GFRP has come out as a better alternative of carbon fiber and other materials due to its cost-effective properties. This material is lightweight, highly stiff, a good insulator and offers excellent chemical resistance. Its extensive usage is expanding the market, and the global GFRP market is expected to grow at a fair rate of above 06 % on an annual basis. GFRP is used in automotive, constructions, wind energy, defence and other industries. GFRP has become a substitute for wood and steel in water-based transportation such as yachts and ships.
GFRP is a combination of plastic and fiberglass which is toughened using epoxide, polyester and other materials. Transportation and constructions are the primary drivers of this market. Usage of GFRP in the automotive industry has helped in reducing the overall weight and as a result, increasing the fuel economy and decreasing the carbon emission. Construction of complicated parts for several industries with low costs and easy methods have also contributed to the Global GFRP Market.
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Apart from all the features and usability, the Global GFRP Industry is still getting friction from factors like price deflections, availability of raw materials and the presence of alternatives like carbon fiber. Companies are now setting up their research and development facilities to get optimum results and to win the race of introducing new products in the market.
Segments of the Glass Fiber Reinforced Plastics (GFRP) Global Market:
The Global GFRP Market is categorized into two parts:
Material based: Polyester, epoxide, polyamide and other reinforcing materials are used for making GFRP.
End Users: Wind energy, defence, automotive, water transportation, constructions and others are the major end-users of this market.
Recent Industry News:
GFRP is a fast-growing market and is facing humungous success in all the fields, which has resulted in creating competition within the market. The key market players with a substantial financial base are now moving towards setting their research & development facilities to capture the market and come out as best. The European region will be the fastest-growing market, and The Asia Pacific and the American regions are the major markets of the current era.
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The Global GFRP Market is observed based on four main markets, namely Europe, Asia Pacific, America and The Middle East & Africa.
In the projected period, the European region will emerge our as the fastest growing market due to increasing demand produced by the marine industry, increased investments towards research & development and a significant rise in disposable incomes.
The Asia Pacific and the American region are the major market shareholders together. Both markets are showing rapid growth and competition to each other due to increasing industrialization, rising demands, urge for new technologies and economic growths. Large scale investments are coming to these markets for innovating new products and look for more potential in the market. The growing demand for automotive solutions will propel the Asia Pacific market to new levels.
The Middle East and African regions will also give a positive response and contribute to the market share as the market is unfolding its potentials.
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