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