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Global Glass Fiber Reinforced Plastic Composite Material Market: By Type: Polyester, Vinyl Ester, Epoxy, Polyurethane, Others; By Process: Manual Process, Compression Moulding, Continuous Process, Injection Moulding; By Application; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Glass Fiber Reinforced Plastic Composite Material Market Outlook
The global glass fiber reinforced plastic composite material market size is expected to grow at a CAGR of 6.30% during the forecast period of 2024-2032, driven by demands from end use industries due to its lightweight and flexible nature.
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Key Trends in the Market
A composite material made of plastic and very thin glass fibers is known as glass fiber reinforced plastic (GFRP), commonly known as fiberglass. GFRP composite material is a moderately priced composite material when compared to carbon and other metal fiber composites. Glass fiber reinforced plastic is a strong, lightweight fiber made from extremely thin glass fibers. In general, glass fibers are less brittle than carbon fibers, and the glass fibers utilised in the manufacturing of GFRP are also more affordable.
- Increased demand for lightweight fiberglass composite in the automotive sector, rising demand for a range of blade sizes in the wind energy industry, and infrastructure growth in the construction industry are the main factors propelling the global glass fiber reinforced plastic composite material market.
- The market for glass fiber reinforced plastic composites is being supported by the requirement for low-cost, automated manufacturing processes to create complex and customised parts for the automotive, aerospace, and wind energy industries.
- GFRP composite material is adaptable and profitable to produce, and customisation is also simple, resulting in significant growth prospects for the construction industry. Customers are drawn to fiberglass because of its strength, thermal efficiency, and durability.
- The primary reason for selecting GFRP composite material is due to its characteristics, such as being lightweight, more elastic nature, ability to allow for partial light to come through, cost effectiveness, high strength to weight ratio, and good heat resistance. These options are replacing many other materials and have taken on a driving power in the market.
Global Glass Fiber Reinforced Plastic Composite Material Market Analysis
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Based on type, the market is categorised into polyester, vinyl ester, epoxy, and polyurethane, among others. On the basis of process, the market is divided into manual process, compression moulding, continuous process, and injection moulding. Based on application, the market is segmented into automotive, aerospace and defence, energy, construction and infrastructure, electrical and electronics, and marine, among others. The regional markets for glass fiber reinforced plastic composite material can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global glass fiber reinforced plastic composite material market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Owens Corning
- Saint-Gobain
- China Jushi Co., Ltd
- Nippon Sheet Glass Co., Ltd
- Asahi Kasei Corporation
- Nitto Boseki Co., Ltd.
- Taishan Fiberglass Inc. (CTG)
- Others
Market Share by Application
The glass fiber reinforced plastic composite material market is expanding as a result of the increased usage of glass fiber reinforced plastic composites in the electrical and electronics, wind energy, transportation, pipelines and tanks, and construction and infrastructure industries. Fiberglass is used in a variety of items, ranging from the most basic such as pipes, tanks, and electrical components to highly specialised applications in building, automotive, wind energy, defence, aerospace, transportation, and marine industries. In addition to infrastructure, the market is presented with fresh prospects by the need for sustainable energy and growing economies.
These composite materials are utilised in construction as reinforcement in the form of rebar, industrial floors, domes, cornice, canopies, roofs, and more, providing thermal resistance and increased strength while being lightweight. These materials are employed in aircraft applications such as fairings, engine cowlings, and fan ducts. Thus, during the forecast period, these composite materials will increasingly replace traditional materials and offer extended benefits. The end-use industry for automobiles is anticipated to account for a significant share of the glass fiber reinforced plastic composite material market, aided by the rising trend for lightweight vehicles to improve performance, efficiency, and fuel efficiency.
Market Share by Region
During the forecast period, the Asia Pacific region is anticipated to be one of the largest markets for composites made of glass fiber and reinforced plastic. This is a result of rising global demand, particularly from China and India, whose industrialisation and demand for environmentally friendly products are both on the rise. Development of infrastructure, including new construction, remodelling, and repair of the commercial, institutional, and residential areas, is a focus for developing nations like India, China, Thailand, and Vietnam.
The expanding demand from the construction, automotive, aerospace, wind energy, and defence industries in the United States are driving the glass fiber reinforced plastic composite material market growth in North America. In-depth research and development efforts are being made by producers of glass fibers and glass fiber reinforced plastic (GFRP) composites in an effort to determine the optimal range of raw materials that may be used to create composite materials of the highest quality. European countries and the United States are focusing on research and development activities for the manufacturing of quality and high performance products.
