Glass Fiber Reinforced Plastic (Gfrp) Market to grow at a CAGR of 3.3% during 2024-2028
The Glass Fiber Reinforced Plastic (Gfrp) Market is expected to grow at a CAGR of 3.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5787.1 million. In the realm of advanced materials, the Glass Fiber Reinforced Plastics (GFRP) market is witnessing significant interest in the adoption of biodegradable plastics derived from bio-based sources. While transparent bioplastics are under development, their high production costs and inferior physical properties currently hinder their widespread market penetration. However, the production of bulk bioplastics resins from renewable sources is a promising development. The demand for eco-friendly, biodegradable GFRP is escalating, particularly in applications such as food and beverage packaging. Clear, biodegradable plastics that can be disposed of directly are expected to drive future market growth. Despite the longer biodegradation duration of bioplastics, new materials like algae-based bio-plastics present lucrative opportunities for the industry during the forecast period.
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Technavio analysts predict that the Construction subsegment will lead the Application segment during 2024 and 2028 In the realm of construction and associated applications, Glass Fiber Reinforced Plastic (GFRP) emerges as a preferred choice due to its numerous benefits. This versatile material finds extensive usage in mesh fabrics, drywall tapes, wall coverings, and roof panels. GFRP's waterproof property makes it an ideal selection for exterior covering, safeguarding building structures from water damage and enhancing structural integrity. Furthermore, its sleek and aesthetic appeal adds value to buildings, while augmenting wall strength. Additionally, GFRP's insulation properties contribute to improved heat retention within buildings, thereby reducing energy consumption and associated costs.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increased use of glass fiber reinforced plastic (gfrp) in construction industry
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The Glass Fiber Reinforced Plastic (GFRP) market is experiencing significant growth in various industries, including vehicle manufacturing, transportation, automation, aerospace and defense, marine, construction and infrastructure, and renewable energy. GFRP's lightweight property makes it an ideal choice for reducing manual handling injuries and transportation costs in the automobile sector. In the transportation sector, GFRP is used in rotor blade technology for wind energy, providing a durable and lightweight solution. However, the production of GFRP involves hazardous chemicals such as epoxy, vinyl ester, polyester, and thermoplastic resins like polyurethane. Proper handling and disposal of these chemicals are essential to ensure safety. The recycling process of GFRP is a challenge due to the complex nature of the material. Molding technologies like compression, injection, and vacuum infusion are used to manufacture GFRP products. In the marine industry, GFRP is used extensively in pipes and tanks due to its corrosion resistance. In the electrical and electronics industry, GFRP is used for insulation and protective coating. The GFRP market is expected to grow significantly in the coming years due to its lightweight property, durability, and versatility. The market is segmented into resin type, application, and end-use industry. The major resin types used in GFRP production are epoxy, vinyl ester, polyester, and polyurethane. The major end-use industries are automobile, aerospace and defense, marine, construction and infrastructure, and renewable energy.
The global specialty chemicals industry encompasses businesses specializing in high-value-add chemicals used in the production of various products, including fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio's market analysis, the market's size is determined by the consolidated revenue generated by manufacturers focusing on high-value-added chemicals. Factors fueling the expansion of the specialty chemicals market include the increasing preference for specialty adhesives and sealants, driven by the growing demand for these products across diverse industries.
The Glass Fiber Reinforced Plastic (Gfrp) Market is experiencing significant growth, fueled by the increased use of glass fiber reinforced plastic (gfrp) in construction industry. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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