Glass Fiber Reinforced Polymer Market (Material - Vinyl ester, Polyester, and Epoxy; End User - Automobile, Marine, Construction and Infrastructure, Energy, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on 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 global glass fiber reinforced polymer market.

Market Insight:

The global glass fiber reinforced polymer market was valued at USD 56.6 Billion in 2022 and is expected to reach over USD 94.95 Billion in 2030, with a CAGR of 6.68% during the forecast period 2023-2030.

Glass Fiber Reinforced Polymer (GFRP) is a compound material made up of a polymer matrix reinforced with glass fibers. The polymer matrix, such as epoxy or polyester resin, offers a long-lasting and flexible structure, while the glass fibers impart strength, stiffness, and resistance to corrosion. GFRP exhibits a high strength-to-weight ratio, making it a suitable substitute for traditional materials such as steel or aluminum in various applications. Moreover, the application of GFRP is elite to the development of infrastructure, mostly for the building of bridges. Owing to its being lightweight and resistant to corrosion, GFRP is an excellent alternative to traditional building materials. Bridge components strengthened with glass fiber polymer (GFRP) provide long lifespans, lower maintenance expenses, and improved resistance to corrosion. As the requirement for strong and environment-friendly infrastructure rises, the use of GFRP in bridge building is anticipated to rise.

The glass fiber reinforced polymer market is witnessing significant growth due to increasing demand from crucial sectors such as marine, construction, and automotive. The exceptional amalgamation of strength, weightlessness, and toughness given by these polymers meets the growing needs of these industries, further contributing to the market's expansion. Also, the glass fiber-reinforced polymer market is flourishing due to its application in the evolving wind energy and oil and gas sectors. With better-quality performance attributes, such as strength and corrosion resistance, glass fiber-reinforced polymers are in soaring demand, and meeting the precise requirements of these vital sectors. However, fluctuations in raw material prices act as a challenge to the growth of the glass fiber-reinforced polymer market. Fluctuations in raw material costs can lead to a rise in production expenses, adversely affecting market dynamics. Considered measures to alleviate such instability, such as diversification of supply chains, become vital for sustained market resilience. Although, rising investments in research and development for glass fiber-reinforced polymers are predicted to create opportunities in the market. Enduring improvement is likely to lead to the expansion of higher formulations, expanding the application range, and driving future growth by meeting evolving industry demands and performance criteria.

North America holds the leading market share in the glass fiber-reinforced polymer industry. This is driven due to strong demand from sectors such as automotive, construction, and aerospace. The region benefits from advanced infrastructure, technical improvement, and a strong focus on sustainable and lightweight resources. Besides, strict regulations for fuel effectiveness and emissions in the automotive industry contribute to the augmented acceptance of glass fiber-reinforced polymers. Moreover, the Asia-Pacific region is experiencing the fastest growth in the glass fiber-reinforced polymer market. Rapid industrialization, urbanization, and a rising number of middle-class inhabitants are propelling demand for lightweight and strong materials in applications ranging from construction to transportation. The region's focus on renewable energy and a surge in manufacturing activities further contribute to the expanding market for glass fiber-reinforced polymers in Asia-Pacific.

Report Scope of the Glass Fiber Reinforced Polymer Market:

Segment Covered

The report on provides a detailed analysis of segments in the market based on Material, and End User.

Segmentation Based on Material

·       Automobile

·       Marine

·       Construction and Infrastructure

·       Energy

·       Others

Segmentation Based on End User

·       Automobile

·       Marine

·       Construction and Infrastructure

·       Energy

·       Others

Companies Profiled:

·       BASF SE

·       Nippon Sheet Glass Co., Ltd.

·       Owens Corning

·       China Jushi Co., Ltd.

·       Reliance Industries Ltd.

·       Saint-Gobain

·       Johns Manville

·       Chomarat Group

·       Saertex Group

·       3B

Report Highlights:

The report provides deep insights into 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 forecasts from 2023-2030. 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.