July 06, 2023 07:10 ET | Source: Research Nester Research Nester
New York, July 06, 2023 (GLOBE NEWSWIRE) -- The global glass fiber reinforced plastic composites market is estimated to grow at a CAGR of ~6% from 2023 to 2035. The market is estimated to garner a revenue of nearly USD 15 billion by the end of 2035, up from a revenue of about USD 5 billion in the year 2022. The market growth is attributed to increasing demand for GRP from various end-use industries such as electrical and electronic equipment, wind energy, and transportation. In addition, since glass fiber has higher tensile strength and is lighter than metal, it is expected to spread as a substitute for metal. It is also a key factor expected to drive the growth of the market in the coming years. Fiberglass Chopped
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Moreover, growing demand for GRP in the Middle East, Asia Pacific and Latin America regions in the oil & gas, chemical and wastewater industries is expected to bring lucrative opportunities to the market in the future. In addition, the rapidly growing urbanization in the emerging markets is also appraised to significantly expand the glass fiber reinforced plastic composites market. In India, the degree of urbanization reached a value of around 35% in the year 2020 compared to around 33% in the year 2017.
Global Glass Fiber Reinforced Plastic Composites Market: Key Takeaways
Spiking Expansion in Urbanization around the Globe to Boost Market Growth
The term urbanization describes the integration of people in a particular geographical area. As a result of this concentration, land is converted to residential, commercial, industrial and transportation purposes. This includes not only densely populated areas, but also adjacent peri-urban or suburban areas. The migration of population from rural to urban areas, the consequent decline in the population living in rural areas, and how societies are adapting to this transition are also considered. Urbanization has increased significantly across the world and is estimated to increase further during the forecast period. Globally, 55% of the population lived in cities in 2018, and this is projected to grow to 68% by 2050. The rate of urbanization is increasing as more and more people show a tendency to move to urban areas. As a result, the demand for antibacterial and antiviral coatings, where materials such as glass fiber reinforced plastic composites are widely used in various construction activities, is impressive. Ultimately, all these factors have the potential to accelerate the expansion of the market over the forecast period. Glass fiber reinforced polymer, also known as glass fiber reinforced plastic, is a composite material made by interweaving E-glass fibers and polyester materials. It can have a tensile strength of 44-2358 MPa and a compressive strength of 140-350 MPa while weighing only a quarter of the weight of steel. Woven materials can be cured with thermosetting polymers such as epoxies, resins, or thermoplastics.
Global Glass Fiber Reinforced Plastic Composites Market: Regional Overview
The glass fiber reinforced plastic composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Consumption of FRP Composites to Drive the Market Growth in Asia Pacific Region
The glass fiber reinforced plastic composites market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the increasing consumption of FRP composites in several industries such as wind energy, construction and electronics. Moreover, China's high manufacturing output is expected to provide ample growth opportunities for the region's market in the coming years. China dominates the wind power industry and remains the largest land industry with 21.2 GW of new capacity. Government policies and stimulus measures have turned China into a lucrative investment hotspot. Therefore, the wind energy industry is expected to thrive in the coming years, which is estimated to add to the growth of the regional market. The tower is a very important part that supports all other parts of the wind turbine. In addition to supporting the turbine, lift it high enough so that the tips of the blades are at a safe height while spinning. In addition, the height of the tower should be maintained so that the strong wind hits it well. The height of the tower ultimately depends on the power capacity of the wind turbine. Turbine towers in commercial wind turbines typically range from 40 to 100 meters. These towers can be either tubular pylons, lattice towers, or concrete towers. Large wind turbines use tubular pylons. These are typically made in sections of 30-40 meters.
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Increasing Housing Projects to Propel the Growth in the North America Region
The glass fiber reinforced plastic composites market in the North America region is estimated to garner the highest CAGR by the end of 2035. Market growth in the region is primarily owing to the high urbanization and increasing housing projects in the area. Public housing spending was tallied at about USD 9 billion in the year 2020 from about USD 6.5 billion in the year 2019. Population growth is estimated to boost domestic and smart housing demand. In addition, about 20 million apartments are expected to be built in the area over the next ten years. The US commercial construction sector is expected to grow in the coming years. The University of Illinois at Chicago (UIC) recently announced plans to build a USD 95 million arts center on its campus. The 88,000-square-meter building is primarily used by its UIC School of Drama and Music. All these factors are estimated to increase the demand for glass fiber in this region during the forecast period and hence, fuel the regional market growth.
Glass Fiber Reinforced Plastic Composites Segmentation by Manufacturing Process
Amongst these three segments, the compression & injection molding segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the fact that this process results in shorter cycle times, lower scrap rates and lower clamping pressures. Apart from that, heavy use of processes for manufacturing GRFP composites for transportation and electrical applications is also expected to boost the growth of the glass fiber reinforced plastic composites market segment in the future. The segmental growth can also be accredited to the increasing electricity consumption across the world, which is driving the need for compression & injection molding. Global electricity consumption has increased steadily over the past half century and is expected to reach approximately 25,300 terawatt hours by the year 2021. Between 1980 and 2021, electricity consumption has more than tripled and the world population has grown by about 75%.
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Glass Fiber Reinforced Plastic Composites Segmentation by Resin Type
Amongst these three segments, the epoxy segment is anticipated to hold a significant share over the forecast period. The growth of the segment can be accredited to the fact that epoxy resins, which are water based resins are increasingly being used to create complex composite structures in the aerospace and leisure industries. The global revenue of the water based resins industry is also increasing and is estimated to add to the segmental growth notably. In the year 2021, the industry garnered a revenue of nearly 40 billion around the globe. Apart from that, the large-scale use of the material as a binder for cement and mortar should also drive the growth of the segment over the forecast period. It is estimated to capture the largest share during the forecast period owing to the increasing use of this type of caprolactone in the production of polyglucapron, which is a surgical suture material.
Glass Fiber Reinforced Plastic Composites Segmentation by Type
Few of the well-known market leaders in the global glass fiber reinforced plastic composites market that are profiled by Research Nester are Jushi Group, Owens Corning, PPG Industries, Inc., AGY Holding Corporation, Compagnie de Saint-Gobain S.A., Nippon Sheet Glass Co., Ltd., Polycomp International Corporation, Chomarat Group, Nitto Boseki Co. Ltd., and other key market players.
Recent Development in the Global Glass Fiber Reinforced Plastic Composites Market
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