Glass Fiber Reinforced Plastics (GFRP) are composite materials that are made of polymer matrix reinforced with silica-based fibers. According to the report published by Market Research Future (MRFR), the Global Glass Fiber Reinforced Plastic (GFRP) Market is anticipated to project noteworthy expansion during the forecast period of 2017-2023.
Glass Fiber Reinforced Plastic is a lightweight material that provides UV resistance, chemical resistance, high filling capacity and shrinkage resistance. Owing to multiple benefits of the glass fiber reinforced plastic, it has a wide range of application in various industrial sectors. The rapid increase in utilization of Glass Fiber Reinforced Plastic in construction and building, marine, chemical plants, transportation and other industries is majorly driving the growth of the Global Glass Fiber Reinforced Plastic (GFRP) Market.
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The properties of Glass Fiber Reinforced Plastic to provide electrical insulation and design freedom with high strength to weight ratio have opened a broad pathway for its application in automotive and electronics industries, resulting in the expansion of the Global Glass Fiber Reinforced Plastic (GFRP) Market. The upsurge in demand for glass fiber reinforce plastic in marine industry owing to its mouldability and increased requirement for lightweight materials is fueling the growth of the Global Glass Fiber Reinforced Plastic (GFRP) Market.
Increasing application of Glass Fiber Reinforced Plastic in construction industry in the form of non-structural elements such as panels, piping, facade and channels is impacting positively on the growth of the Global Glass Fiber Reinforced Plastic Market.
The Global Glass Fiber Reinforced Plastic Market has been segmented on the basis of reinforcing material and end-use industry. Based on reinforcing material, the glass fiber reinforced plastic (GFRP) market is segmented into polyester, epoxide, polyamide and others. Based on end-use industry, the glass fiber reinforced plastic (GFRP) market is segmented into building and construction, marine, transportation, chemical plants, renewable energy and others.
The Global Glass Fiber Reinforced Plastic Market has been segmented into five major regions such as North America, Latin America, Asia Pacific, Europe and the Middle East and Africa. The fastest growth of glass fiber reinforced plastic market is anticipated to be observed in the Europe region owing to the high demand for Glass Fiber Reinforced Plastics in the automotive and construction industries in this region.
The North America region is projecting significant growth in the Global Glass Fiber Reinforced Plastic Market due to the increasing demand for these products in various industrial sectors and increasing production capacities of manufacturers in this region. the rapid infrastructural development and high demand for these products in construction activities in the Asia Pacific region are propelling the growth of the Glass Fiber Reinforced Plastics Market in this region.
The countries like Argentina, Brazil and Columbia in the Latin America region are playing a significant role in the expansion of the glass fiber reinforced plastic market as these countries are undergoing major infrastructural modifications in the recent years.
Increased research and development expenditure by the manufacturers for launching advanced products in the market is strengthening the competition in the global glass fiber reinforced plastics market. In order to sustain the competitive environment of the global glass fiber reinforced plastics market, the players are strategizing mergers and acquisitions to expand their businesses in the global market.
In May 2018, Owens Corning, a building and remodeling solution provider, has announced the signing of an agreement to acquire Pittsburg Corning, one of the leading manufacturers of cellular glass insulation systems for industrial and commercial market.
The key player that are highlighted in the report published by MRFR on the Global Glass Fiber Reinforced Plastics Market are Owens Corning ( the U.S.), Jushi Group Co., Ltd. (China), Chongqing Polycomp International Corporation (China), PPG Industries, Inc. ( the U.S.), Johns Manville Corporation ( the U.S.), Saint-Gobain Corporation ( the U.S.), Nippon Sheet Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (China), AGY Holding Corp. ( the U.S.), Asahi Fiber Glass Co., Ltd. (Japan), Binani Industries Limited (India), Celanese Corporation ( the U.S.), SAERTEX GmbH & Co. KG (Germany), NITTOBO ASIA Glass Fiber Co. Ltd. (Taiwan), BGF Industries, Inc. ( the U.S.) and others.
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