A composite material made of glass fibers embedded in a polymer matrix is referred to as glass fiber reinforced polymer, or GFRP. The mechanical characteristics of the polymer matrix are improved by the reinforcement provided by the glass fibers. GFRP is renowned for its exceptional resistance to corrosion and fatigue, as well as its high strength and lightweight design. It is widely used in many different sectors where weight reduction, strength, and durability are important considerations. Glass fibers combined with a polymer matrix are used to create Glass Fiber Reinforced Polymer (GFRP), a composite material. Because of its remarkable mechanical qualities and lightweight design, it finds extensive use across several sectors.
Global Glass Fiber Reinforced Polymer Market Driving Factors and Challenges
GFRP is a lightweight, very durable material with an exceptional strength-to-weight ratio, which makes it the perfect choice for reducing weight in a variety of applications. In sectors like automobile and aircraft, where fuel efficiency and enhanced performance are critical, this component is especially important. Corrosion Resistance: Glass fiber reinforced polymer (GFRP) is a very desirable material for applications involving hostile environments or anticipated chemical exposure due to its exceptional corrosion resistance. This feature guarantees a longer service life and lower maintenance expenses. Renewable Energy Sector: The demand for lightweight and corrosion-resistant materials for wind turbine blades, along with the rise of the wind energy sector, is driving the growth of the GFRP market.
High Production Costs, the manufacture of GFRP necessitates specialized equipment and sophisticated manufacturing procedures, which might result in high production costs. This issue makes it difficult for businesses, particularly small and medium-sized ones, to enter the market. Limited Recycling Options: Because of the composite's natural characteristics, GFRP materials are challenging to recycle. The absence of effective recycling techniques limits the long-term application of GFRP and raises environmental issues. Strong alternative items may make it more difficult for a market to expand. The need for glass fiber-reinforced polymers may decrease with the introduction of carbon fiber-reinforced polymers, which have the advantages of being lightweight, low-density, and highly conductive.
Impact of COVID-19 on Global Glass Fiber Reinforced Polymer Market
It is projected that the COVID-19 pandemic will have a short-term effect on the worldwide market for fiber reinforced polymers' overall growth. The anticipated decline in demand for fiber-reinforced polymers across several industries can be attributed to trade and regulatory restrictions, as well as limitations on cross-border transportation. However, the medical industry has become a bigger consumer of fiber reinforced polymers, which is expected to drive up the material's market value. Nonetheless, the market will benefit from the post-COVID-19 environment since new advancements will occur over the projected timeframe.
Global Glass Fiber Reinforced Polymer Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Advanced Composites Inc., BASF SE, BGF Industries Inc., Braj Binani Group, Celanese Corporation, China Beihai Fiberglass Co. Ltd., China Jushi Co. Ltd., Johns Manville, Nippon Electric Glass Co. Ltd., Ownes Corning.
Global Glass Fiber Reinforced Polymer Market Segmentation:
By Resin Type: Based on the Resin Type, Global Glass Fiber Reinforced Polymer Market is segmented as; Polyester, Vinyl Ester, Epoxy, Polyurethane, Other Resin (PEEK Resin, Phenolic Resin)
By Process: Based on the Process, Global Glass Fiber Reinforced Polymer Market is segmented as; Manual Process, Compression Moulding (Sheet Moulding Compound Process, Glass Mat Thermoplastic Process), Continuous Process, Injection Moulding.
By End User Industry: Based on the End User Industry, Global Glass Fiber Reinforced Polymer Market is segmented as; Energy, Automotive, Marine, Construction and Infrastructure, Electrical and Electronics, Aerospace and Defense, Healthcare Consumer Goods.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.