Glass Fiber Reinforced Plastic GFRP Market

• Increased Adoption of Glass Reinforced Plastic in the Transportation Sector will Drive Market Growth

Market CAGR for glass fiber reinforced plastic (GFRP) is being driven by the increased adoption of glass reinforced plastic in the transportation sector. One of the most important characteristics of glass reinforced plastic (GRP) is its light weight. GRP is 75% lighter than steel equivalents, resulting in decreased transportation costs and the elimination of the need for heavy lifting equipment. Furthermore, the use of glass reinforced plastic reduces the danger of manual handling injuries because it can be easily cut and manipulated on-site.

Because glass reinforced plastic raw materials have a higher strength-to-weight ratio, they provide more mileage and reduce fuel costs. As a result, increased vehicle manufacturing is expected to increase demand for glass reinforcement materials in the transportation industry.

For instance, According to the International Trade Administration (ITA), the Chinese government plans to create 35 million automobiles by 2025. Similarly, the predicted contribution is consistent with the Malaysian government's 2020 automotive policy projections of total production volume of 1.47 million automobiles and overall industry volume of 1.22 million vehicles by 2030. The growing demand for lightweight vehicles in the aerospace and defence, marine, and other transportation sectors is expected to stimulate demand for glass reinforced plastic. Rising investments in the aerospace and defence, as well as the marine sectors, are now driving the industry's expansion.

The trend of large-scale urbanization has increased demand for urban residential constructions. Manufacturers in the construction industry in developed countries such as the United States, the United Kingdom, Spain, and Germany are working to improve the quality of existing residential units, whereas manufacturers in developing economies such as Asian and African nations are focusing on the development of new affordable housing units. The growth in residential real estate investment leads to an increase in demand for GFRP.

Furthermore, the GFRP market is expected to rise during the projected period due to rising disposable income and increased awareness about the benefits of GFRP pipes in the construction industry.

The increasing demand from the automotive industry is another driver of the Glass Fibre Reinforced Plastic (GFRP) Market growth. The use of GFRP in the automotive industry is growing because it helps to reduce vehicle weight, improve fuel efficiency, and lower emissions.

For instance, the BMW i3 electric car's body structure is made of GFRP, which helps to reduce weight and increase performance. Furthermore, GFRP is in high demand in the construction industry since it is a lightweight and durable material that can be utilized to make building components such as panels, roofing, and pipes. This is propelling the GFRP Market forward.

In North America, BASF unveiled its ACRONAL MB acrylic binder portfolio for Architectural Coatings in October 2023. ACRONAL binders have an equivalent level of performance and quality. Bio feedstocks are used against fossil-based raw materials in the BASF biomass balance approach, which is certified by REDcert2.

Coryor Surface Treatment Company Ltd. and Nippon Paint Taiwan announced the launch of a new line of printed Tedlar® PVF solutions in December 2023, including PVF coatings. Tedlar® an architectural application famous for durable beauty protection that lasts many decades longer than any other product on the market.

The Global Glass Fiber Reinforced Plastic GFRP Market Industry is poised for substantial growth, with projections indicating a market value of 40.3 USD Billion in 2024 and an anticipated increase to 78.1 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 6.21% from 2025 to 2035, reflecting the increasing adoption of GFRP across various industries. Factors such as advancements in manufacturing technologies, rising environmental awareness, and expanding applications in sectors like construction, aerospace, and renewable energy are likely to drive this growth. The market's potential appears robust, positioning GFRP as a key material for future developments.

There is a growing emphasis on sustainability and environmental awareness, which is positively impacting the Global Glass Fiber Reinforced Plastic GFRP Market Industry. GFRP materials are increasingly recognized for their recyclability and lower environmental footprint compared to traditional materials. As industries strive to meet stringent environmental regulations and consumer demands for eco-friendly products, the adoption of GFRP is likely to rise. This trend is particularly evident in sectors such as automotive and construction, where companies are actively seeking sustainable alternatives. The market's growth trajectory is expected to be bolstered by this shift towards greener solutions.

The Global Glass Fiber Reinforced Plastic GFRP Market Industry is experiencing a notable surge in demand, particularly within the construction sector. GFRP materials are increasingly favored for their lightweight, high strength, and corrosion resistance, making them ideal for applications such as bridges, buildings, and infrastructure projects. As urbanization accelerates globally, the construction industry is projected to reach a market value of 40.3 USD Billion in 2024, with GFRP playing a crucial role in modern construction techniques. This trend indicates a shift towards sustainable materials, thereby enhancing the market's growth potential.

