PUNE, India, January 17, 2018 /PRNewswire/ --
The report "GFRP Composites Market by End-Use Industry (Transportation, Electrical & Electronics), Resin Type (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Compression & Injection Molding, RTM/VARTM, Layup,) and Region - Global Forecast to 2022" published by MarketsandMarkets™, the Glass Fiber Reinforced Plastics composites market is projected to grow from USD 43.93 Billion in 2017 to USD 59.87 Billion by 2022, at a CAGR of 6.4% between 2017 and 2022.
Browse 91 market data Tables and 32 Figures spread through 160 Pages and in-depth TOC on "GFRP Composites Market"
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The demand for GFRP composites is increasing, owing to their properties such as high strength, excellent creep, oxidation, corrosion resistance, and low density. The GFRP Composites Market is driven by the increasing use of GFRP in the transportation, wind energy, pipes & tanks, construction & infrastructure, and other end-use industries.
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Based on raisin type, the polyester segment is expected to lead the GFRP Composites Market, in terms of value and volume, during the forecast period.
Based on raisin type, the polyester segment led the GFRP Composites Market in 2016, owing to its use in the construction, pipe & tanks, and electronics applications. These resins are excellent for water treatment and are used in various applications such as chemical treatment plants and non-corrosive at a lower cost as compared to other resins.
Transportation is the largest end-use industry segment of the GFRP Composites Market, in terms of value.
In terms of value, the transportation end-use industry segment accounted for the largest share of the GFRP Composites Market in 2016. Owing to their lightweight, GFRP composites are used as substitutes of aluminum and steel in the transportation industry. GFRP composites are lighter than traditional metals by 15-20% and therefore, the weight of a vehicle can be reduced by 60% with the use of GFRP components. This increases the fuel efficiency of the vehicle and reduces its carbon footprint. In addition, stringent regulations such as CAFE and UNEP in North America and Europe have been laid down to reduce greenhouse gas emissions through the use of lightweight and fuel-efficient materials in structural components of vehicles. This has encouraged the transportation industry in North America and Europe to adopt GFRP composites.
Asia Pacific accounted for a major share of the GFRP Composites Market in 2016.
The Asia Pacific region accounted for the largest share of the global GFRP Composites Market in 2016, owing to its high demand from the wind energy, electrical & electronics, and construction end-use industries in the region, accompanied by regulatory norms mandating the use of eco-friendly materials. The growth of the wind energy industry in the region has increased the demand for lightweight GFRP composites. The greater focus by India and China on the production of electricity through renewable resources and the increasing wind installations in China, Japan, India, and other emerging countries are expected to drive the GFRP Composites Market in the region. The construction sector is also driving the GFRP Composites Market, especially in China and Japan.
Some of the key players in the GFRP Composites Market are Owen Corning (US), Jushi Group (China), Nippon Sheet Glass (Japan), PPG Industries (US), Saint Gobain (France), and others. These players have adopted various organic and inorganic developmental strategies in the past 5 years to maintain their position in the global GFRP Composites Market.
Based on manufacturing process, the compression & injection molding segment accounted for the largest share of the GFRP Composites Market in 2016.
Based on manufacturing process, the compression & injection molding segment accounted for the largest share of the global GFRP Composites Market, in terms of value, in 2016. This growth can be attributed to high compatibility of the injection molding manufacturing process in various industries such as transportation and electrical & electronics.
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