A recent report published by Wise Guys Report (WGR) states the growing opportunities of Global Glass Fiber Reinforced Plastic Market in construction and automotive industry. The market is expected to gain huge profitability in upcoming years.
A lightweight and durable fiber processed from fine forms of glass fibers displays the low brittleness quality as compared to carbon fibers and their production of this glass fiber is more cost effective as well. Glass fibers are known to be well-built considering in strength and weight of the product. It has two prominent types: Composite and Insulated, which is generated from silica in a smooth form using various molding techniques i.e. melting, forming and a staple process. Layers after layers are formed and kept to dry for the final product that comes out as a Glass Fiber Reinforced Plastic.
The composites of Glass Fiber Reinforced Plastic are widely utilized in various sectors such as anti –corrosive industrial matters, automotive, aerospace, wind energy, and others. Not only this, increasing demand for GFRP especially in construction and transportations divisions that will conduct a major growth in the global glass fiber reinforced plastic market in forecasted period.
Quadrant Plastic Composites
Fibre Reinforced Thermoplastics
Global Segmental Analysis
The segmentation of Global Fiber Reinforced Plastic reflects the extension of market with the growing demand in construction industry and others. Globally the market is categorized into Material Type, Applications and Manufacturing Process.
On the basis of Material Type the market is bifurcated into; Glass fiber, Polyester, Vinyl and Epoxy.
By Applications the GFRP market is segmented into Automotive, Construction, Electronics, Sports, and others.
Lastly based on Manufacturing Process the GFRP market is segmented into SMC/BMC, Open Mould, Resin Transfer Molding, Continuous Processing and others.
Global Regional Analysis
Global Glass Fiber Reinforced Plastic Market has gradually progressed in the recent years across the world. Though market is segmented into major regions but it is believed that the half of the market’s growth is relied on North America and Asia-Pacific. GFRP market is segmented around North America, South America, Asia, Europe, Middle East and Africa. North America is the leading region from U.S and Canada where growing demand for GFRP material in several industries results in the high drive in coming years. While Asia-Pacific is one of the largest producers and consumers for glass fiber reinforced plastic in the markets of dominant regions China and India majorly, and Korea and Japan are the leading ones.
In Europe the market has segmented from developed regions of U.K, France, Italy and Germany where as, South America, Middle East and Africa including GCC countries is noticed with the steady growth due to less consumption and resources in the regions.
According to report, the GRPF market is growing widely conquering each challenge including, soaring price, availability of raw material, Government regulations and Competition from carbon fiber and other hindrances. Though, the market has captured its strong grip with increasing applications across the major regions of the world. With exhibiting its prime qualities such as durability and thermal efficiency the market is expected to rise with revenue and growth rate during the forthcoming years.
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