GFRP Industry Worldwide Growing

Glass-Fiber Reinforced Plastics Industry Worldwide Growing

Glass-Fiber Reinforced Plastics Industry Worldwide Growing, also drives fiberglass material to grow. According to the new report from BCC Research, the global market for glass fiber reinforced plastics will grow from $31.4 billion in 2014 to nearly $44.4 billion by 2019 at a compound annual growth rate (CAGR) of 7.1% between 2014 and 2019.

BCC Research reveals in its new report on glass-fiber reinforced plastics (GFRP) that even though this material faces challenges from increasing raw material and energy prices in addition to threats from alternatives, the market continues to grow with rising demand from North America, Asia-Pacific, and other developing regions.

The GFRP market finds its major applications in construction and infrastructure, automotive, wind blades, aerospace and defense, pipes and tanks, and other sectors. Among all the applications, construction and infrastructure, aerospace and defense, and automotive industries accounted for about 67% of the global market for GFRP in 2013. BCC Research projects that the global market for GFRP will increase from $31.4 billion in 2014 to nearly $44.4 billion in 2019 at a five-year compound annual growth rate (CAGR) of 7.1% from 2014-2019.

Glass fibers are reinforced with a polymer matrix to produce GFRP that has a higher strength-to-weight ratio than traditional metals such as steel and aluminum. This can offer enhancements such as scratch resistance, corrosion resistance, insulation properties, low susceptibility to moisture, and high mechanical properties for the material. In addition, GFRPs reduce energy consumption in the aerospace and defense and automotive sectors due to their low weight and they contribute to the reduction of CO2 emissions from automobiles.

The global economic recovery and increasing construction and infrastructure activities, rising personal income, expanding vehicle sales, developing demand for renewable sources of energy such as wind energy, and the revival of the aerospace and defense industry are driving the market for GFRPs.

The rapidly growing emerging economies, which are mainly China and India in terms of both economy and population, have significantly expanded the demand for GFRP over the past five years. In addition, with more start-up and small companies in the Asia-Pacific region, the outsourcing of GFRP production is increasing with new manufacturing facilities being built.

The application of GFRP is shifting toward comforts. This, in turn, drives the technological developments of GFRPs to ensure that products meet global standards.

About Sichuan Sincere & Long-term Complex Material Co., Ltd.

Sichuan Sincere & Long-term Complex Material Co., Ltd. is the only one factory and subsidiary specialized in E-glass chopped strand mat and E-glass Woven Roving manufacturing in Sichuan Weibo New Material Group Co., Ltd. The fiberglass products are more price competitive and quality assured compared with many supplier in China. The website: www.zccyfiberglass.com. Inquiry please contact: fred@chinaweibo.com.cn.