GFRP Composites Market Trends
Growth Drivers
- Expansion of the Automotive Industry – GFRP composites are being widely used in the automotive industry to reduce weight and improve the fuel efficiency of new vehicles. With the shift towards electric vehicle and the growing demand for automotive lightweight vehicles, the demand for GFRP composites in the automotive industry is projected to grow. It is found that globally, more than 55 million cars were sold in 2021, an increase of about 4% compared to the year 2020.
- Growing Sports Equipment Industry – The sports equipment industry is predicted to garner a revenue of nearly USD 90 billion by 2026. GFRP composites are widely used in the sports equipment industry, particularly for the manufacture of golf clubs, tennis rackets, and bicycles. With the growing popularity of these sports and the increasing demand for high-performance equipment, the demand for GFRP composites in sports equipment is expected to grow.
- Increasing Demand from Several End-Use Industries – GFRP composites are used in several industries, including aerospace, automotive, construction, marine, and others. As it is a modern engineering material with a highly versatile nature, its demand in applications, such as constructing bridges and water treatment plants, manufacturing water tanks, windmill blades, aircraft parts, spacecraft parts, automobile parts, cooling tower bodies, washing machine bodies, roofing sheets are expanding exponentially.
Challenges
- Concern About Pollution in Manufacturing – the emerging regulations of EPA regarding GFRP composites manufacturing owing to their contribution to air pollution is predicted to hamper the market growth in the near future.
- Dearth of Expert Professional
- High Cost of Implementation
Glass Fiber Reinforced Plastic (GFRP) Composites Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.8% |
|
Base Year Market Size (2024) |
USD 5.6 billion |
|
Forecast Year Market Size (2037) |
USD 11.65 billion |
|
Regional Scope |
|
