A composite material made of a polymer matrix reinforced with fibers is called fiber-reinforced polymer. Usually, the fibers are composed of carbon, basalt, or glass aramid. Other fibers, such asbestos, paper, or wood, have rarely been employed. Because of its mechanical qualities, fiber reinforced polymer is being used more and more in engineering applications to achieve notable improvements in usefulness, safety, and economy across a number of sectors. GFRP is renowned for its exceptional resistance to corrosion and fatigue, as well as its high strength and lightweight design. It is widely used in many different sectors where weight reduction, strength, and durability are important considerations.
According to SPER market research, ‘Glass Fibre Reinforced Polymer Market Size- By Resin Type, By Process, By End User Industry – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Glass Fibre Reinforced Polymer Market is predicted to reach USD 124.28 billion by 2033 with a CAGR of 6.76%.
Increasing interest in lightweight materials- Fiber-reinforced polymers are stronger and lighter than other materials or alternatives. Generally speaking, they weigh less and are stronger than steel. Lighter weight materials are in demand as a result of the automotive industry’s concentration on producing vehicles that weigh less. The average fuel consumption of automobiles must be reduced, and lightweight materials like fiber-reinforced plastics can help achieve this goal. The market for fiber-reinforced polymers is anticipated to rise at a faster rate due to the growing need for lightweight materials.
Strong substitute products might make a market’s growth more challenging. With the advent of carbon fiber-reinforced polymers, which provide the benefits of being lightweight, low-density, and highly conductive, the demand for glass fiber-reinforced polymers may decline. Raw material price volatility: The total cost of GFRP products might vary depending on the price of raw materials like resins and glass fibers. The lack of efficient recycling methods restricts the long-term use of GFRP and creates environmental problems. Strong substitute products might make a market’s growth more challenging. With the advent of carbon fiber-reinforced polymers, which provide the benefits of being lightweight, low-density, and highly conductive, the demand for glass fiber-reinforced polymers may decline.
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Impact of COVID-19 on Global Glass Fiber Reinforced Polymer Market
The COVID-19 pandemic had a major effect on the glass fiber reinforced polymer (GFRP) industry, upsetting the supply chain at different points in time. Lockdowns and other limitations hindered manufacturing, which caused delays in production and delivery times. This downturn had an impact on GFRP-dependent businesses including aircraft, construction, and automobiles, which led to lower demand and delayed projects. Further pressuring the GFRP industry was the worldwide economic recession brought on by the pandemic, which reduced investment capacity and budgets for infrastructure and industrial projects. However, as industries adjust to the new normal, the market is gradually rebounding. Because GFRP is lightweight, strong, and corrosion-resistant, there is increasing interest in it due to the rising focus on sustainable and resilient materials.
Glass Fiber Reinforced Polymer Market Key Players:
Geographically, Due to factors such as the increasing number of wind energy capacity installations, the increased use of GFRP composite pipes in sewage and water management, the region’s high potential for consumption, the expansion of production capacities, and the acceleration of economic growth, North America is expected to lead and exhibit significant growth. Key players are Advanced Composites Inc., BASF SE, BGF Industries Inc., Braj Binani Group, Celanese Corporation, China Beihai Fiberglass Co. Ltd., China Jushi Co. Ltd., Johns Manville, Nippon Electric Glass Co. Ltd., Ownes Corning.
Glass Fiber Reinforced Polymer Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Resin Type: Based on the Resin Type, Global Glass Fiber Reinforced Polymer Market is segmented as; Polyester, Vinyl Ester, Epoxy, Polyurethane, Other Resin (PEEK Resin, Phenolic Resin)
By Process: Based on the Process, Global Glass Fiber Reinforced Polymer Market is segmented as; Manual Process, Compression Moulding (Sheet Moulding Compound Process, Glass Mat Thermoplastic Process), Continuous Process, Injection Moulding.
By End User Industry: Based on the End User Industry, Global Glass Fiber Reinforced Polymer Market is segmented as; Energy, Automotive, Marine, Construction and Infrastructure, Electrical and Electronics, Aerospace and Defense, Healthcare Consumer Goods.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Glass Fiber Reinforced Polymer Market Revenue
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