Glass Reinforced Plastic Market - Forecast(2024 - 2030)
Glass Reinforced Plastic Market Overview
Glass reinforced
plastic market size is forecast to reach US$14.2 billion by 2027, after growing at
a CAGR of 6.3% during 2022-2027. Globally, the increasing need for glass
reinforced plastic in the building and construction, electrical and
electronics, and other end-use industry owing to its durable, light weight, and
corrosion resistant properties, has driven the growth of the market over the
forecast period. Additionally, growing demand from the aerospace industry and rising
preference for fuel-efficient and light-weight cars are the primary drivers
driving the glass reinforced plastic market. Also, the incling preference for thermosetting
polymers resin’s such as polyester resin and epoxy resin in the exterior and
interior wall panels, slabs, exterior façade, beams, storage tanks, and others,
will drive the growth of the glass reinforced plastic industry in the projected
timeframe.
COVID – 19 Impact:
The Covid-19
pandemic situation negatively impacted the growth of the glass reinforced plastic
industry in the year 2020. The import and export of construction materials were
hampered due to the pandemic in various regions. Halt in several ongoing
construction activities declined the demand for glass reinforced plastic products
which dipped the development of the market. For instance, as per the Journal
published by the Institute of Physics Organization, the COVID-19 outbreak
caused a US$ 5 billion loss in the Australian construction sector. During the
lockdown, the gathering of raw materials and the delivery of the finished
product were all at stake. The unanticipated outrages disrupted demand quickly,
and supply chain dynamics were severely affected.
Report Coverage
The report " Glass Reinforced Plastic Market Report – Forecast (2022-2027)" by
IndustryARC covers an in-depth analysis of the following segments of the glass
reinforced plastic industry.
By Type: Epoxy, Polyester,
Vinyl ester, Polyurethane, and Others
By Method: Moulding Method (Resin
Transfer Moulding, Compression Moulding, and Others), Pultrusion Method, Layup,
and Others
By Application: Pipes and Tanks, Wind
Power Turbines, Storage Containers, Roofs,
Floor Gratings, Steps and Stairs, Switch Actuators, Fuse Tubes, Seating, Kick
Plates, and Others
By End-Use Industry: Building and
Construction (Residential Buildings, Commercial Buildings, Industrial Buildings,
and Infrastructure), Transportation (Automotive, Aerospace & Defence, Marine,
and Others), Electrical and Electronics, Oil and Gas, Mining, Water and Wastewater,
and Others
By Geography: North America (USA,
Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands,
Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South
Korea, Australia and New Zealand, Taiwan, Indonesia, Malaysia, and Rest of Asia
Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South
America), and RoW (Middle East and Africa)
Key Takeaways
- The Asia-Pacific region dominated the glass reinforced plastic market due to the rising growth of the building and construction, and transportation industry. For instance, in 2021, the Central Sanctioning and Monitoring Committee (CSMC) sanctioned the construction of 1,68,606 new housings in urban areas under the Pradhan Mantri Awas Yojana.
- The rising demand for glass reinforced plastic in the pipeline construction for usage in the sewer systems and potable water lines to storage tanks, drainage pipes, hydropower penstocks, industrial pipe systems, as well as rehabilitation solutions with special non-circular pipe profiles, are expected to be the primary driving forces behind the growth of the market.
- In the foreseeable future, the growing demand for highly effective thermal and electromagnetic insulator, which is electronically transparent and are not affected by electromagnetic fields or radio wave frequencies is estimated to raise the demand for glass reinforced plastic products.
