Glass Fiber Reinforced Polymer Market

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Glass Fiber Reinforced Polymer Market (Material - Vinyl Ester, and Polyester; End User - Automobile, and Marine): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : May, 2022

  • Rep Id : CM00906

  • Category : Chemicals & Materials

  • Status : Published

A recent report published by Infinium Global Research on the glass fiber reinforced polymer market provides in-depth analysis of segments and sub-segments in the global as well as regional glass fiber reinforced polymer market. The study also highlights the impact of drivers, restraints, and macro indicators on the global 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 global glass fiber reinforced polymer market. According to the report, the global glass fiber reinforced polymer market is projected to grow at a CAGR of 6% over the forecast period of 2022-2028.

 

Market Insight

The revenue generated by the market was approximately USD approximately 55.6 billion in 2021 and is expected to reach approximately 80.0 billion in 2028 and is expected to grow with a CAGR of more than 6.30%. The composite material was manufactured for the first time in the 1960s. Fiberglass reinforced polymer (FRP) became well-known in the 1980s when it was employed in a Japanese high-speed rail project. Glass fiber reinforced polymer also called glass fiber reinforced plastics is produced by weaving E-glass fiber and polyester together. The tensile strength of a glass fiber reinforced polymer usually ranges between 44-2358MPa and compressive strength between 140-350M. Glass fiber reinforced polymers are usually lighter then conventional metals such as steel and iron and have thus found application in a multitude of applications across industries. Its main feature is its resistance to corrosion which has made it suitable for use in industries such as automobile, construction, marine, and others.

 

The growing demand for glass fiber reinforced polymers from end user industries such as marine, construction, and automotive is propelling the growth of the market. Conventionally, glass fiber reinforced polymers have been in high demand from the marine industry as it used in the construction of boats and ships. Over the years this polymer has made inroads into various other industries such as water and sewage, construction, automotive, energy, and others. The high demand from the end user industries for this polymer can be attributed to its extensive properties such as non-corrosiveness, high tensile and compressive strength, and many others. The applications of the glass fiber reinforced polymer are also growing in the said end user industries which are also propelling the growth of the market. Some hurdles may arise such as volatile raw material prices that may hamper the growth of the market. Nevertheless, growing investments in R&D of glass fiber reinforced polymers are expected to offer new opportunities in the market.

 

North America is projected to dominate the glass fiber reinforced polymer market over the forecast years. North America has one of the largest construction, marine, aerospace, and automotive industries in the world. These industries are highly matured and are turning towards materials that are cost-effective, robust, and can sustain in harsh environments. Glass fiber reinforced polymer is one of such materials that is being widely used across end user industries. Such as this polymer is conventionally used for building boats and ships, and glass fiber reinforced polymer rebars are used in construction projects also these polymers are used in wind turbines, aircraft, and others. As the applications of this polymer are growing so is its use at the end user industries. Furthermore, new research and studies are been conducted for discovering new applications of glass fiber reinforced polymer in the North American region. Asia-Pacific is expected to be the fastest-growing region in the market owing to its rapid economic prosperity and strong demand from end user industries such as construction and marine.

 

Segment Covered

The report on the global glass fiber reinforced polymer market covers segments such as material, and end user. On the basis of material, the sub-markets include vinyl ester and polyester. On the basis of end user, the sub-markets include automobile and marine.

 

Companies Profiled:

The report provides profiles of the companies in the market such as BASF SE, Delkom Group, Nippon Sheet Glass, Changzhou Pengyu Frp Pressure Vessel Co., Ltd, and Advanced Glassfiber Yarns (Agy) Llc.

 

Report Highlights:

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 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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