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Glass Fiber Reinforced Plastics (GFRP) Composites Market Size to Grow USD 37.2 Billion at a CAGR of 6.5% | Valuates Reports
BANGALORE, India, Feb. 20, 2024 /PRNewswire/ — Glass Fiber Reinforced Plastics (GFRP) Composites Market Size, Share, Competitive Landscape and Trend Analysis Report by Resin Type (Polyester resin, Vinyl ester resin, Epoxy resin, Polyurethane resin, Others), by Process (Manual process, Continuous process, Compression molding, Injection molding), by End Use Industry (Aerospace and defense, Construction, Wind energy, Automotive, Electrical and electronics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Global Glass Fiber Reinforced Plastics (GFRP) Composites Market was valued at USD 19.8 Billion in 2022, and is projected to reach USD 37.2 Billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
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Major Factors Driving the Growth of GFRP Composites Market:
Numerous reasons, such as the need for lightweight and highly durable materials in sectors including aerospace, automotive, construction, and renewable energy, are driving the expansion of the GFRP composites market. GFRP composites are perfect for applications needing outstanding performance and lifespan because of their remarkable qualities, which include corrosion resistance, durability, and design flexibility. The market is also growing as a result of improvements in manufacturing technology, a greater emphasis on sustainability, and government programmes encouraging the use of eco-friendly products.
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TRENDS INFLUENCING THE GROWTH OF THE GFRP COMPOSITES MARKET:
GFRP composites are vital to the aerospace sector, as aircraft construction relies heavily on weight reduction, with every gramme saved translating into significant fuel savings. These materials are perfect for fuselages, wings, and interiors of airplanes because they have great strength-to-weight ratios, fatigue resistance, and design flexibility. In aerospace applications, GFRP composites are expected to enjoy continuous growth as manufacturers look for ways to reduce emissions, increase fuel efficiency, and improve performance. The growing need for lightweight materials in the automobile industry is a major driver of the rise of Glass Fibre Reinforced Plastic (GFRP) composites. GFRP composites are perfect for lowering vehicle weight and increasing fuel economy because they provide an alluring blend of strength and low weight.
GFRP composites are becoming more and more popular in the building industry because of their remarkable resilience to corrosion and adaptability. Building materials with better performance and longevity are becoming more and more in demand as infrastructure development projects and global urbanization rates increase. Due to its many advantages over conventional materials like steel and concrete, GFRP composites are seeing increased use in structural parts, facades, bridges, and pipelines. The need for GFRP composites is mostly driven by the renewable energy industry, especially in wind energy applications. The lightweight and high-strength characteristics of GFRP composites are especially advantageous for wind turbine blades, allowing for improved performance and efficiency.
The productivity and economy of GFRP composites have been greatly increased by technological developments in manufacturing, including automated layup procedures, resin infusion methods, and additive manufacturing. The market for GFRP composites has grown as a result of these developments, which have decreased production costs, shortened cycle times, and increased design options. This has opened up GFRP composites to a wider range of industries and applications. The need for materials with eco-friendly qualities is growing as worries about resource conservation and environmental sustainability grow. Because they are recyclable and need less energy to produce, GFRP composites fit in nicely with sustainability objectives in a variety of sectors. GFRP composites are becoming more and more popular as a sustainable substitute for conventional materials, thanks to the increasing preference of manufacturers and end users.
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MARKET SHARE ANALYSIS:
With a CAGR of 7.0%, vinyl ester resin is predicted to have the strongest growth. Vinyl ester resin’s remarkable mechanical strength, corrosion resistance, and adaptability are the reasons behind its rising demand. Vinyl ester resin is preferred in industries like construction, automotive, and marine due to its exceptional performance in challenging conditions. Its cost-effectiveness and ability to work with a variety of reinforcing elements also add to its popularity as a material for composite applications.
It is anticipated that the continuous process will have the highest CAGR, at 6.9%. Demand for continuous processes has grown as a result of their effectiveness, affordability, and low resource consumption. By reducing downtime, continuous production guarantees a steady output and constant quality. This approach has significant benefits for businesses like chemicals and pharmaceuticals that need to produce standardized products in large quantities.
