NEW YORK, Feb. 16, 2017 /PRNewswire/ -- "Glass Fiber Reinforced Plastics (GFRP) composites market projected to register a CAGR of 6.61% during the forecast period of 2016 and 2026"
The global Glass Fiber Reinforced Plastics GFRP composites market is projected to reach USD 83.63 billion by 2026, at a CAGR of 6.61% from 2016 to 2026. The major driver stimulating the GFRP composites market is the high demand from the wing energy application, as these are non-corrosive and lightweight. Due to the corrosion resistance properties, GFRP composites have helped the growth of the wind industry, as GFRP composites wind turbines can operate in the toughest climatic environments. The difficulty of recycling GFRP composites is a major restraint, restricting its use in various applications and hindering the growth of the global GFRP composites market.
"Injection molding is the fastest growing application segment in the GFRP composites market, in terms of value."
The injection molding process has many processing advantages, including very fast cycle time, low labor costs, low scrap rate, and low mold-clamping pressure. It is widely applicable in GFRP composite applications such as automotive and electrical & electronics 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.
"Asia-Pacific is the fastest-growing market of GFRP composites."
The Asia-Pacific region is expected to be the fastest-growing market for GFRP composites during the next five years. The market in this region is driven by the increasing consumption of GFRP composites in various industries such as, wind energy, construction, electrical & electronics, and transportation. China leads the market in the Asia-Pacific region. The wind energy industry in China witnessed the highest number of wind energy installations in 2015, and added new capacity of 30.8 GW.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By company type- Tier 1- 20%, Tier 2- 36%, and Tier 3- 44%
- By designation- C Level- 10%, Director Level- 30%, and Others- 60%
- By region- North America- 25%, Europe- 20%, Asia-Pacific- 30%, ME&A- 10% and Latin America- 15%
The report provides a comprehensive analysis of company profiles of the companies listed below:
- Owen Corning (U.S)
- Jushi Group Ltd. (China)
- PPG Industries Inc. (U.S)
- Menzolit GmbH (Germany)
- John Manville Corporation (U.S.)
- Taishan Fiberglass Inc. (China)
- Saint Gobain S.A. (France)
- Nippon Sheet Glass Co. Ltd. (Japan)
- Chongqing Polycomp International Corporation (China)
This report covers the global GFRP composites market and forecasts the market size until 2026. The report includes the market segmentation by resin type (polyester, vinyl ester, epoxy, polyurethane,), by application (transportation, wind energy, electrical & electronics, construction & infrastructure, marine, pipe & tanks and others), and region (North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa). Porter's five analysis along with the drivers, restraints, challenges and opportunities have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major market players in the global GFRP composites market.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the global GFRP composites market comprehensively and provides the closest approximations of the revenues for the overall market and the subsegments across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides them information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand competitors and gain more insights to better their positions in their businesses. The competitive landscape section includes the competitor ecosystem, new product developments, investments & expansions, agreements, partnerships & joint ventures, and mergers & acquisitions.
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