GFRP Composites Market Share

APAC Market Forecast

The GFRP composites market in Asia Pacific industry is likely to hold largest revenue share of 35% by 2037. The regional growth can majorly be accredited to the increasing consumption of FRP composites in several industries such as wind energy, construction, and electronics.

Moreover, China's high manufacturing output and industrialization are expected to provide ample growth opportunities for the region's market in the coming years. China dominates the wind power industry and remains the largest land industry with 21.2 GW of new capacity.

North American Market Statistics

The North America GFRP composites market is estimated to be the second largest, registering a share of about 24% by the end of 2037, owing to the increasing urbanization in the region together with the rise in housing projects. For instance, about 20 million apartments will be built in the area over the next ten years.

The growth of the US commercial construction sector and the augmenting demand for fiberglass in the construction sector owing to its excellent thermal insulation properties, durability, and fire resistance is projected to increase the demand for glass fiber reinforced plastic (GFRP) composites in the region, propelling the growth of the regional market in the near future.