- Market dominated by Asia-Pacific & NA, accounting for 67%
- Transportation, aerospace & defense leading segment with 49%
- China largest consumer and supplier
- Thermoplastic resin is replacing thermoset resin
Marketsandmarkets.com has launched a market study about the global GFRP composites market. The report aims to estimate the global market for 2014 and to project the expected demand of the same by 2019.
Glass fiber is one of the most common reinforcing elements used in commercial and industrial composites. Glass fiber properties such as high strength, flexibility, durability, stability, light-weight, and resistance to heat, temperature, and moisture make glass fiber an essential raw material for Glass Fiber Reinforced Plastic Composites that are used in variety of applications. Glass fiber accounts for about 90% of the reinforcements used in composite consumption, globally. Most of the GFRP Composites are used in transportation and infrastructure & construction sectors. The demand for renewable energy, in the form of wind turbines, demand for light-weight fuel efficient aircrafts & cars, and the demand for Glass Fiber Reinforced Plastic Composite pipe, tank and other corrosion resistant equipment are major drivers increasing its demand in the coming years.
The global Glass Fiber Reinforced Plastic Composites market is dominated by Asia-Pacific and North America, accounting for 67% of the overall market in 2013. Country wise, China is the leading consumer of GFRP Composites products globally, and is also the largest supplier estimated to grow at a CAGR more than the global average, till 2019. China and India have enormous potential and are the fastest growing markets for Glass Fiber Reinforced Plastic Composite in the Asia-Pacific as well as globally. The U.S. and European countries are leading in research and development of high performance glass fiber products. Member countries of EU; Germany, France, Italy, U.K., and Spain are the key markets in the European GFRP composites market and constitute majority of the market size.
The transportation and aerospace & defense segments occupy the topmost positions in the GFRP composites market with 49% share by value in 2013. Maximum growth is expected from wind energy and aerospace & defense segments in the near future. The light weight, strength, and corrosion resistant properties of glass fiber drive its growth in transportation, construction & infrastructure, electrical & electronics, consumer goods, marine, aerospace & defense, and wind energy segments. The factors responsible for the growing demand of glass fiber industry are the recovery in the global economy and improving prospects in various end-use markets. The enormous potential in the Asian countries, particularly China and India, is likely to foster further growth of the glass fiber market
The use of thermoplastic resin is slowly replacing the thermoset resin in the GFRP Composites market because of low processing cycle, low fabrication cost, and excellent damage tolerance. The factors that drive the thermoplastic resins use are high impact strength, attractive surface finish, can be bonded to other thermoplastics, moulded or shaped with reheat, and are recyclable. Polyester is the most widely used thermoset resin in composites due to its low-cost and easy to work-with characteristics.
The report profiles the leading players in the glass fiber market with their recent developments and other strategic industry activities. These include: Owens Corning (U.S.), Jushi Group (China), Taishan Fiberglass Inc. (China), Chongqing Polycomp International Corp. CPIC (China), Saint-Gobain Vetrotex (France), Nippon Sheet Glass (Japan), among others.
More information: GFRP Composites Market by Raw Material, Manufacturing Process, Application & by Geography – Global Trends & Forecast to 2019