Figure: Glass Reinforced Plastic Market Revenue, 2021-2027 (US$ Billion)
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Glass Reinforced Plastic Market Segment Analysis – By Type
Polyester held
the largest share with 24% in the glass reinforced plastic market in 2021 and are
expected to continue their dominance over the period 2022-2027. Polyester
resins are the most often used thermosets due to their qualities such as low
shrinkage, high strength, effective electrical insulation, excellent adherence
to numerous substrates, chemical and solvent resistance, low toxicity, and low
cost. In recent years, the rising acquisition by several firms to incline the
production of glass reinforced plastic or fiberglass reinforced plastic has driven
the growth of the market. For instance, in September 2019, the acquisition of
Ashland Global Holdings Inc's whole composites business by INEOS Enterprises was
completed. INEOS Composites took over Ashland's Composites Business, and estimate
to continue offer a wide range of gelcoats and corrosion-resistant fibreglass
reinforced plastics (FRP). As a result of the aforementioned factors, glass
reinforced plastic products are expected to increase at the fastest rate
throughout the projection period.
Glass Reinforced Plastic Market Segment Analysis – By End-Use Industry
The building and
construction sector dominated the glass reinforced plastic market in 2021 and
is projected to grow at a CAGR of 6.8% during 2022-2027. Glass-reinforced
plastic (GRP) or fiberglass is a highly adaptable construction material that
has the strength of metal while also having insulating capabilities similar to
wood. Unlike concrete, it is much lighter, easier to work with, and can even
survive for a longer period of time without the need for maintenance. Thus, due
to which it is often used in the building and construction sector. Rising
demand for glass reinforced plastic with increasing construction activities
will drive the market growth in the forecast period. For instance, Under the
'Housing for All by 2022' project, the Indian government has chosen to grant
interest subsidies of 3% and 4% for loans of up to 9 lakh (US$ 12.3 ten
thousand) and 12 lakh (US$ 16.36 ten thousand) respectively. Furthermore,
according to the Australian Bureau of Statistics, the value of non-residential
buildings (US$4,110.8) increased by 27.5% in March 2021, reaching its highest
level in four months.
Glass Reinforced Plastic Market Segment Analysis – By Geography
Asia-Pacific region dominated the glass reinforced plastic market with a share of 39.4% in 2021. The glass reinforced plastic is particularly attractive in various end-use sector applications due to their high strength, low maintenance, lightweight, and superior physical properties. The market in the region is witnessing expansion with growing government initiatives for the growth of construction, transportation, electrical and electronics, and other end-use industries in emerging economies such as China, India, and Japan. For instance, according to the report published by the India Cellular and Electronics Association (ICEA), the electronics manufacturing in India is estimated to quadruple to US$ 300 billion by 2026. Also, according to the Construction Association of Korea (CAK) In 2020, the total value of private construction orders was US$ 120.3 billion, a 20.4% increase over 2019. The overall construction orders from the private residential sector amounted US$ 70.3 billion, representing a 46.5% gain in 2020 over 2019. Thus, the rising growth of construction activities is expected to boost the demand for glass reinforced plastic in the region over the forecast period.
Glass Reinforced Plastic Market Drivers
Increasing Adoption of Glass Reinforced Plastic in the Transportation Sector will Drive the Growth of the Market
One of the most
significant property of glass reinforced plastic (GRP) is lightweight. GRP
is 75% lighter than steel equivalents, lowering transportation costs and
eliminating the need for heavy lifting equipment. Also, with the use of glass reinforced plastic the risk of manual handling injuries is reduced
because it may be easily cut and manipulated on-site. Glass reinforced plastic raw materials provide
a higher strength-to-weight ratio resulting in increased mileage and lower fuel
costs. As a result, rising vehicle production is likely to boost the demand for
glass reinforcement materials in the transportation industry. For instance, The
Chinese government expects to produce 35 million autos by 2025, according to
the International Trade Administration (ITA). Similarly, according to the
International Trade and Industry Ministry of Malaysia, the predicted
contribution, is consistent with its projections of total production volume of
1.47 million automobiles and overall industry volume of 1.22 million vehicles
by 2030 as per the Malaysian government 2020 automotive policy. The increasing demand
for lightweight vehicles in the aerospace & defence, marine, and other
transportation sector is also estimated to drive demand for glass reinforced plastic. Currently, rising investments in the aerospace &
defence, and marine sector has driven the growth of the industry. For
illustration, The Ministry of Ports, Shipping and Waterways
highlighted 400 projects with a total investment potential of Rs. 2.25 lakh
crore (US$ 31 billion) in the Maritime India Summit 2021 according to India
Brand Equity Foundation. Also, as per Invest India, more than 574 projects
worth Rs. 6 lakh crore (US$ 82 billion) have been scheduled for implementation
as part of the Sagarmala project between 2015 and 2035. Furthermore, Also, as
per the Boeing 2020 Commercial Market Outlook (CMO), over the next 20 years
i.e. 2039, Boeing estimates that China's airlines will buy 8,600 new planes
worth US$1.4 trillion and commercial aviation services worth US$1.7 trillion,
6.3% higher than Boeing’s previous prediction of 8,090 planes last year.
