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The Asia Pacific and North America Regions are the largest Producers and Consumers of the GFRP Composites Market Through the Forecast Period, Says MarketsandMarkets™

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The Asia Pacific and North America Regions are the largest Producers and Consumers of the GFRP Composites Market Through the Forecast Period, Says MarketsandMarkets™

The Glass Fiber Reinforced Plastics (GFRP) composites comprise glass fibers reinforced with various thermoset or thermoplastic resins. Owing to their lightweight, high strength, flexible design solutions, and high durability, these composites are being preferred in various end-use industries such as aerospace & defense, transportation, pipes & tanks, electricals & electronics, construction & infrastructure, marine, and others. The GFRP composites market is projected to grow from USD 43.93 billion in 2017 to USD 82.10 billion by 2027, at a CAGR of 6.4% between 2017 and 2027.

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. The need for low cost, automated manufacturing process to produce complex and customized parts in automotive, aerospace, and wind energy end-use industry are driving the use of additive manufacturing (3D Printing) in the GFRP composites. 

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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.

Key companies offering GFRP composites have adopted the strategy of investments & expansions to strengthen their position in the GFRP composites market. Leading companies adopted this strategy to increase their distribution channels, strengthen their presence in developed and emerging countries, and meet the growing customer demand. Companies also adopted the strategies of partnerships, and joint ventures & agreements to expand their product reach globally and gain a competitive edge in the market. Companies have also adopted new product launches and agreements to increase their product portfolios and gain access to new and potential markets. The GFRP composites market witnessed mergers of established companies with small companies to enhance distribution networks and diversify product portfolios. Leading companies are acquiring small composite manufacturing companies in emerging regions to expand their global reach.


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Major manufacturers of GFRP composites profiled in this report are Owens Corning (US), Jushi Group (China), CPIC (China), PPG Industries (US), Taishan Fiberglass (China), etc. These companies have adopted various organic and inorganic growth strategies such as agreements & partnerships, investments & expansions, acquisitions, and new product developments to expand their global presence and increase their penetration into the global GFRP composites market.

Owens Corning (US) is one of the key manufacturers of GFRP composites that offers SMC/BMC Rovings, Panel Roving, Roving for Chopping, rovings for filament winding, chopped strand mat, high-performance glass fibers, Cem-FIL alkali-resistant glass fibers, etc. The company has increased investments, year-on-year, in R&D to develop new products, new production capabilities, and processes. As part of its growth strategy, the company is focused on the expansion of its capacities to cater to the increasing demand for GFRP composites.

The Jushi Group (China) is a global manufacturer of glass fiber products. The company is one of the major fiberglass manufacturers in China and serves the aerospace & defense, transportation, construction & infrastructure, chemicals, electrical & electronics, infrastructure, marine, and wind energy industries. The company is conducting research studies for the development of new products for different applications and is providing highest quality products. The company continues to invest in its facilities and in research & development to maintain a leading position in the global GFRP composites market.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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