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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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– Glass Fiber Reinforced Polymer (GFRP) Composite Rebar Market
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– 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.
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– 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.
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– 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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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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