Glass Fiber Reinforced Plastics Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032
The Global Glass Fiber Reinforced Plastics (GFRP) Market Size accounted for USD 17.2 Billion in 2022 and is projected to achieve a market size of USD 35.7 Billion by 2032 growing at a CAGR of 7.7% from 2023 to 2032.
Report Key Highlights
- Global glass fiber reinforced plastics market revenue is expected to increase by USD 35.7 Billion by 2032, with a 7.7% CAGR from 2023 to 2032
- North America region led with more than 33% of glass fiber reinforced plastics market share in 2022
- According to the US Department of Energy (DOE), the use of GFRP in wind turbine blades has been gradually expanding, with GFRP now accounting for more than 90% of all wind turbine blades produced
- According to the IEA, the usage of GFRP in wind turbine blades has contributed to a 50% reduction in the cost of wind energy over the last decade
- According to the EC, the use of GFRP composites in the renewable energy sector is likely to grow dramatically in the coming years
- As per the most recent Wind Energy Study, the worldwide wind energy sector will require 330,000 metric tonnes of GFRP by 2050
- Development of smart factories and Industry 4.0, drives the glass fiber reinforced plastics market size
Glass Fiber Reinforced Plastics (GFRP), also known as fiberglass-reinforced plastics, are composite materials made by combining glass fibers with a thermosetting resin matrix. The resulting material is strong, lightweight, and corrosion-resistant, making it ideal for use in a wide range of applications, including automotive, construction, aerospace, and marine industries.
The market for glass fiber reinforced plastics has been growing steadily in recent years, with increasing demand for lightweight and durable materials in various end-use industries. The construction industry, in particular, has been a key driver of growth in the GFRP market, as the material is increasingly being used for reinforcing and strengthening structures such as bridges, tunnels, and buildings. Additionally, the automotive industry is also a significant market for GFRP, as the material helps reduce vehicle weight and improve fuel efficiency. The increasing use of GFRP in the construction, automotive, and wind energy industries, coupled with the growing demand for lightweight and corrosion-resistant materials, is expected to drive market growth in the coming years. Additionally, technological advancements in GFRP manufacturing processes and the development of bio-based resins are expected to create new opportunities for the glass fiber reinforced plastics market growth in the future.
Global Glass Fiber Reinforced Plastics Market Trends
Market Drivers
- Increasing demand for lightweight and durable materials in various end-use industries
- Growing demand for corrosion-resistant materials
- Rising use in the construction industry for reinforcing and strengthening structures
- Increased use in the automotive industry for reducing vehicle weight and improving fuel efficiency
- Growing demand for wind energy, which requires GFRP for wind turbine blades
Market Restraints
- High cost of GFRP compared to traditional materials such as steel and aluminum
- Limited availability of raw materials required for GFRP production
Market Opportunities
- Increased use in the aerospace industry for manufacturing lightweight aircraft parts
- Use of GFRP in the manufacturing of sports equipment, such as tennis rackets and bicycles
Glass Fiber Reinforced Plastics Market Report Coverage
| Market | Glass Fiber Reinforced Plastics Market |
| Glass Fiber Reinforced Plastics Market Size 2022 | USD 17.2 Billion |
| Glass Fiber Reinforced Plastics Market Forecast 2032 | USD 35.7 Billion |
| Glass Fiber Reinforced Plastics Market CAGR During 2023 - 2032 | 7.7% |
| Glass Fiber Reinforced Plastics Market Analysis Period | 2020 - 2032 |
| Glass Fiber Reinforced Plastics Market Base Year | 2022 |
| Glass Fiber Reinforced Plastics Market Forecast Data | 2023 - 2032 |
| Segments Covered | By Resin Type, By Process, By End-User Industry, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Owens Corning, Jushi Group, PPG Industries, Taishan Fiberglass Inc., Saint-Gobain Vetrotex, Chongqing Polycomp International Corp (CPIC), Johns Manville, Nippon Electric Glass Co., Ltd., AGY Holding Corp., Binani 3B-the Fibreglass Company, China Beihai Fiberglass Co., Ltd. (CBF), and Knauf Insulation GmbH. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
Glass fiber is a durable and lightweight artificial fiber manufactured using very fine fibers of glass. In comparison to carbon fibers, glass fibers possess low brittleness and their production is relatively more cost-effective. Moreover, in comparison to metals, glass fibers possess better strength and weight. In addition, glass fibers can be easily formed by using various molding processes. These are largely used as one of the most important raw materials for the production of different and unique composite materials. GFRP composites are widely used in a vast range of end-use industries such as construction, wind energy, aerospace, automotive, anti-corrosive industrial equipment, and piping. The rising demand for GFRP composites especially from the construction and transportation industries is one of the key aspects anticipated to fuel the global glass fiber reinforced plastic market value in the foreseeable years.
Despite glass fibers, thermoset resin is another important raw material used in the production of GFRP composite materials. Currently, the use of thermoplastic resins is increasing as a raw material as an alternative to thermoset resin used in the manufacture of GFRP composites. The use of thermoplastic resins reduces the total turnaround cost and time required in the production of GFRP composites. Furthermore, thermoplastic resins offer relatively higher strength and impact as well as a better surface finish to ultimate composite materials. In addition, thermoplastic resins can be feasibly molded and recycled with ease. The application of such raw materials enhances the final quality of GFRP composites and thus is a key factor driving the demand for GFRP composites in a wide range of industrial applications across the globe.
The use of fiberglass in varied products ranges from basic sectors namely pipes, electrical, tanks, etc. to specialized sectors such as wind energy, automotive, aerospace, defense, marine, transportation, consumer goods, construction, and electronics which is the largest market for GFRP. Variety in weather resistance, texture, lightweight attributes, and high strength of fiberglass are some key factors that have contributed to its rising demand over the past few decades. Moreover, the shift in focus of organizations towards exploring new avenues for the use of fiberglass is another key factor accelerating the growth of the global GFRP market size.
