Global Glass Fiber Reinforced Plastic (GFRP) Market Insights, Opportunity Analysis, Market Shares and Forecast, 2017 -2023
The global glass fiber reinforced plastic market is growing with a CAGR of 6.61% during forecast period 2016-2023. The growth in the glass fiber reinforced plastics market is mainly added by adoption across various end user industries such as automotive, transportation, construction, marine etc., increasing wind energy installations. The adoption across end user industries is mainly driven by superior mechanical properties. The growing wind energy installation is one of the major factors boosting the growth in the global GFRP market. According to global wind energy council in 2015, around 432680 mw of wind energy had been installed which has increased to 486749 mw of wind energy in 2016. thus, the rising demand for glass fiber reinforced plastics from wind energy is boosting the growth in the global market. Asia is having the largest wind energy installation across the globe that is around 175970 mw in 2015 which increased to 203643 mw in 2016 as per global wind energy council.
The global glass fiber reinforced plastic (GFRP) market is classified on the basis of application and resin type. According to application, the market is further segmented into transportation, marine, wind energy, automotive, construction and other applications. According to resin type, the market is further classified into polyurethane, polyester and vinyl ester. Polyester held largest market revenue share in 2015 owing to its use in the electronics, construction and pipe & tanks applications. Such resins are useful for non-corrosive, water treatment and chemical treatment plant applications at lower cost as compared to the other resins use.
The major players included in the report are BASF SE, DuPont, Owens Corning, Asahi Glass, Mitsubishi, Mitsui & Co, Chongqing Polycomp International Corporation, Johns Manville Corporation, Nippon Sheet Glass Co. Ltd. Saint-Gobain S.A, Taishan Fiberglass Inc., PPG Industries Inc., AGY Holdings Corp, Asahi Fiber Glass Co., Ltd. etc. These companies used various strategies such as mergers & acquisition, product launches etc. to expand market share and gain competitive advantage.
Geographically, Asia Pacific is the largest market for glass fiber reinforced plastics (GRPF) market. Growing infrastructure development as well as growing construction industry in developing countries such as India and China is anticipated to fuel the demand for the market in Asia Pacific during forecast period. The growing demand for wind energy installation in India is adding growth prospects in the Asia Pacific market. In India, wind energy capacity has expressively increased in the last few years and as of 31 Aug 2016, the installed capacity of wind power in India was 27,676.55 MW, primarily spread across the South, West and North regions. As of March 31, 2016, the installed capacity of wind power in India was 26,769.05 MW, mainly spread across Andhra Pradesh (746.20 MW), Maharashtra (4,100.40 MW), Rajasthan (2,784.90 MW), Tamil Nadu (7,269.50 MW), Karnataka (2,318.20 MW), Gujarat (3,454.30 MW), and Madhya Pradesh (423.40 MW). Wind power registered for 14% of India's total installed power capacity. India has set determined target to generate 60,000 MW of electricity from wind power by 2022. Thus, the growing wind energy installation in the India is boosting the growth in the Asia Pacific GRPF market.
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