The industry with the highest predicted CAGR, aerospace and defense, is 7.2%. Global security concerns, technical breakthroughs, and geopolitical conflicts all contribute to increased demand in the aerospace and defense business. Governments make significant investments in defense capabilities, which increases demand for state-of-the-art weapons, planes, and surveillance systems. The industry’s growth is also aided by the expanding commercial aviation sector, which is driven by the demand for freight transportation and an increase in air travel.
In 2022, Asia-Pacific accounted for the most proportion. The Asia-Pacific market for glass fiber reinforced polymers (GFRP) composites is expanding rapidly due to rising demand from the aerospace, automotive, and construction sectors. The popularity of GFRP is influenced by the region’s concentration on lightweight materials, technological breakthroughs, and economic expansion. Major firms are putting money into R&D, which is accelerating market growth.
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Key Players:
- Asahi Kasei Corporation
- PPG Industries Inc
- Nitto Boseki Co.
- Nippon Sheet Glass Co. Ltd.
- Owens Corning
- 3B – the fibreglass company
- Mitsubishi Chemical Group Corporation
- Celanese Corporation
- Johns Manville
- Sancom Composites LLP
- SGL Carbon
- alformet
- Röchling
- Amiblu Holding GmbH
- Chomarat Group
- Saint-Gobain Vetrotex
- Honeywell International Inc
- BASF SE
- Reliance Industries Ltd.
- Advanced Composites, Inc.
- Braj Binani Group
- BGF Industries Inc
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– External Thermal Insulation Composite Systems Market
– Glass Fiber Reinforced Plastic (GFRP) Composite Material market was valued at USD 27580 Million in 2022 and is anticipated to reach USD 37420 Million by 2029, witnessing a CAGR of 4.4% during the forecast period 2023-2029.
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– GF and GFRP Composites Market revenue was US$ 38590 million in 2022 and is forecast to a readjusted size of US$ 50260 million by 2029 with a CAGR of 3.8% during the forecast period (2023-2029).
– Fiber-Reinforced Plastic Composites market size is expected to reach US$ 141430 million by 2029, growing at a CAGR of 3.8% from 2023 to 2029.
– Glass Fiber Thermoplastic market was valued at US$ 5621 million in 2023 and is anticipated to reach US$ 11630 million by 2030, witnessing a CAGR of 10.8% during the forecast period 2024-2030.
– Fiber Reinforced Polymer Composite Rebar (FRP Rebar) market size is expected to reach US$ 669.7 million by 2029, growing at a CAGR of 4.6% from 2023 to 2029.
– Functional Composites market size is expected to reach US$ 65940 million by 2029, growing at a CAGR of 6.6% from 2023 to 2029.
– FRP & GRP & GRE Pipe market size is expected to reach US$ 2888.6 million by 2029, growing at a CAGR of 2.3% from 2023 to 2029.
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– Composite Material market size is expected to reach US$ 1084.4 million by 2029, growing at a CAGR of 2.6% from 2023 to 2029.
– Glass Fiber Reinforced Polymer (GFRP) Composite Rebar Market
– Construction Repair Composite Market
– High Temperature Resistant Composite Resin Market
– Composite Rebar Market revenue was US$ 491 million in 2022 and is forecast to a readjusted size of US$ 921.6 million by 2029 with a CAGR of 9.3% during the forecast period (2023-2029).
– Fiber Reinforced Polymer (FRP) Composite Market
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– E Glass Fiber Roving market size is expected to reach US$ 8037.8 million by 2029, growing at a CAGR of 4.9% from 2023 to 2029.
– GFRG (Glass Fiber Reinforced Gypsum) market size is expected to reach US$ 1042.2 million by 2029, growing at a CAGR of 3.1% from 2023 to 2029.
– Glass Fiber Yarn market was valued at US$ 1100.5 million in 2023 and is anticipated to reach US$ 1531 million by 2030, witnessing a CAGR of 4.9% during the forecast period 2024-2030.
