Global Glass Fiber Reinforced Polymer Market - Segmented by Resin Type, by Process, by End-user Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global glass fiber reinforced polymer market is expected to register a moderate growth during the forecast period, 2018 to 2023. Asia-pacific has been dominating the market for global glass fiber reinforced polymer, followed by North America and Europe in 2017.
Growing Construction Demand in the Middle East and Africa Region
The construction sector in the Middle East and North Africa (MENA) region is one of the fastest growing globally. The UAE and Qatar are expected to remain bright spots for the construction industry throughout 2018 as they are pressing ahead with projects before of the Expo 2020 and FIFA World Cup 2022, respectively. The UAE’s building and infrastructure contract value has increased from USD 36,453 million in 2016 to USD 36,984 million in 2017. Glass fiber reinforced polymer (GFRP) is widely used in construction industry for non-structural elements, such as facade, panels, piping, and channels. With the growth of the construction sector in the region, the demand for glass fiber reinforced polymer is expected to grow during the forecast period.
Increasing Demand for Polyester Resin
Polyester resins have the highest market share for GFRP market in 2017, owing to their use in the construction, pipes & tanks and electronics applications. Properties, such as chemical and mechanical resistance, UV resistance, high filling capacity, good removal, and shrinkage resistance are boosting the demand for polyester globally. In automotive industry, GFRP is primarily used to reduce weight. The growth of the automotive industry in countries, such as China, United States, Japan, Germany are boosting the demand for polyester resin over the forecast period.
Asia-Pacific to Dominate the Market
Asia-pacific has been dominating the market for global glass fiber reinforced polymer in 2017. The growth of GFRP in the region is mainly driven by the countries, such as China, Japan, India, and South Korea. The growing automotive industry in these countries is driving the demand for GFRP. The total production of vehicles of China increased from 28,118,794 units in 2016 to 29,015,434 units in 2017. Hence, the increased emphasis on automotive sector along with the growth of other end-users across the region is expected to augment the growth of the global glass fiber reinforced polymer market during the forecast period.
Major Players: Jushi Group Corporation, Owens Corning, Chongqing Polycomp International Corporation, PPG Industries Inc., Johns Manville Corporation, amongst others.
Key Developments in the Market
May 2018: Owens Corning had announced that it signed an agreement to acquire Pittsburgh Corning, the world’s leading producer of cellular glass insulation systems for commercial and industrial markets
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