A recent report ongoing study by Infinium Global Research on the glass fiber reinforced polymer market provides in-depth analysis of segments and sub-segments in the BRICS as well as regional glass fiber reinforced polymer market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRICS and regional glass fiber reinforced polymer market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the BRICS glass fiber reinforced polymer market. According to the report, the BRICS glass fiber reinforced polymer market is projected to grow at a significant CAGR over the forecast period of 2022-2028.
Glass fiber reinforced polymers are manufactured using can be made utilizing a range of processes and employing different technologies. They are being widely used in a range of applications across industries. Glass fibers are being used since ancient times, Ancient Egyptian first used glass fibers produced from heat softened glass for making containers. For high-temperature electrical applications, the first glass fibers were developed in the 1930s. Since then, its applications have been found in various industries. The primary properties of glass fiber reinforced polymers are flexibility, high strength, chemical resistance, lightweight, stiffness, and others. Like CFRP, GFRP is a preferred material for professionals and engineers who want to improve the design of their products. Automotive, aerospace, construction, and marine are a few of the industries where glass fiber reinforced polymers are used.
In BRICS countries end user industries such as marine, construction, automotive and aerospace are rapidly growing. Therefore these industries are using materials that satisfied their needs. The extensive characteristics of the glass fiber reinforced polymer have made it desirable for use in these industries. As a result, these end user industries are turning towards glass fiber reinforced polymer due to its extensive properties. Furthermore, there are many new applications of the glass fiber reinforced polymer that are coming forth across industries which has also significantly increased its demand. These factors are majorly driving the market. Though, the high volatility in raw material prices may hamper the growth of the market. New opportunities are expected as the investments in R&D of new glass fiber reinforced polymers are growing.
China is expected to be the glass fiber reinforced polymer market in the BRICS region. China is a rapidly emerging economic and industrial superpower. Many end user industries such as automotive, aerospace, construction, and marine have flourished in China and are in advanced stage. Thus, conventionally the demand for glass fiber reinforced polymer is high in the country. Apart from foreign market players, local companies such as Xiamen LFT Composite Plastic Co., Ltd and Changzhou Pengyu Frp Pressure Vessel Co., Ltd have established themselves in the market. With an eye on the largescale end user industries and benefit from the low labor cost, high technological base, and highly skilled workforce many foreign market players such as BASF SE, Owens Corning, and others have established their manufacturing facilities in China. Also, the rules and regulations are favorable for establishing manufacturing facilities in China. India is expected to be the second largest market after China as the end user industries in India are also growing rapidly.
The report on the BRICS glass fiber reinforced polymer market covers segments such as material, and end user. On the basis of material, the sub-markets include vinyl ester, polyester, polyamide, polyurethane, and others. On the basis of end user, the sub-markets include automobile, marine, construction, aerospace and defense, energy, and others.
The report provides profiles of the companies in the market such as BASF SE, Owens Corning, Jushi Group, Saint Gobain, Changzhou Pengyu Frp Pressure Vessel Co., Ltd, Taishan Fiberglass Inc, Fiber Technic Ltd., Everest Composites Pvt. Ltd., Xiamen LFT Composite Plastic Co., Ltd, and Nippon Sheet Glass.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the BRICS glass fiber reinforced polymer market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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