Glass Fiber Reinforced Plastics Market Segmentation
The global glass fiber reinforced plastics market segmentation is based on resin type, process, end-user industry, and geography.
Glass Fiber Reinforced Plastics Market By Resin Type
- Polyester
- Polyurethane
- Vinyl Ester
- Epoxy
- Others
According to the glass fiber-reinforced plastics industry analysis, the polyester segment accounted for the largest market share in 2022. Polyester resins are the most widely used thermosetting resin matrix for GFRP composites, owing to their low cost, good mechanical properties, and ease of use. The growth of the polyester segment in market is driven by the increasing demand from various end-use industries such as construction, automotive, and aerospace. The construction industry is a significant contributor to the growth of the polyester segment in the GFRP industry. Polyester-based GFRP is widely used in construction applications such as reinforcing and strengthening buildings, bridges, and tunnels. Moreover, the automotive industry is also a key driver of growth for the polyester segment. Polyester-based GFRP composites are used in various automotive components such as bumpers, hoods, and body panels, owing to their high strength-to-weight ratio and low cost.
Glass Fiber Reinforced Plastics Market By Process
- Manual Process
- Continuous Process
- Compression Molding
- Injection Molding
In terms of processes, the injection molding segment is expected to witness significant growth in the coming years. Injection molding is a manufacturing process used to produce complex and intricate shapes of GFRP composites. The process involves injecting a molten thermosetting resin matrix, reinforced with glass fibers, into a mold under high pressure, followed by curing to obtain the final product. The growth of the injection molding segment in market is driven by the increasing demand for complex and lightweight components in various end-use industries such as automotive, aerospace, electrical, and electronics. Injection molding technology enables the production of high-strength, lightweight, and complex components with tight tolerances and excellent surface finish, making it ideal for use in the aforementioned industries.
Glass Fiber Reinforced Plastics Market By End-User Industry
- Energy
- Marine
- Automotive
- Aerospace and Defense
- Electrical and Electronics
- Construction and Infrastructure
- Others
According to the glass fiber-reinforced plastics market forecast, the energy segment is expected to witness significant growth in the coming years. The wind energy industry is a major consumer of GFRP composites, mainly for manufacturing wind turbine blades. GFRP composites offer several advantages over traditional materials such as wood and metal, including high strength-to-weight ratio, corrosion resistance, and durability, making them ideal for use in wind turbine blades. The growth of the energy segment in the GFRP market is driven by the increasing demand for renewable energy sources, particularly wind energy. The use of wind energy has been on the rise in recent years, owing to the growing concerns over climate change and the need for sustainable energy sources. GFRP composites are expected to play a significant role in the growth of the wind energy industry, as they offer high-performance and long-lasting solutions for wind turbine blades.
Glass Fiber Reinforced Plastics Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Glass Fiber Reinforced Plastics Market Regional Analysis
North America is a dominant region in the global glass fiber reinforced plastics (GFRP) market, accounting for a significant share of the market. There are several factors that contribute to the dominance of North America in the GFRP market. One of the key factors is the presence of a well-established manufacturing base for GFRP composites in the region. North America has a large number of manufacturers that specialize in the production of GFRP composites for various end-use industries, such as aerospace, automotive, construction, and wind energy. Moreover, the region has a highly developed transportation infrastructure, which enables the efficient and cost-effective transportation of GFRP composites across the region. This has helped to further drive the growth of the GFRP market in North America, as manufacturers can easily transport their products to different parts of the region and even internationally.
Glass Fiber Reinforced Plastics Market Player
Some of the top glass fiber reinforced plastics market companies offered in the professional report include Owens Corning, Jushi Group, PPG Industries, Taishan Fiberglass Inc., Saint-Gobain Vetrotex, Chongqing Polycomp International Corp (CPIC), Johns Manville, Nippon Electric Glass Co., Ltd., AGY Holding Corp., Binani 3B-the Fibreglass Company, China Beihai Fiberglass Co., Ltd. (CBF), and Knauf Insulation GmbH.
Frequently Asked Questions
What was the market size of the global glass fiber reinforced plastics in 2022?
The market size of glass fiber reinforced plastics was USD 17.2 Billion in 2022.
What is the CAGR of the global glass fiber reinforced plastics market from 2023 to 2032?
The CAGR of glass fiber reinforced plastics is 7.7% during the analysis period of 2023 to 2032.
Which are the key players in the glass fiber reinforced plastics market?
The key players operating in the global market are including Owens Corning, Jushi Group, PPG Industries, Taishan Fiberglass Inc., Saint-Gobain Vetrotex, Chongqing Polycomp International Corp (CPIC), Johns Manville, Nippon Electric Glass Co., Ltd., AGY Holding Corp., Binani 3B-the Fibreglass Company, China Beihai Fiberglass Co., Ltd. (CBF), and Knauf Insulation GmbH.
Which region dominated the global glass fiber reinforced plastics market share?
North America held the dominating position in glass fiber reinforced plastics industry during the analysis period of 2023 to 2032.
Which region registered fastest CAGR from 2023 to 2032?
Asia-Pacific region exhibited fastest growing CAGR for market of glass fiber reinforced plastics during the analysis period of 2023 to 2032.
What are the current trends and dynamics in the global glass fiber reinforced plastics industry?
The current trends and dynamics in the glass fiber reinforced plastics industry include rising use in the construction industry and growing demand for wind energy.
Which resin type held the maximum share in 2022?
The polyester resin type held the maximum share of the glass fiber reinforced plastics industry.
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