Glass Fiber Reinforced Plastic (GFRP) Composites Market Outlook (2023 to 2033)

The glass fiber reinforced plastic (GFRP) composites market is predicted to capture a valuation of USD 18.54 billion in 2023, and is rising to USD 41.53 billion by 2033. The market is estimated at a CAGR of 8.4% during the forecast period.

Factors Influencing the Market Growth:

  • Increasing demand for flexibility, strength, and durability is raising the adoption of glass fiber reinforced plastic (GFRP) composites.
  • Growing automobile sector and demand for low-material products with strength are accelerating the demand for glass fiber reinforced plastic (GFRP) composites.
  • Rising consumer preferences towards renewable energy are surging the demand for glass fiber reinforced plastic (GFRP) composites.
  • Due to a polluted-free environment and sea, the marine industry is significantly increasing the adoption of glass fiber reinforced plastic (GFRP) composites.
  • The automation sector has increased the adoption of glass fiber reinforced plastic (GFRP) composites to produce light-weighted cars and other vehicles to save fuel.
  • The growing construction industry and low-cost fuel techniques are flourishing the market growth.
  • Rising molding technologies and piping activities are increasing the sales of glass fiber reinforced plastic (GFRP) composites.

Factors Limiting the Market Growth:

Several industries are increasing the adoption of glass fiber reinforced plastic (GFRP) composites to maintain a healthy environment and reduce hazardous chemicals that affect human life. However, growing the recycling process on a large scale by the automobile sector limits the market growth. The recycling process is hazardous and unsuitable for the environment; hence, the increasing number of issues is further expected to restrain the market growth.

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Emerging Trends and Investment Fueling the Market Growth

Advanced and superior quality materials increase the demand for glass fiber reinforced plastic (GFRP) composites. Rapid urbanization and infrastructure in developed and developing economies are flourishing the market expansion. Furthermore, the increasing standard of living and demand for glass fiber reinforced plastic composites pipes among industries further drive the market size.

Government and key market companies are investing huge amounts to uplift the market size. Adopting the high-quality materials for automation and electric equipment and devices propels the market growth. In addition, the government promoting wind energy with rotor blade technology is expected to fuel the market growth. However, 25% of metal corrosion in these industries is a failure. Therefore, adopting the cost-effective and last-long materials is increasing the market opportunities.

Attributes Details
Market CAGR (2023 to 2033) 8.4%
Market Valuation (2023) USD 18.54 billion
Market Valuation (2033) USD 41.53 billion

Glass Fiber Reinforced Plastic (GFRP) Composites Market, 2017 to 2022 Historical Sales, Compared to 2023 to 2033 Future Outlook

According to Future Market Insights, the global glass fiber reinforced plastic (GFRP) market is projected at a healthy 8.4% CAGR during the forecast period. Historically, the market registered a CAGR of 8.0% between 2017 and 2022.

  • Short Term (2023 to 2026): Increasing demand for high-quality materials, urbanization, and rapid infrastructure are advancing the market growth.
  • Medium Term (2027 to 2030): Growing demand for flexibility, superior quality, and renewable energy propels the market size.
  • Long Term (2031 to 2033): Rising government initiatives, innovations, and adoption of molding technologies are expanding the market opportunities.

The market is estimated to reach USD 41.53 billion during the forecast period. Historically, the market stood at USD 17.81 billion from 2017 to 2022.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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Top Segments in the Market

Which Category Records a Significant Growth in the Resin Type Segment?

Based on resin type, the polyester category dominates the global market by capturing an impressive share during the forecast period. End-user companies prefer better quality products to enhance the performance, and are estimated to increase the adoption of polyester.

The growing preference for corrosion-resistance devices and premium quality products is expanding. Several end-use companies, such as automation, aircraft, electronics, railways, and electric, are growing the demand for polyester.

Transportation Segment Dominates the End-use Sector

Based on the end-use industry, the transportation segment is leading the global market by capturing a maximum share during the forecast period. The increasing demand for fuel efficiency, low cost, and growing adoption of glass fiber reinforced plastic (GFRP) composites are the important factors that drive the market expansion. Moreover, the increasing railways and automobile sectors also boost the demand for transportation.