– Glass Fiber Composites Market
– Non-Woven Glass Fiber Prepreg market size is expected to reach US$ 844.7 million by 2029, growing at a CAGR of 7.1% from 2023 to 2029.
– Long Glass Fiber Reinforced Polypropylene market was valued at US$ 2072.9 million in 2023 and is anticipated to reach US$ 3551.6 million by 2030, witnessing a CAGR of 7.9% during the forecast period 2024-2030.
– Non-Woven Prepreg market size is expected to reach US$ 613.8 million by 2029, growing at a CAGR of 4.2% from 2023 to 2029.
– Glass Fiber Nonwoven Market revenue was US$ 1279 million in 2022 and is forecast to a readjusted size of US$ 1643.1 million by 2029 with a CAGR of 3.6% during the forecast period (2023-2029).
– Fiberglass market is projected to reach US$ 11250 million in 2029, increasing from US$ 8292.5 million in 2022, with a CAGR of 4.4% during the period of 2023 to 2029.
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– Glass Fiber Sizing Agent Market
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PASAY CITY, Philippines, Dec. 26, 2024 /PRNewswire/ — The SM Group is approaching the coming year with cautious optimism, encouraged by the continued growth of the Philippine economy.
SM Investments President and Chief Executive Officer Frederic C. DyBuncio said that despite ongoing challenges of peso volatility and higher inflation, the business sector has adapted well.
Consistent demand sustained household spending in the third quarter, with Household Final Consumption Expenditure posting a year-on-year growth of 5.1%, maintaining the same level in the same quarter last year, data from the Philippine Statistics Authority showed.
“Any moderation in inflation should trigger a strong confidence rebound. This could create opportunities in consumer-focused sectors in the country and we are poised to cater to these evolving demands,” Mr. DyBuncio said.
To cater to growing demand, SM continues to expand into more underserved areas, contributing to sustainable economic development and collaborating with government stakeholders to enhance access to modern retail, financial services, and integrated property developments.
“By investing and expanding to more areas nationwide, SM creates new markets and improves access to these essential sectors, serving more communities and helping stimulate sustained economic activities,” he said.
Mr. DyBuncio also said SM continues to invest in promising ventures such as renewable energy and logistics, that foster economic activity.
SM has invested in the clean energy industry through Philippine Geothermal Production Company (PGPC) which produces 300 Megawatts of geothermal steam supply. SM aims to continue to develop geothermal concessions through PGPC in support of the Department of Energy’s goal of reaching 50% renewable energy supply by 2040.
To encourage circularity towards green energy production, SM’s property arm, SM Prime Holdings partnered with GUUN Co. Ltd. (GUUN) to implement the Japanese technique of reducing landfill impact. The technology converts non-recyclable and hard-to-recycle packaging into alternative fuel.
SM’s banking arm, BDO Unibank is one of the largest funders of renewable energy projects. BDO has funded PHP898 billion in sustainable finance, including loans to 59 renewable energy projects as of December 2023.
In logistics and tourism, the improvement of transport networks across the country’s archipelago connects tourist and industrial areas that will help create inclusive growth. SM though its subsidiary 2GO launched MV Masigla and MV Masikap in 2024 to help better connect goods to 19 ports across the country including Iloilo, Bacolod, Cagayan de Oro and Manila, further supporting the government’s push for medium term growth through an upgraded tourism infrastructure and ecosystem.
“Our focus for 2025 will be to drive purposeful growth, empowering communities and partners through our investments towards a sustainable future,” Mr. DyBuncio said.
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TAIPEI, Dec. 26, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading security solution provider, has once again demonstrated its outstanding commitment to sustainability. Participating for the first time in the 17th Taiwan Corporate Sustainability Awards (TCSA), VIVOTEK emerged victorious, earning the Sustainability Report Award for the Information, Communication, and Broadcasting Industry and the Taiwan Corporate Sustainability Excellence Award. These recognitions showcase VIVOTEK’s remarkable success in corporate governance, environmental protection, and social responsibility, affirming its dedication to sustainable growth.
