[160 Pages Report] The global Glass Fiber Reinforced Plastics (GFRP) composites market is projected to grow from USD 43.93 billion in 2017 to USD 59.87 billion by 2022, at a CAGR of 6.4% from 2017 to 2022. The major factor driving the GFRP composites market is the high demand for GFRP composites from the transportation, electrical & electronics, wind energy, and pipes & tanks industries. However, the difficulty of recycling GFRP composites and high cost is a major factor restraining their use in various applications and hindering the growth of the global GFRP composites market. The need for low cost, automated manufacturing process to produces complex and customized parts in automotive, aerospace, and wind energy end-use industry are driving the use of additive manufacturing in the GFRP composites.

By manufacturing, Compression & injection molding is the fastest growing manufacturing process in the GFRP composites market

The compression & injection molding manufacturing process offers several advantages, including fast cycle time, low labor cost, low scrap rate, and low mold-clamping pressure. It is widely used in GFRP composite applications such as transportation and electrical & electronics industries. These composites are used for the production of bumpers for vehicles, panels for electrical equipment, enclosures for medical devices, and others. These are the key applications of GFRP composites, thus driving the use of the injection molding process to manufacture various GFRP composite components.

By resin type, the polyester segment to record the highest share in the GFRP composites market

Product performance can be enhanced with the use of resins, along with GFRP composites. As per the requirement of the application, GFRP composites are used, along with resins to enhance the performance of the product. Based on resin type, the polyester segment accounted for the largest share of the GFRP composites market in 2016. Owing to their corrosion resistance and superior performance properties, polyester resins are widely used as a matrix for GFRP composites in several applications such as aircraft, electronics components, automotive, railways, and others.

By end-use industry type, the transportation segment to record the highest share in the GFRP composites market

The GFRP composites market is segmented on the basis of end-use industry into wind energy, transportation, pipes & tanks, marine, construction & infrastructure, electrical & electronics, aerospace & defense, and others. The transportation end-use industry accounted for the largest share of the GFRP composites market in 2016, in terms of both, value and volume. The high demand for GFRP composites in the transportation industry can be attributed to their weight and increased fuel efficiency.

Asia Pacific is the fastest-growing market for GFRP composites.

The Asia Pacific region is expected to be the fastest-growing market for GFRP composites during the next 5 years. This market in Asia Pacific is driven by the increasing consumption of GFRP composites in various industries such as wind energy, construction & infrastructure, electrical & electronics, and transportation. China is leading the Asia Pacific GFRP composites market. The wind energy industry in China witnessed the highest number of wind energy installations in 2016 and added a new capacity of 23,328 MW.

Market Dynamics

Driver: Increasing adoption of GFRP composites in transportation

GFRP composites have a higher strength-to-weight ratio, which is an important factor in automobile manufacturing. Vehicles with low-weight materials and high strength have better mileage and reduce the fuel cost. In the US, automakers have shifted their focus to lightweight vehicle production to meet the CAF� regulations (36.6 mpg by 2017 and 54.5 mpg by 2025) and see GFRP composites as a substitute for aluminum and steel in high-end cars. The typical applications of GFRP composites in the transportation industry include doors, roof panels, windows, headrest back panels, seats, luggage bins, and cooling ventilators. These factors are fueling the growth of the GFRP composites market in the transportation industry and encouraging the invention of new GFRP composites applications.

Restraint: Issues related to recycling

Globally, companies are trying to help reduce global warming and explore the potential of composites to reduce greenhouse gas emissions. However, the difficulty in recycling GFRP composites is a stumbling block especially in the construction and automotive industries, where the pressure to recycle is high.

The European Composites Industry Association (EuCIA) states that GFRP and CFRP are recyclable. They comply with EU legislation and stringent regulations in the US. Currently, recycling facilities for composites exist only in Germany; for companies in other countries, it is prohibitively expensive and not environment-friendly. Hence, the only option that remains is landfill.

In the composites market, a number of issues still need clarification, such as to what extent are GFRP composites economically recyclable, and are actually being recycled.

Opportunity: High demand for GFRP composite pipes in the emerging economies

Earlier, the market for GFRP pipes was mainly concentrated in the North American and European countries. However, in the recent years, a shift is witnessed in demand from emerging economies in APAC, the MEA, and Latin America. The growth in the oil & gas, chemicals, sewage, and other industries in China, Brazil, Mexico, and India, is expected to drive the GFRP pipes market in the future. As construction & mining activities are increasing in APAC, the demand for GFRP pipes is high than the other regions. Owing to the improving standard of living in the developing economies in APAC, vehicle ownership rate is expected to grow. High urbanization rate in many emerging countries in APAC has resulted in prioritizing water management. The advancement of the existing infrastructure and creation of new townships with water treatment facilities is expected to lead to an exponential growth rate of the demand for GFRP pipes in sewage and water treatment applications during the forecast period.

