The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the GFRP Composites Market.
It was estimated prior to this unanticipated outbreak that the GFRP Composites Market was expected to grow at a CAGR of 6.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
GFRP (Glass Fiber Reinforced Polymer) composites are usually used as a substitute of aluminum and steel in the industry of transportation. These composites are 15-20% lighter than the traditional metals, which help to reduce the weight of a vehicle by 60% with the use of GFRP components.
Glass fiber reinforced polymers can be used for both exterior and interior fixtures in different types of styles, shapes, and textures for various restorative projects and new buildings.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the resin type, the market is segmented as polyester resin, vinyl ester resin, epoxy resin, polyurethane resin, thermoplastic resin, and others. The polyester segment is estimated to hold the largest share of the GFRP composites market during the forecast period. The performance of the product can be improved by using resins, along with GFRP composites, as per the need of application. The polyester segment accounted for the largest share of the market in 2016. It offers various attractive features such as resistance from corrosion, and excellent performance, due to which polyester resins are widely used as a matrix for GFRP composites in various applications such as automotive, aircraft, electronic components, railways, and others.
Based on the end-use industry type, the GFRP composites market is segmented as wind energy, electrical & electronics, transportation, pipes & tanks, construction & infrastructure, marine, aerospace & defense, and others. Transportation is estimated to account for the largest share of the GFRP market during the forecast period. There is a high demand for GFRP composites in the transportation industry owing to their lightweight, which increases fuel efficiency.
Based on the manufacturing process type, the GFRP composites market is segmented as compression & injection molding, layup, filament winding, pultrusion, RTM, and others. Compression & injection molding process is estimated to be the fastest-growing manufacturing process in the market during the forecast period as it offer various benefits, along with fast cycle time, low scrap rate, low labor cost, and low mold-clamping pressure. Compression & injection molding is widely used in various applications of GFRP composites, such as transportation & electrical & electronics industries. These composites are highly used for various key applications such as for the production of bumpers for vehicles, enclosures for medical devices, panels for electrical equipment, and others, which in turn, is driving the growth of the segment.
In terms of regions, Asia-Pacific is expected to be the fastest-growing market for GFRP composites during the forecast period. The growth of the market is owing to the increasing consumption of GFRP composites in various end-use industries such as wind energy, electrical & electronics, construction & infrastructure, and transportation. In the Asia-Pacific’s GFRP composites market, China is the leading country and there has been the highest number of wind energy installations in the year 2019 and a new capacity of 23,328 MW was added to it later. Europe and North-America are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the GFRP composites market are-