Gf and Gfrp Composites Market Size, Share, Growth, and Industry Analysis, By Type (General-purpose Glass Fibers, Special-Purpose Glass Fibers, Thermoplastic Plastic Products, Thermosetting Plastic Products), By Application (Building & Construction, Electronics, Transportation, Others), Regional Forecast To 2031

Updated On: 22 April 2024

Gf and Gfrp Composites Market Report Overview

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The global Gf and Gfrp composites market size was USD 7988.46 million in 2021. As per our research, the market is expected to reach USD 9607.69 million in 2027, exhibiting a CAGR of 3.12% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with Gf and Gfrp composites market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Glass fibers (GF) are made from molten glass, which is drawn into fine strands or fibers. These fibers are typically composed of silica (SiO2) as the main component, along with other materials like alumina, boron oxide, and various additives to enhance specific properties. Glass fiber reinforced polymer (GFRP) composites consist of glass fibers embedded in a polymer matrix, such as epoxy, polyester, or vinylester resin. The fibers act as the reinforcement, while the polymer matrix provides support and protection.

The Gf and Gfrp composites market is driven by several factors, including advancements in technology, increased demand for lightweight and durable materials, increasing demand in aerospace and automotive industries, and expanding applications across various industries.

COVID-19 Impact: Pandemic Hampered the Market Demand Due to Disruptions in Supply Chains

The COVID-19 pandemic disrupted global supply chains and manufacturing processes across various industries, including the composites sector. Lockdowns, restrictions on movement, and workforce shortages led to temporary shutdowns and delays in production. The market for Gf and Gfrp composites relies on a global supply chain for raw materials, including glass fibers and resins. Disruptions in the supply chain, particularly from Asia, impacted production capabilities in other regions. Many end-user industries of Gf composites, such as automotive, aerospace, and construction, experienced reduced demand due to economic uncertainties and decreased consumer spending. This led to lower demand for composites materials. The pandemic prompted a re-evaluation of supply chain resilience and the need for local sourcing, which may have implications for the GFRP composites market as companies consider reshoring or diversifying suppliers.

Latest Trends

"Increasing Demand in Automotive and Aerospace to Fuel Market Growth"

The use of Gf and Gfrp composites in the automotive and aerospace industries was on the rise. These materials help reduce weight, improve fuel efficiency, and enhance the overall performance of vehicles and aircraft. There was a growing emphasis on sustainability in the composites industry. Manufacturers were exploring ways to develop more eco-friendly composites by using recycled materials and reducing waste during production. Innovations in manufacturing processes, such as automated fiber placement and resin infusion, were improving the quality and cost-effectiveness of GF composites. These composites were being used more in infrastructure applications, including bridges, tunnels, and buildings. These materials offer durability and corrosion resistance. The wind energy sector continued to be a significant consumer of GF composites for wind turbine blades. As the renewable energy industry grew, so did the demand for these materials. The consumer goods industry saw the use of GFRP composites in products like sports equipment, outdoor gear, and consumer electronics due to their lightweight and durable properties.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into General-purpose Glass Fibers, Special-Purpose Glass Fibers, Thermoplastic Plastic Products, and Thermosetting Plastic Products.

• By Application Analysis

Based on application, the market can be divided into Building & Construction, Electronics, Transportation, Others.

Driving Factors

"Increasing Demand for Lightweight Materials to Drive Market Growth"

The automotive, aerospace, and construction industries have shown a growing interest in lightweight materials to improve fuel efficiency, reduce emissions, and enhance structural performance. GFRP composites are known for their lightweight properties, making them a preferred choice for various applications. The construction industry has been a significant driver of demand for GFRP composites. These materials are used in applications such as rebar, bridges, and building panels due to their corrosion resistance and durability. The wind energy sector has seen substantial growth in recent years, driving demand for large-scale wind turbine blades made from Gf and Gfrp composites. These materials offer the necessary strength and flexibility for such applications.

"Advancements in Manufacturing Technologies to Accelerate Market Demand"

Continuous advancements in manufacturing technologies have led to improved quality, reduced production costs, and increased production capacities for Gf and Gfrp composites. This has made these materials more accessible to a broader range of industries.  As sustainability becomes a more significant concern, GFRP composites are considered eco-friendly due to their recyclability and potential for reducing energy consumption in transportation and construction. Ongoing research and development efforts continue to create new opportunities for Gf composites by improving their properties, reducing production costs, and expanding their range of applications.  Turbine blades are often made from composite materials, including glass fibers. As the wind energy sector continues to expand, it drives demand for Gf and Gfrp composites market growth.

Restraining Factor

"High Initial Costs to Restrict Market Growth "

One of the primary restraints for Gf and Gfrp composites is the high initial cost of materials and manufacturing processes. Compared to traditional materials like steel or concrete, composites can be more expensive upfront. This cost can deter potential customers, especially in cost-sensitive industries. The industry lacks comprehensive and universally accepted standards for the design, manufacturing, and testing of these composites. This lack of standardization can lead to uncertainty and risk for potential users, slowing down adoption.

Regional Insights

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"North America Anticipated to Drive Market Expansion owing to the Presence of Key Players "

North America holds leading position in Gf and Gfrp composites market share. The region, particularly the USA, has been a significant market for glass fibers composites. The aerospace, automotive, and construction industries in this region have been driving demand for these materials. Additionally, the increasing focus on lightweight materials in various industries has boosted the adoption of GFRP composites, especially in automotive applications.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are Nippon Electric Glass,Taishan Fiberglass (Sinoma), Advanced Glassfiber Yarns, Jushi Group, Sumitomo Bakelite, Saint-Gobain Vetrotex, Hexion. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

List of Market Players Profiled

• Nippon Electric Glass (Japan )
• Taishan Fiberglass (Sinoma) (China)
• Advanced Glassfiber Yarns (U.S.)
• Jushi Group (China)
• Sumitomo Bakelite (Japan )
• Saint-Gobain Vetrotex (India)
• Hexion (U.S.)

Report Coverage

This report examines an understanding of the Gf and Gfrp composites market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.