Published on : Jul 06, 2020
Glass fiber reinforced plastic (GFRP) composite is less brittle, easily moldable, and possesses strength typical of metal. At the same time it weighs less compared to that of metal. Also, it is economical. These properties makes glass fiber reinforced plastic (GFRP) composites favorable for manufacturing electrical equipment, tanks, and pipes. These products are later used in several industries such as automotive, defense, marine, aerospace and consumers. Few firms are also trying to explore other avenues of application of glass fiber reinforced plastic composite.
New avenues will increase the demand for glass fiber reinforced plastic composites in the composites market. All these aforementioned properties and wide range of applications of glass fiber reinforced plastic (GFRP) composite are acting as factors and propelling the expansion of global glass fiber reinforced plastic (GFRP) composites market.
The newly added report in the RMoz library titled “Global Glass Fiber Reinforced Plastics (GFRP) Composites Market Insights, Forecast to 2025” focus on factors that can impact the global glass fiber reinforced plastics composites market in the coming years.
The research report has also taken several drivers, trends, and restraining factors under consideration. Another area of focus of the report includes upcoming opportunities and competitive landscape of the global glass fiber reinforced plastic composite market.
Composed of 149 pages, the global glass fiber reinforced plastic composite market report is presented in a chapter-wise format. Each chapter discusses different aspects of the market. The report includes an exhaustive array of graphs and pictorial representations to depict growth trends.
The preparation of the report involved an extensive research phase. Analysts reached out to experts and researchers to understand various dimensions shaping the global glass fiber reinforced plastic composite market in between 2019 and 2025. The analysts have considered 2018 as the base year while preparing the report.
The global glass fiber reinforced plastic composite market is expected to clock a CAGR of 3.3% in the course of forecast period. This will increase the value of global glass fiber reinforced plastic composite market to US$9230 mn, whereas the market value was US$7150 mn in 2018.
Wind Turbine Manufacturers Utilize Attractive Properties of GFRP Composites
Owing to the light weight and metal-like strength, the glass fiber reinforced plastic composite is highly favorable for wind blades. Increase in demand for clean energy is paving way for deploying windmills on a large scale around the world. This is one of the major factors that will influence glass fiber reinforced plastic composite market in the coming years. The aforementioned properties of glass fiber reinforced plastic composite makes its use beneficial in construction and infrastructure, electrical and electronics, transportation, and pipes and tanks industries.
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Innovative manufacturing process also contributes to the expansion of global glass fiber reinforced plastic composite market. Cost and time of manufacturing are the main factors that decide the best manufacturing process.
In case of glass fiber reinforced plastic composites, compression and injection molding manufacturing process is growing substantially. This is because the process has low-mold clamping pressure, less scrap, reduced labor cost, and rapid cycle time. These benefits will cater to the increasing demand for glass fiber reinforced plastic composite in various end-use industries.
Some of the prominent players in the industry are Saint-Gobain Vetrotex, Owens Group, Nippon Electric Glass, Jushi Group, Taishan Fiberglass (Sinoma), PPG Industries, Binani-3B, Nittobo, CPIC, and Advanced Glassfiber Yarns.