fiber content, such as automotive components and aerospace structures. Its advantages include cost-effectiveness, high production rates, and the ability to create intricate shapes in GFRP composites.

However, the continuous process segments is projected to manifest the highest CAGR of 6.9% from 2023 to 2032. This can be attributed to the fact that continuous process in glass fiber reinforced plastics (GFRP) composites refers to a manufacturing method where the production occurs without interruption, allowing for a steady flow of raw materials to create a seamless and uniform composite structure. In this process, continuous glass fibers are impregnated with a polymer matrix, typically epoxy or polyester resin, creating a strong and durable material with enhanced mechanical properties.

The aerospace and defense segment is expected to grow faster throughout the forecast period

Based on the end-use industry, the automotive segment held the highest market share in 2022, accounting for more than one-fourth of the global glass fiber reinforced plastic (GFRP) composites market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that glass fiber reinforced plastics (GFRP) composites find extensive applications in the automotive industry, contributing to enhanced performance, fuel efficiency, and overall vehicle durability. Lightweight yet robust, GFRP composites are utilized in manufacturing components such as body panels, chassis structures, and interior elements. Their high strength-to-weight ratio helps reduce the overall vehicle weight, leading to improved fuel efficiency and reduced emissions. In addition, GFRP composites offer excellent corrosion resistance, enhancing the longevity of automotive parts.

However, the aerospace and defense segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032. This can be attributed to the fact that glass fiber reinforced plastics (GFRP) composites find extensive applications in the aerospace and defense industry due to their lightweight yet durable characteristics. In aerospace, GFRP components contribute to reduced aircraft weight, enhancing fuel efficiency and performance. They are commonly employed in aircraft structures, such as wings and fuselage components, ensuring a favorable strength-to-weight ratio. In defense applications, GFRP composites are utilized in the manufacturing of ballistic armor and military vehicle components, providing superior strength and impact resistance.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global glass fiber reinforced plastic (GFRP) composites market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe. The glass fiber reinforced plastics (GFRP) composites market in the Asia-Pacific region has experienced robust growth, driven by increasing demand across diverse industries. Booming construction activities, particularly in emerging economies like China and India, have fueled the adoption of GFRP composites for structural applications due to their lightweight and high-strength properties. Moreover, the automotive sector's inclination towards lightweight materials to enhance fuel efficiency has further propelled the market. In addition, the region's focus on renewable energy sources, such as wind energy, has led to an upsurge in GFRP composite usage for manufacturing wind turbine components. As a result, the Asia-Pacific GFRP composites market continues to thrive, offering substantial opportunities for industry players.

Leading Market Players: -

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
MITSUBISHI CHEMICAL GROUP CORPORATION

The report provides a detailed analysis of these key players in the global glass fiber reinforced plastic (GFRP) composites market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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