Global glass fiber and glass fiber reinforced plastic market has been growing over the past few years on account of improved glass fiber properties including insulation agent, heat and corrosion resistance and reinforcing abilities to form various other materials. On account of the flourishing glass industry in European countries and North American countries including the U.S., demand for GFRPs is expected to witness further growth, over the forecast period. Glass fiber are of two types, namely insulated and composite.
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The application industry of GFRPs primarily comprises of pipes, electrical appliances, tanks. Furthermore,it is also used in highly specialized sectors, for instance automotive,construction, consumer goods, transportation, wind energy, aerospace, marine and electronics. On account of boom in these industrial sectors, primarily in developing economies, such as India, China and Brazil, the glass fiber and glass fiber reinforced plastics market growth is expected to be concentrated in these countries over the next seven years. As of 2013, the majority share of the market was held by North America, in light of the U.S. being a substantial producer and a consumer of GFRPs. Asia Pacific was the fastest growing market, with China as the largest supplier and producer of the material in the region. In Europe, the predominant contributors to the glass fiber and glass fiber reinforced plastics market were Germany, Italy, United Kingdom, France and Spain. India, South Africa and Brazil are also expected to be significant contributors of the glass fiber and glass fiber reinforced market over the projected period, on account of increasing government expenditure on infrastructural projects.
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Key companies involved in the glass fiber andglass fiber reinforced plastics market are Owens Corning, PPG Industries and China Fiberglass. Owens Corning became the largest shareholder of the market, after it took over Saint Gobain’s fiberglass branch. It is a U.S. based company and was formed in 1935, after two glasswork companies formed a joint venture. The company uses glass fiber as a reinforcing agent to produce plastics.These glass fiber reinforced plastics (GFRPs) find application in automobile roofs, pipes, boat hulls and electric windmill blades.
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