Global Glass Fiber Reinforced Plastic Composite Material Market Report and Forecast 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. 

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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. 

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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