Pioneering Sustainability with Dual Recognition
“For over seven years, VIVOTEK has independently published sustainability reports, actively driving and disclosing our internal sustainability initiatives.” said Allen Hsieh, VIVOTEK’s Spokesperson and Director of the Global Marketing Division. “These awards not only recognize our integrity and efforts in presenting operational performance, environmental data, and social impact but also serve as a strong motivation for us to continue advancing on the path of sustainable development.”
Driving Sustainability through AI Innovation
VIVOTEK delivers advanced AI-powered security solutions built on cutting-edge AI and edge computing technologies. Beyond innovation, the company drives green initiatives, reduces its carbon footprint, and fosters a sustainable, supportive workplace.
Committed to social responsibility, VIVOTEK leads the security industry’s sustainability efforts through its ‘Safety Map’ initiative. For four years, employees have formed security teams to enhance safety in neighborhoods, care centers, and schools with on-site assessments and improvement plans.
In 2024, VIVOTEK will expand its efforts to Hualien’s Dacheng Village, where it will help improve local safety environments and support cultural preservation and tourism revitalization. These actions reflect its dedication to sustainability, community well-being, and lasting societal contributions.
Security Sustainability as a Foundation for Social Impact
VIVOTEK proudly received two prestigious honors at the Taiwan Corporate Sustainability Awards, highlighting its dedication to sustainable practices. These accolades inspire the company to deepen its internal efforts and mark the start of an exciting new chapter.
Building on this achievement, VIVOTEK aims to strengthen its mission of becoming the world’s most trusted smart security brand. By aligning with global market needs and fostering collaboration with customers, partners, and employees, VIVOTEK is committed to shaping a sustainable future founded on mutual trust and shared success.
To learn more about VIVOTEK’s sustainability initiatives, please refer to the 2023 Sustainability Report.
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Fintech PR
2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters” Successfully Concluded
GUIYANG, China, Dec. 26, 2024 /PRNewswire/ — To fully implement the spirit of “carrying forward China’s cultural heritage” and “promoting the creative transformation and innovative development of fine traditional Chinese culture”, the 2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters”, organized by the Publicity Department of the CPC Guiyang Municipal Committee and hosted by www.huanqiu.com, has successfully concluded on Dec.16. The contest drew thousands of teenagers from both China and abroad, who used cultural empowerment and innovative designs of Chinese characters to narrate and promote Guiyang.
At the “Colorful Guizhou • Literary Plateau” Farming and Reading Event, 59 outstanding works from 26 countries, along with 21 representative pieces from various countries and regions, were showcased. According to the organizing committee of the Global Youth Design Contest on Chinese Characters, “This exhibition serves as both a lasting commemoration of the event and a report to all those who care about the inheritance and promotion of Guiyang and Chinese culture.”
In their submissions, the teenagers selected Chinese characters or phrases they believed best represented Guiyang and reimagined them through innovative designs. Outstanding designs incorporated Guiyang’s iconic architecture and cultural landmarks into Chinese characters to present the city’s urban landscape and historical culture. Some works spotlighted Guiyang’s distinctive cuisine, offering a glimpse into the vibrant and diverse local culinary culture. Some other designs drew inspiration from martial arts villages in Guizhou and featured dragon motifs to symbolize the depth and vitality of Guizhou culture.
Saison from Tajikistan was among the participants in this year’s Global Youth Design Contest on Chinese Characters. Speaking about his design of the Chinese characters, he shared that his design sought to merge the beauty of Chinese characters with the charm of Guiyang. “Guiyang is a captivating place, known for its beautiful scenery, delicious food, and diverse ethnic minorities. I tried to incorporate the beauty of Guiyang into my Chinese character design, hoping to convey the city’s charm and the wonders of Chinese characters through my work.”
The contest officially opened for submissions on September 30. In an effort to boost public engagement and participation, a “cheerleading campaign” was organized for shortlisted works from November 22 to 29. Following expert reviews, 80 outstanding works were ultimately selected for public exhibition.
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