According to the recent study the glass fiber reinforced polymer (GFRP) market is projected to reach an estimated $61.3 billion by 2028 from $45.7 billion in 2022, at a CAGR of 3.7% from 2022 to 2028. Growth in this market is primarily driven by the growth in the construction, wind energy, electrical and electronics, consumer goods, and others market.
Browse 164 figures / charts and 137 tables in this 339 -page report to understand trends, opportunities and forecast in GFRP market by end use (transportation, marine, wind energy, pipe and tank, construction, electrical and electronics, consumer goods, and aerospace), resin type (UPR resin, vinyl ester resin, epoxy resin, PA resin, PP resin, phenolic resin, and other resins), product type (E/ECR-glass, S-glass, C-glass, and others (NE glass, R-glass, and T-Glass)), manufacturing process (hand lay-up, spray-up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay-up, and other manufacturing processes), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Transportation market is expected to remain the largest segment during the forecast period.”
Based on end use, the GFRP market is segmented into transportation, marine, wind energy, pipe and tank, construction, electrical and electronics, consumer goods, and aerospace. Lucintel forecasts that the transportation market is expected to remain the largest segment due to government regulations, such as CAFE Standards in the US and carbon emission targets in Europe, are putting pressure on OEMs to incorporate lightweight materials to curb the overall vehicle weight.
“Within the GFRP market, the UPR resin segment is expected to remain the largest resin type”
Based on resin typethe UPR resin segment is expected to witness the highest growth over the forecast period due to because it offers good mechanical and service properties, and have excellent thermal stability and weather resistance.
“Asia pacific will dominate the GFRP market in near future”
APAC is expected to remain the largest region by value and volume and it is also expected to experience the highest growth over the forecast period due to growth in construction, transportation, and the electrical and electronics segments. Growing economy, growth in population, and urbanization are the major forces that drive the construction segment, especially in China and India.
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Major players of GFRP market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Owens Corning, Jushi Group Co., Ltd., Chongqing Polycomp International Corporation (CPIC), Taishan Fiberglass Inc., Nippon Electric Glass Co., Ltd., 3B-The Fibreglass Company (Goa Glass fiber), Johns Manville Corporation, Nitto Boseki Co., Ltd, BASF SE, Ashland LLC, Huntsman, Hexion, Polynt, Cytec Solvay Group, Celanese, SABIC, DuPont are among the major GFRP providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/glass-fiber-reinforced-polymer-market.aspx or [email protected]