Growing fuel economy and providing lightweight machinery tools are expanding the market size. In addition, the GFRP composites devices, such as seats, windows, luggage bins, roof panels, and others, are increasing the high demand for transportation.

Which Category Dominates in the Manufacturing Process Segment?

Based on the manufacturing process, the compression molding process leads the global market by securing a significant share during the forecast period. Rising cheap labor costs, production process, low scarp rate, and short cycle period fuel the demand for compression molding

Key manufacturers in the electric, automation and electronic sector are increasing the adoption of the compressive molding process. However, several components, including electric panels, electronic equipment, automobile bumpers, and medical devices, increase the adoption of the compression molding process.

Top Countries Influencing the Global Market

Rising Military and Defence Equipment Surge the United States Market

The United States is capturing a significant global market share during the forecast period. Growing automobile and defense equipment is surging the demand for glass fiber reinforced plastic (GFRP) composites in the United States. In addition, the increasing development of non-traditional and cut-edge equipment is boosting the adoption of glass fiber reinforced plastic (GFRP) composites in the country. According to its historical period, the United States glass fiber reinforced plastic (GFRP) composites market is currently advancing the market expansion.

Growing Demand for Glass Fiber Reinforced Plastic (GFRP) Composites Drives China Market

China is one of the leading countries in the Asia Pacific region that secures a relevant share of the global market. The increasing presence of electronic manufacturers and surging demand for lightweight automobile devices propel China's glass fiber reinforced plastic (GFRP) composites market. However, significantly growing wind energy in China is flourishing the market expansion.

The growing production of fuel-efficient vehicles, electric cars, advanced SUVs, and other lightweight equipment is further driving the China market. In addition, the increasing construction activities, transportation, and railways are accelerating the demand for glass fiber reinforced plastic (GFRP) composites in the country. Looking at its historical period, China is continuously growing its market size with its prominent market players.

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Innovation of Low-cost Technology Drives the United States Market

The United States is collecting a significant share of the global market by securing a better valuation during the forecast period. In addition, new market entrances, research & development activities, and low-cost molding technologies are booming in the United States glass fiber reinforced plastic (GFRP) composites market.

Growing commercialization and a huge amount of investment by top companies in developing standardized products are expected to propel the United States market. Moreover, the adoption of advanced 3D technology and innovation of products are estimated to mushroom the market. End-users, such as construction, automobiles, and rapid infrastructure, are further upsurging the market growth in the coming period.

Competitive Landscape

The prominent players are playing a crucial role in the market by focusing on providing better, good, effective, standardized products. In addition, the players are developing better and light weight machinery equipment and devices for multiple end-use companies with their innovative and advanced technologies. In short, these players attract their consumers by providing them with electric and automobile devices that are easy to work, access and consume less fuel.

Through their deep research and well-established infrastructure for launching new products, they capture the consumer's attention. Apart from it, the prominent players are the backbone and the first step to take any business to stand on their feet. The players adopt several marketing strategies, investing huge amounts in acquiring maximum profits, including acquisitions, partnerships, collaborations, and agreements.

Other Essential Key Players are:

  • Johns Manville,
  • BGF Industries
  • Asahi Glass Company Limited
  • Advanced Glassfiber Yarns LLC
  • Chomarat Group
  • Jushi Group Co. Ltd
  • Taishan Fiberglass Inc
  • Owens Corning, PPG Industries Inc
  • Binani 3B-The Fibreglass Company
  • Saertex Group
  • Chongqing Polycomp International Corp
  • Saint-Gobain Vetrotex
  • Nitto Boseki Co. Ltd
  • Nippon Sheet Glass Co. Ltd

Recent Developments in the Glass Fiber Reinforced Plastic (GFRP) Composites Market are:

  • In May 2022, Asahi India Glass Ltd approved its 100% acquisition of the Shield Autoglass Company.
  • In Mar 2022, Saint Gobain announced its investment of around INR 500 crore to expand its business in India. The company started its manufacturing for float glass, window lines, and other services.
  • In July 2017, Owens Corning Infrastructure acquired the United States-based Aslan FRP Company to expand the business and made new infrastructure, such as buildings, marine, roads, and tunnels.
  • In Oct 2017, John Marville announced its new consumer appliance-chopped glass fiber named ThermoFlow 600 - with excellent performance.