Investment in renewable energy infrastructure is emerging as a significant driver for the Global Glass Fiber Reinforced Plastic GFRP Market Industry. GFRP materials are utilized in wind turbine blades and other renewable energy applications due to their durability and resistance to environmental degradation. As countries worldwide commit to transitioning towards renewable energy sources, the demand for GFRP in this sector is expected to rise. This trend is likely to contribute to the overall market growth, with a projected compound annual growth rate of 6.21% from 2025 to 2035. The integration of GFRP in renewable energy projects underscores its versatility and importance.

Innovations in manufacturing technologies are significantly influencing the Global Glass Fiber Reinforced Plastic GFRP Market Industry. Enhanced production methods, such as automated fiber placement and resin transfer molding, are improving the efficiency and quality of GFRP products. These advancements not only reduce production costs but also enable the creation of complex geometries that were previously challenging to achieve. Consequently, the market is likely to benefit from increased adoption across various sectors, including automotive and aerospace, as manufacturers seek to leverage the superior properties of GFRP. This technological evolution is expected to contribute to the market's projected growth.

The Global Glass Fiber Reinforced Plastic GFRP Market Industry is witnessing an expansion of applications in the aerospace and automotive sectors. GFRP's lightweight and high-strength properties make it an attractive option for manufacturers aiming to enhance fuel efficiency and performance. In the automotive industry, GFRP components are increasingly utilized in vehicle structures and interiors, while in aerospace, they are employed in aircraft components. This diversification of applications is anticipated to drive market growth, with projections indicating a market value of 78.1 USD Billion by 2035. The ongoing trend towards lightweight materials is likely to further accelerate this growth.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Glass Fiber Reinforced Plastic (GFRP) Market area will dominate this market, because of an increase in the number of wind energy capacity installations, an increase in the use of GFRP composite pipes in sewage and water management, a high potential for consumption, an increase in production capacity, and an increase in the pace of economic growth in this area..

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: GLASS FIBER REINFORCED PLASTIC (GFRP) MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Glass Fiber Reinforced Plastic (GFRP) Market accounts for the second-largest market share due to the increased need for lightweight and durable materials in the automotive and construction industries. Further, the German Glass Fiber Reinforced Plastic (GFRP) Market held the largest market share, and the UK Glass Fiber Reinforced Plastic (GFRP) Market was the fastest growing market in the European region.

The Asia-Pacific Glass Fiber Reinforced Plastic (GFRP) Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of their high strength, low maintenance, lightweight, and superior physical qualities. Moreover, China’s Glass Fiber Reinforced Plastic (GFRP) Market held the largest market share, and the Indian Glass Fiber Reinforced Plastic (GFRP) Market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Glass Fiber Reinforced Plastic (GFRP) Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Glass Fiber Reinforced Plastic (GFRP) industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Glass Fiber Reinforced Plastic (GFRP) industry to benefit clients and increase the market sector. In recent years, the Glass Fiber Reinforced Plastic (GFRP) industry has offered some of the most significant advantages to medicine. Major players in the Glass Fiber Reinforced Plastic (GFRP) Market, including Asahi Fiber Glass Co., Ltd. (Japan), Binani Industries Limited (India), Celanese Corporation (U.S.), SAERTEX GmbH & Co. KG (Germany), NITTOBO ASIA Glass Fiber Co.

Ltd. (Taiwan), and BGF Industries, Inc. (U.S.) and others, are attempting to increase market demand by investing in research and development operations.

Owens Corning is a corporation based in the United States that develops and manufactures insulation, roofing, fibreglass composites, and related materials and products. It is the largest producer of fibreglass composites in the world. It was founded in 1935 by two large American glassworks, Corning Glass Works and Owens-Illinois. Around 19,000 people are employed by the organization worldwide.  Since the list's inception in 1955, Owens Corning has been a Fortune 500 firm every year. In 2020, Owens Corning has announced an increase in GFRP production capacity in China.

To address the increased demand for GFRP in the Asia-Pacific region, the business committed more than $50 million in increasing the production capacity of its factory in China.

Jushi Group is China's largest manufacturer of fibreglass. The company is one of the world's leading producers of fibreglass, offering a diverse range of products such as direct roving, chopped strand mat, woven roving, and fibreglass fabric. Jushi Group has a strong presence and exports its products to over 100 countries. The company is committed to innovation and has made significant investments in research and development to increase product quality and reduce environmental impact. In 2019, Jushi Group, a renowned Chinese fibreglass maker, has announced the establishment of a new GFRP production line in the United States.

The new production line, which is scheduled to be finished in 2021, will have an annual capacity of 80,000 metric tons and will aid the company's expansion into the North American market.