Challenge: Developing low cost technologies

The high cost of GFRP composites as compared to metals and alloys has been an important point of concern associated with its expansion into structural applications. The real potential for GFRP composites has not yet been realized owing to the R&D costs incurred during design errors, high manufacturing costs, and increased cycle times. Many applications of GFRP composites have been discovered, but due to high-cost constraints, commercialization of these applications is yet to begin. Owing to high R&D costs, developing low-cost technologies is a major challenge for all researchers and key manufacturers in this market.

Scope of the Report

Report Metric Details Market size available for years 2016�2022 Base year considered 2016 Forecast period 2017�2022 Forecast units Million (USD) Segments covered Resin (Epoxy, Polyester, Vinyl Ester, Polyurethane, Thermoplastic and others), By end-use industry(Transportation, Electrical & Electronics, Wind Energy, Pipes & tanks, Construction & Infrastructure, Marine, Aerospace & defense, and others), By Manufacturing Process (Compression & Injection Molding, RTM/VARTM, Layup, Filament Winding, Pultrusion and others) and Region Geographies covered North America, Europe, APAC, MEA and Latin America Companies covered Owen Corning (US), Jushi Group (China), PPG Industries (US), AGY Holding (US), Taishan Fiberglass (China), Saint Gobain (France), Nippon Sheet Glass (Japan), CPIC (China), Asahi Fiber Glass (Japan)

The research report categorizes the GFRP Composites market to forecast the revenues and analyze the trends in each of the following sub-segments:

GFRP Composites Market By Resin Type

Polyester

Vinyl Ester

Epoxy

Polyurethane

Thermoplastic

Others

GFRP Composites Market, By End-use Industry

Wind Energy

Electrical & Electronics

Transportation

Pipes & Tanks

Construction & Infrastructure

Marine

Aerospace & Defense

Others (Healthcare, Consumer Goods, Sporting Goods)

GFRP Composites Market, By Manufacturing Process

Compression & Injection Molding Process

Layup

Filament Winding

Pultrusion

Resin Transfer Molding (Rtm)

Other Manufacturing Processes

GFRP Composites Market By Region

Asia Pacific (APAC)

North America

Europe

Latin America

MEA

Key Market Players

Owen Corning (US), Jushi Group (China), PPG Industries (US), AGY Holding (US), Taishan Fiberglass (China), Saint Gobain (France), Nippon Sheet Glass (Japan), CPIC (China), Asahi Fiber Glass (Japan).

Owens Corning is a diversified company that develops, manufactures, and markets fiberglass composites products. The company operates its business through three segments, namely, insulation, roofing, and composites. Through its composites business segment, the company offers a wide range of glass fiber products that are lightweight, strong, and durable. These products are used in the construction, wind energy, water and wastewater treatment, industrial, transportation, consumer goods, and aerospace & defense industries.

Owens Corning has plants and technical centers in 25 countries in North America, APAC, Europe, and other regions.

Recent Developments

In July 2017, Owens Corning Infrastructure Solutions, part of the composites business of Owens Corning acquired Aslan FRP, the company of Hughes Brothers, Inc. (US). Aslan FRP produces and markets glass rebar that is used in new and restorative infrastructure projects such as roads, bridges, marine structures, buildings, and tunnels.

In June 2016, Jushi Group started the operations of its second glass fiber furnace in Egypt. The company added a capacity of 80,000 tons to its existing facility to offer a full range of products in the European region.

In August 2016, PPG Industries invested USD 20 million in upgrading its glass fiber manufacturing facility in Chester, South Carolina. The facility will provide glass fiber products that can be used in filament winding, pultrusion, long-fiber thermoplastics, and wind energy applications

In October 2017, Johns Manville launched a chopped glass fiber ThermoFlow 600 for high-performance fiber PET/PBT for use in electronics and consumer applications. The launch expanded the company�s product portfolio in electronics and consumer applications

In January 2016, Saint Gobain Sekurit and Corning Incorporated (New York, US) entered into a joint venture to manufacture, develop, and sell lightweight automotive glazing solutions. The products will help automakers in developing the car of the future, including improved head-up display images. This will help the company expand its GFRP composites business in North America

Critical questions the report answers:

Where will all these developments take the industry in the long term?

What are the upcoming trends for the GFRP Composites market?

Which segment provides the most opportunity for growth?

Who are the leading vendors operating in this market?

What are the opportunities for new market entrants?

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