Scope of Report

Attribute Details
Forecast Period 2023 to 2033
Historical Data Available for 2017 to 2022
Market Analysis USD billion for Value
Key Countries Covereda The United States Canada, Germany, The United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa and South Africa
Key Segments Covered Resin Type, Manufacturing Process, End User, Region
Key Companies Profiled Johns Manville; BGF Industries; Asahi Glass Company Limited; Advanced Glassfiber Yarns LLC; Chomarat Group; Jushi Group Co. Ltd; Taishan Fiberglass Inc; Owens Corning, PPG Industries Inc; Binani 3B-The Fibreglass Company; Saertex Group; Chongqing Polycomp International Corp; Saint-Gobain Vetrotex; Nitto Boseki Co. Ltd; Nippon Sheet Glass Co. Ltd
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing Available upon Request

Glass Fiber Reinforced Plastic (GFRP) Composites Market Segmentation by Category

By Resin Type:

  • Thermoplastic
  • Polyurethane
  • Polyester
  • Epoxy
  • Vinyl Ester
  • Others

By End User:

  • Transportation
  • Renewable Energy
  • Electric & Electronics
  • Military & Defence
  • Telecommunication
  • Building & Construction
  • Others

By Manufacturing Process:

  • Injection Molding
  • Filaments
  • Compression Molding
  • RTM & VARTM
  • Layup
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa (MEA)

Frequently Asked Questions

What will be the Glass Fiber Reinforced Plastic...

The global demand is forecasted to grow at 8.4% through 2033.

What is the Global Glass Fiber Reinforced
Plastic Composites...

The net worth of the global market might
reach about US$ 41.53 billion by 2033.

Which is the Dominant Regional Market for Glass
Fiber Reinforced...

Higher military spending makes the United States
the dominant regional market.

What is the Outlook for China Glass Fiber Reinforced
Plastic (GFRP) Composites Market?

Growing production of fuel-efficient vehicles is driving
the regional market in China.

Which is the Dominant Manufacturing Process for
Making Glass Fiber...

The compression molding process is mostly
adopted in the making process.

Table of Content
  • 1. Executive Summary | Glass Fiber Reinforced Plastic (GFRP) Composites Market
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Resin Type
    • 5.1. Polyester
    • 5.2. Vinyl Ester
    • 5.3. Epoxy
    • 5.4. Polyurethane
    • 5.5. Thermoplastic
    • 5.6. Others
  • 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Manufacturing Process
    • 6.1. Compression Molding
    • 6.2. Injection Molding
    • 6.3. Layup
    • 6.4. Filament Winding
    • 6.5. Pultrusion
    • 6.6. RTM & VARTM
  • 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User
    • 7.1. Transportation
    • 7.2. Building & Construction
    • 7.3. Electrical & Electronics
    • 7.4. Renewable Energy
    • 7.5. Telecom
    • 7.6. Infrastructure
    • 7.7. Military & Defence
    • 7.8. Technical Textiles
    • 7.9. Others
  • 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
    • 8.1. North America
    • 8.2. Latin America
    • 8.3. Europe
    • 8.4. Asia Pacific
    • 8.5. Middle East & Africa (MEA)
  • 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 14. Key Countries Market Analysis
  • 15. Market Structure Analysis
  • 16. Competition Analysis
    • 16.1. Owens Corning
    • 16.2. JEC Group
    • 16.3. PPG Industries, Inc.
    • 16.4. Johns Manville
    • 16.5. Saint-Gobain
    • 16.6. AGY Holding Corp
    • 16.7. Nippon Sheet Glass Co., Ltd
    • 16.9. Braj Binani Group
    • 16.10. BGF Industries, Inc.
    • 16.11. Nitto Boseki Co., Ltd
    • 16.12. PFG FIBER GLASS CORPORATION
    • 16.13. Celanese Corporation
    • 16.14. SAERTEX GmbH & Co. KG
    • 16.15. Denka Company Limited
    • 16.16. Aeron Composite Pvt. Ltd
    • 16.17. Reinforced Plastic Industries
  • 17. Assumptions & Acronyms Used
  • 18. Research Methodology
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