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Competitive Landscape
Owens Corning, a company with headquarters in Ohio, United States, provides building and industrial materials. The business produces a variety of fiberglass composite, roofing, and insulation materials, creating hundreds of items that are lighter, stronger, and more durable through its glass reinforcements business.
Saint-Gobain, with its headquarters in France, is a global pioneer in light and sustainable construction, operating in 75 countries and employing more than 166,000 people. Saint-Gobain creates, produces, and sells products and services for the industrial and construction industries.
China Jushi Co., Ltd. is a key company in the fiberglass business division of China National Building Material Co., Ltd. that focuses primarily on the production and sale of completed fiberglass products. They rank among the biggest businesses in China's new material sector. China Jushi has strong governance, a clear strategy, good assets, an exceptional culture, lean management, cutting-edge technology, and an extensive sales network.
Other market players include Nippon Sheet Glass Co., Ltd, Asahi Kasei Corporation, Nitto Boseki Co., Ltd., and Taishan Fiberglass Inc. (CTG), among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Process |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Glass Fiber Reinforced Plastic Composite Material Market Analysis
8.1 Key Industry Highlights
8.2 Global Glass Fiber Reinforced Plastic Composite Material Historical Market (2018-2023)
8.3 Global Glass Fiber Reinforced Plastic Composite Material Market Forecast (2024-2032)
8.4 Global Glass Fiber Reinforced Plastic Composite Material Market by Type
8.4.1 Polyester
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Vinyl Ester
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Epoxy
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Polyurethane
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Glass Fiber Reinforced Plastic Composite Material Market by Process
8.5.1 Manual Process
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Compression Moulding
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Continuous Process
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Injection Moulding
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.6 Global Glass Fiber Reinforced Plastic Composite Material Market by Application
8.6.1 Automotive
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Aerospace and Defence
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Energy
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Construction and Infrastructure
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Electrical and Electronics
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
8.6.6 Marine
8.6.6.1 Market Share
8.6.6.2 Historical Trend (2018-2023)
8.6.6.3 Forecast Trend (2024-2032)
8.6.7 Others
8.7 Global Glass Fiber Reinforced Plastic Composite Material Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
9 North America Glass Fiber Reinforced Plastic Composite Material Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Glass Fiber Reinforced Plastic Composite Material Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Glass Fiber Reinforced Plastic Composite Material Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Glass Fiber Reinforced Plastic Composite Material Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Mexico
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Argentina
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Glass Fiber Reinforced Plastic Composite Material Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profile
15.2.1 Owens Corning
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Saint-Gobain
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 China Jushi Co., Ltd
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Nippon Sheet Glass Co., Ltd
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Asahi Kasei Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Nitto Boseki Co., Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Taishan Fiberglass Inc.(CTG)
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Figures and Tables
1. Global Glass Fiber Reinforced Plastic Composite Material Market: Key Industry Highlights, 2018 and 2032
2. Global Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Process (USD Million), 2018-2023
5. Global Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Process (USD Million), 2024-2032
6. Global Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Distribution Channels (USD Million), 2018-2023
9. Global Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Distribution Channels (USD Million), 2024-2032
10. Global Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Glass Fiber Reinforced Plastic Composite Material Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Glass Fiber Reinforced Plastic Composite Material Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Glass Fiber Reinforced Plastic Composite Material Market Structure
Key Questions Answered in the Report
Between the forecast period of 2024 and 2032, the market is expected to grow at a CAGR of 6.30%.
The major drivers of the market include infrastructure development, growing requirement for low-cost, automated manufacturing processes to create complex and customised parts for end-use industries, growing demand for environmentally friendly products, and research and development activities.
Increase in demand for lightweight fiberglass composites in the automotive sector and a rising demand for a variety of blade sizes in the wind energy industry are the key industry trends propelling the growth of the market.
The major players in the global glass fiber reinforced plastic composite material market are Owens Corning, Saint-Gobain, China Jushi Co., Ltd, Nippon Sheet Glass Co., Ltd, Asahi Kasei Corporation, Nitto Boseki Co., Ltd., and Taishan Fiberglass Inc. (CTG), among others.
Extrusion and attenuation work together to produce glass fiber reinforced plastic, in a process also known as fiberisation. In extrusion, the molten glass is forced through a bushing constructed of an erosion-resistant platinum alloy with extremely small apertures to exit the forehearth.
Since glass fiber reinforced plastic rebars don’t carry heat or electricity, it is a great material for buildings like power plants and scientific institutions. In comparison to epoxy-coated or stainless steel, glass fiber reinforced plastic rebar is more affordable when considering the long-term advantages.
The various types of glass fiber reinforced plastic composite materials in the market include polyester, vinyl ester, epoxy, and polyurethane, among others.
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