Glass Reinforced Plastic Market Set to Reach US$69.0 Billion by 2031 | Reports Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research Inc.:, Nov. 25, 2024 (GLOBE NEWSWIRE) — The global glass reinforced plastic (GRP) market (ガラス強化プラスチック市場)was valued at US$ 45.3 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2031. By the end of 2031, the market is expected to reach US$ 69.0 billion, driven by the growing demand for high-performance, cost-effective materials across multiple industries. GRP is increasingly being used due to its lightweight nature, enhanced strength, and resistance to corrosion, making it ideal for a wide range of applications.
GRP’s widespread adoption in industries like automotive, construction, and electronics is largely attributed to the continuous innovation in composite materials, manufacturing processes, and the growing shift toward sustainable solutions. The increasing use of GRP in producing energy-efficient and lightweight components is also a major driver of GRP market growth.
Request a Sample PDF of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=40205
Key Market Drivers: Versatility and Durability Across End-Use Industries
- One of the primary drivers for the growth of the glass reinforced plastic market is the increasing demand for durable and versatile materials that can meet the stringent requirements of modern industries. In the automotive industry (自動車産業), GRP is increasingly being used for vehicle parts and components due to its strength-to-weight ratio, helping reduce overall vehicle weight and improve fuel efficiency.
- In the construction sector, GRP is widely used for making corrosion-resistant building materials, pipes, tanks, and roofing systems. The growth of infrastructure projects and the increasing need for durable materials are expected to bolster demand for GRP in this sector.
- Additionally, in electronics, GRP is being employed to manufacture lightweight, heat-resistant casings and enclosures for electronic devices, further contributing to its growing popularity.
Technological Advancements in Manufacturing Processes
The glass reinforced plastic market has seen continuous advancements in manufacturing technologies. Key processes such as SMC/BMC (Sheet Molding Compound / Bulk Molding Compound), resin transfer molding, and continuous processing have made the production of GRP components more efficient and cost-effective, enabling widespread use in diverse applications.
Moreover, innovations in material formulations, such as the development of bio-based resins and recyclable composites, are positioning GRP as a more sustainable alternative to traditional materials, further boosting its demand.
Get Personalized Insights for your Business with our Custom research services: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=40205
Sustainability and Recycling Trends in the GRP Market
As environmental concerns grow, the GRP industry is focusing on sustainability. Companies are increasingly integrating recyclable materials and eco-friendly resins into their products, meeting the demand for greener and more sustainable solutions. The recycling of GRP products, particularly in industries like construction and automotive, is also gaining momentum as part of broader circular economy efforts.
Notable Industry Developments and Innovations
- Several key players in the glass reinforced plastic market have been actively pursuing strategic initiatives, including mergers and acquisitions, to strengthen their market position. For example, Owens Corning, a leading player in the GRP market, has been expanding its capabilities in composite materials for construction and automotive sectors through product innovation and strategic acquisitions.
- Similarly, PPG Industries has been focusing on the development of advanced coatings for GRP materials, which enhances their durability and performance, especially in high-demand environments.
- Furthermore, Jushi Group, a leading manufacturer of fiberglass, is pushing forward with technological innovations to produce high-performance glass fibers that are crucial in the production of GRP materials.
Glass Reinforced Plastic Market Segmentation
The market can be segmented based on composite material type, manufacturing process, end-use application, and geographic region:
- Composite Material Type:
- Glass Fiber
- Polyester
- Vinyl
- Epoxy
- Manufacturing Process:
- SMC/BMC
- Open Mold
- Resin Transfer Molding
- Continuous Processing
- Others
- End-use:
- Automotive
- Construction
- Electronics
- Sports
- Others
- Regions Covered:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Trends Shaping the Glass Reinforced Plastic Market
- Advanced Materials and Formulations: Continuous advancements in resin technologies, such as the introduction of bio-based resins and carbon fiber composites, are enhancing the mechanical properties of GRP materials, making them suitable for even more demanding applications.
- Sustainability: Manufacturers are increasingly focusing on developing sustainable GRP products by utilizing recyclable materials, minimizing waste, and reducing energy consumption in the production process.
- Automotive and Aerospace Demand: The automotive industry is a significant contributor to the GRP market, driven by demand for lightweight and high-strength materials that improve fuel efficiency and vehicle performance. The aerospace sector is also showing growing interest in GRP for producing lightweight structural components.
Buy This Premium Research Report Now and Get Tailored Insights! https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=40205
Looking Ahead: Market Outlook
The GRP market is poised for sustained growth over the coming decade, driven by demand across key end-use industries such as automotive, construction, and electronics. Innovations in material science, coupled with increasing emphasis on sustainability and energy efficiency, will continue to drive the market forward. Companies that innovate and focus on enhancing the performance and sustainability of their products will be well-positioned to capture market share in the evolving GRP landscape.
Explore More In-Depth Insights from the Chemicals and Materials Industry with These Trending Reports by Transparency Market Research:
- Recombinant Chemicals Market (Marché des produits chimiques recombinants): Estimated to grow at a CAGR of 7.8% from 2024 to 2034 and reach US$ 6.7 Bn by the end of 2034
- Bioactive Films Market (バイオアクティブフィルム市場): estimated to grow at a CAGR of 7.6% from 2024 to 2034 and reach US$ 6.9 Bn by the end of 2034
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Leave a Reply