The global Glass Fiber Reinforced Plastics (GFRP) composites market is estimated to grow from USD 44.10 Billion in 2016 to USD 83.63 Billion by 2026, at a CAGR of 6.61% from 2016 to 2026. Increase in the use of GFRP composites in electrical & electronics and wind energy applications are driving the global GFRP composites market.http://www.marketsandmarkets.com/Market-Reports/glass-fiber-reinforced-plastic-composites-market-142751329.html
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GFRP Composites Market by Resin Type, Process, Application - Global Forecast to 2026
GFRP Composites Market by Resin Type (Polyester, Vinyl Ester, Polyurethane), Process (Manual Process, Compression Molding, Continuous Process, Injection Molding), Application (Wind Energy, Transportation, Marine, Pipe & Tanks) - Global Forecast to 2026
The global Glass Fiber Reinforced Plastics (GFRP) composites market is estimated to grow from USD 44.10 Billion in 2016 to USD 83.63 Billion by 2026, at a CAGR of 6.61% from 2016 to 2026. Increase in the use of GFRP composites in electrical & electronics and wind energy applications are driving the global GFRP composites market.
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Polyester resins comprise a major share in the GFRP composites market, in terms of value and volume
Polyester resins have the highest market share in the GFRP composites market owing to their use in the construction, pipe & tanks and electronics applications. These resins are excellent for water treatment, chemical treatment plants, and non-corrosive applications at lower cost as compared to the use of other resins.
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This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years to prioritize efforts and investments.
Wind energy is the largest application segment of the GFRP composites market, in terms of value
GFRP composites find high usage in the wind energy industry, as GFRP composites are widely used in the development of large-scale wind turbines, since they offer several advantages over traditional materials such as being lightweight, have high tensile strength, corrosion resistance, better surface finish and easy processing. GFRP composites are also finding applications in corrugated solar heating elements, bathroom fixtures, translucent architectural paneling and industrial building sky lights and swimming pool fences.
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Owen Corning (U.S), Jushi Group (China), Nippon Sheet Glass Co. Ltd. (Japan), PPG Industries Inc. (U.S), Saint Gobain S.A. (France), and others. These players have adopted various organic and inorganic developmental strategies during the past five years to maintain their positions in the global GFRP composites market.
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