GFRP Composites Market Size

Glass Fiber Reinforced Plastic (GFRP) Composites Market size was valued at USD 5.29 Billion in 2023 and is likely to reach USD 10.88 Billion by 2036, expanding at around 5.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of glass fiber reinforced plastic composites is assessed at USD 5.58 Billion.. The market is expanding on the basis of the growing demand for GRP from various end-use industries such as electrical and electronic equipment, and transportation, since glass fiber has higher tensile strength and is lighter than metal, and is expected to spread as a substitute for metal.

The global expansion of the construction sector, as well as the increasing demand for GFRP rebar as a substitute for conventional steel rebar, are the major factors influencing market growth over the forecast period. The global construction industry is expected to reach a value of nearly USD 15 trillion by the year 2025.

The construction industry is one of the largest consumers of GFRP composites, particularly for reinforcing concrete structures, and with the growth in the number o infrastructure projects and sustainable building solutions, the demand for GFRP composites in construction is expected to increase significantly.