Glass Reinforced Plastic Market Challenges
Rising Health Effects
When glass reinforced plastic or fibreglass is trimmed, chopped, cut, sanded, or sawed, dust is created. Skin contact, breathing the dust, or eating the particles can all result in exposure to the fibres included in the dust. This frequently happens when a person is dealing with fibreglass indoors. The health effects of fibreglass exposure vary depending on the fibre size and type of exposure. Larger fibres often irritate the skin, eyes, and upper respiratory tract. Other potential health consequences include causing a rash when the fibres become buried in the skin's outer layer. Also, after being exposed to fibreglass, the eyes may get red and inflamed. When fibres are consumed, they might induce nasal and throat irritation. Fiberglass can aggravate asthma and bronchitis. As a result, these difficulties are inhibiting total market expansion.
Glass Reinforced Plastic Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Global glass reinforced plastic top 10 companies include:
1. B-Fiberglass
2. Jushi Group
3. PPG Fiberglass
4. Taishan Fiberglass
5. Chongqing Polycomp International Corp (CPIC)
6. Saint-Gobain Vetrotex
7. Owens Corning
8. National Composites
9. Warminster Fiberglass, LLC
10. Asahi Glass
11. Nippon Electric Glass Co., Ltd.
12. BASF SE and others.
Recent Developments
- In August 2020, National Composites, a multi-plant OEM supplier of custom fiber-reinforced plastic (FRP) and thermoformed products, announced the completion of its purchase with Sunrise Fiberglass. This is the company's third acquisition to date.
- In January 2021, Warminster Fiberglass, LLC, based in Decatur, Ala., announced the acquisition of Warminster Fiberglass, based in Southampton, Pa., with offices and activities in Jacksonville, Texas and Southampton, Pa.
Relevant Reports:
Carbon
Fiber Reinforced Plastic Market - Forecast(2022 - 2027)
Report Code: CMR
0055
Fiber
Reinforced Plastic (FRP) Market - Forecast(2022 - 2027)
Report Code: CMR
1386
Indian
Carbon Fiber Reinforced Plastic Market - Forecast(2022 - 2027)
Report Code: CMR 1331
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LIST OF TABLES
LIST OF FIGURES
1.US Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)2.Canada Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
3.Mexico Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
4.Brazil Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
5.Argentina Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
6.Peru Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
7.Colombia Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
8.Chile Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
9.Rest of South America Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
10.UK Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
11.Germany Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
12.France Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
13.Italy Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
14.Spain Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
15.Rest of Europe Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
16.China Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
17.India Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
18.Japan Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
19.South Korea Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
20.South Africa Glass Reinforced Plastic Market Revenue, 2023-2030 ($M)
21.North America Glass Reinforced Plastic By Application
22.South America Glass Reinforced Plastic By Application
23.Europe Glass Reinforced Plastic By Application
24.APAC Glass Reinforced Plastic By Application
25.MENA Glass Reinforced Plastic By Application
26.Competition Landscape, Sales /Revenue, 2015-2018 ($Mn/$Bn)