Fiber Glass Reinforced Plastic (GFRP), is a composite material made of a polymer matrix reinforced with fibers. Commercial material such as glass fibers are reinforced with matrices based on thermosetting polymers, such as epoxy or polyester resins. GFRPs are commonly used in the automotive, marine, and building & construction industries.
Some of the prominent factors that positively influence the growth of GFRP Market are increasing demand for glass fiber based chemical storage vessels, rising demand for light weight glass fiber materials for construction of ships and yachts, and proliferation of fiber Glass Reinforced Plastic based construction materials. Increasing urbanization along with rising per capita disposable income in developed and emerging economies are predicted to drive the growth of the market over the forecast period, 2017 to 2023. High adoption rate along with the increasing number of wind energy plants to meet the energy for the ever-growing population. Moreover, continuous expansion of automotive sector as well as shifting manufacturers focus towards lightweight materials and cost effective vehicles are estimated to fuel the growth of the GFRP Market during the review period, 2017 to 2023. Although, owing to the environmental effects of high temperatures and water content, the mechanical properties of the GFRP are altered, which is anticipated to decline the market growth over the forecast period.
Some of the prominent players operating in the Global GFRP Market are Owens Corning (U.S.), Jushi Group Co., Ltd. (China), Chongqing Polycomp International Corporation (China), PPG Industries, Inc. (U.S.), Johns Manville Corporation (U.S.), Saint-Gobain Corporation (U.S.), Nippon Sheet Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (China), AGY Holding Corp. (U.S.), 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.) among others.
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The Global GFRP Market is categorized on the basis of reinforcing material type, end user industry, and region. On the basis of reinforcing material type, the market is bifurcated into polyester, epoxide, polyamide, and others. On the basis of end user industry, the GFRP Market is categorized into building & construction, marine, transportation, chemical plants, renewable energy, and others. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Europe is estimated to be the largest GFRP Market followed by North America and Europe due to strong existence of maritime industry. In Europe, Germany, Russia, Norway and Spain are predicted to register a strong growth on account of tremendous demand for GFRP in yacht manufacturing facilities. In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for GFRP, and is estimated to grow with the same pace over the forecast period. Improving living standards along with the flourishing growth of construction industry is predicted to contribute to the regional market growth. In North America, U.S and Mexico are among the major contributors in the regional market growth due to the presence of many chemical industries is expected to increase the market for GFRP based chemical storage vessels. In Latin America, Mexico is expected to register strong growth due to robust presence of automobile manufacturers.
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