GFRP Composites Market worth 60.33 Billion USD by 2021

Tuesday 22 November 2016, Amsterdam

The report, now available on ASDReports, "GFRP Composites Market by Resin Type (Polyester, Vinyl Ester, Polyurethane), Process (Manual Process, Compression Molding, Continuous Process, Injection Molding), Application (Wind Energy, Transportation, Marine, Pipe & Tanks) - Global Forecast to 2021", is projected to reach USD 60.33 Billion by 2021, registering a CAGR of 6.47%, between 2016 and 2021.The GFRP composites market is driven by the increasing number of wind energy installations and the penetration of GFRP composites in various end-user industries. With the increasing demand for wind energy, the demand for GFRP is also growing for the manufacture of wind energy blades, as these materials are economical and provide high performance. The rapid growth in the wind energy market, wind turbine blade manufacture, and the emergence of China and other Asian countries as major wind energy producers, are boosting the consumption of GFRP composites and driving the GFRP composites market.

Polyester resins comprise a major share in the GFRP composites market, in terms of value and volume
Polyester resins have the highest market share in the GFRP composites market owing to their use in the construction, pipe & tanks and electronics applications. These resins are excellent for water treatment, chemical treatment plants, and non-corrosive applications at lower cost as compared to the use of other resins.

Wind energy is the largest application segment of the GFRP composites market, in terms of value
GFRP composites find high usage in the wind energy industry, as GFRP composites are widely used in the development of large-scale wind turbines, since they offer several advantages over traditional materials such as being lightweight, have high tensile strength, corrosion resistance, better surface finish and easy processing. GFRP composites are also finding applications in corrugated solar heating elements, bathroom fixtures, translucent architectural paneling and industrial building sky lights and swimming pool fences.

Asia-pacific accounts for a major share in the GFRP composites market
The Asia-Pacific region accounts for the largest share in the global GFRP composites market owing to the high demand from the wind energy, electrical & electronics, and construction applications in this region, accompanied by regulatory norms requiring the use of eco-friendly materials. The growth of the wind energy industry in this region has increased the demand for the production of lightweight GFRP composites. The greater focus by India and China in the production of electricity through renewable resources and the increasing wind installations in China, Japan, India and other emerging countries is expected to drive the GFRP composites market in the region. The construction sector too drives the GFRP composites market, especially, in China and Japan.

Some of the key global players of the GFRP composites market are Owen Corning (U.S), Jushi Group (China), Nippon Sheet Glass Co. Ltd. (Japan), PPG Industries Inc. (U.S), Saint Gobain S.A. (France), and others. These players have adopted various organic and inorganic developmental strategies during the past five years to maintain their positions in the global GFRP composites market.