Exactitude Consultancy Press Release: GFRP Composites Market

New trends and investment are promoting market expansion for GFRP composites market.

Glass fiber reinforced plastic (GFRP) composites are increasingly in demand due to the development of new, high-quality materials. In both established and developing countries, rapid urbanization and infrastructural development are driving the market expansion. The demand for glass fiber reinforced plastic composite pipes among various industries as well as the rising quality of life further contribute to the market’s growth.

Large amount of money is being invested by the government and major market players to increase market size. The market is growing as a result of the adoption of high-quality materials for electric and automation equipment and devices. Furthermore, the government’s promotion of wind energy using rotor blade technology is expected to boost market expansion.

The construction and infrastructure industries are anticipated to fuel the GFRP composites market’s growth.

In the construction sector, glass fiber reinforced polymer (GFRP) is frequently used for non-structural components such facades, panels, pipelines, and channels.

Due to the existence of several growing economies in the region, including Vietnam, China, Indonesia, and India, the Asia-Pacific region has grown to be a popular market for investors. Strong economic growth has led to domestic enterprises increasing their operations. Along with this, foreign companies have started making inroads into these areas to seize the present chances. Due to the increased demand for commercial construction, such as offices, manufacturing facilities, buildings, warehouses, etc., these countries have seen a rise in construction activity. The demand for residential and commercial space in India has been fueling the expansion of the construction industry.

Explore 188 market data Tables spread through nearly 277 Pages and in-depth analysis on “GFRP composites market by Resin Type (Thermoplastic, Polyurethane, Polyester, Epoxy, Vinyl Ester, Others), Manufacturing Process (Injection Molding, Filaments, Compression Molding, RTM & VARTM, Layup, Others), End User (Transportation, Renewable Energy, Electric & Electronics, Military & Defense, Telecommunication, Building & Construction, Others), and Region, Global trends and forecast from 2023 to 2029“ for Table of Contents.

More GFRP composite materials are anticipated to be required by the transportation sector which can create more opportunities for GFRP composites market growth.

Population growth has boosted demand for transportation systems, which has resulted in increasing production of cars, railroads, and other modes of transportation. Overall, this will lead to a rise in the use of GFRP composite materials. The improved strength-to-weight ratio of Gfrp Composites is a crucial component in the production of automobiles. More durable, lightweight vehicles have better fuel efficiency. GFRP composites are typically used for roof panels, windows, doors, seats, cooling ventilators, luggage bins, and headrest back panels in the transportation sector. In order to comply with CAFÉ rules, automakers in the U.S. have changed their focus to manufacturing lightweight vehicles, and they see GFRP composites as the perfect replacement for aluminium and steel in high-end automobiles. These elements are encouraging the production of new GFRP composite uses and fueling the expansion of the Gfrp Composites Market in the transportation industry.

Growth of the GFRP composites market is hampered by the high cost of GFRP composites materials.

Concerns concerning the high cost of GFRP composites in comparison to metals and alloys have grown significantly as their use in structural applications. The high production costs, prolonged cycle durations, and R&D costs paid during design failures prevent GFRP composites from reaching their full potential. GFRP composites have a variety of applications, however because of major cost constraints, none of these applications have yet been commercialized. Low-cost technology development is a significant problem for all academics and big businesses in this sector due to high R&D costs.

The opportunity for GFRP composites market expansion is provided by the high demand for GFRP composite pipes in emerging markets.

Previously, the North American and European countries accounted for the majority of the GFRP pipe market. The demand from growing markets in APAC, the MEA, and South America has changed recently though. Future growth in the oil and gas, chemical, sewage, and other industries is anticipated to propel the market for GFRP pipes in China, Brazil, Mexico, and India. The demand for GFRP pipes is higher than in other regions due to the expansion of mining and building activities in APAC. The rate of vehicle ownership is anticipated to rise as a result of rising living standards in APAC’s developing nations. Water management has become more important as a result of the high rate of urbanization in several APAC emerging countries. Throughout the forecast period, the demand for GFRP pipes in sewage and water treatment applications is anticipated to expand at an exponential rate due to improvements in the current infrastructure and the development of new townships with water treatment facilities.

The key players include 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, and others.

Key Market Segments: GFRP composites market

GFRP Composites Market By Resin Type, 2020-2029, (USD Billion), (Kilotons)

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

GFRP Composites Market By Manufacturing Process, 2020-2029, (USD Billion), (Kilotons)

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

GFRP Composites Market By End User, 2020-2029, (USD Billion), (Kilotons)

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

GFRP Composites Market By Region, 2020-2029, (USD Billion), (Kilotons)

• North America
• Europe
• Asia Pacific
• South America
• Middle East And Africa

Important Countries In All Regions Are Covered.

The post GFRP Composites Market is Expanding due to New Trends and Investment appeared first on Exactitude Consultancy.