Global Glass Fiber Reinforced Plastic Composite Market Overview
Glass Fiber Reinforced Plastic Composite Market Size was estimated at 13.34 (USD Billion) in 2022. The Glass Fiber Reinforced Plastic Composite Industry is expected to grow from 14.1(USD Billion) in 2023 to 23.2 (USD Billion) by 2032. The Glass Fiber Reinforced Plastic Composite Market CAGR (growth rate) is expected to be around 5.69% during the forecast period (2024 - 2032).
Key Glass Fiber Reinforced Plastic Composite Market Trends Highlighted
The firm is experiencing a notable expansion in its Glass Fiber Reinforced Plastic Composite market, which is driven by the rise in demand from different end-use industries. The main drivers of the market are their lightweight properties and high strength and durability which make them attractive to be used in the automotive aerospace construction sectors. To meet the growing demand for sustainable materials that are durable, composites offer better performance and efficiencies.
Sustainable trends have recently shifted towards eco-friendly composite solutions. On this account, there has been a rising demand for bio-based and recycled materials used in composite manufacture due to environmental concerns and regulatory initiatives. Furthermore, the growing focus on lighter-weight vehicles with increased fuel efficiency has spurred the application of composites in the automotive industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Glass Fiber Reinforced Plastic Composite Market Drivers
Increasing Demand for Lightweight and Durable Materials in Automotive and Aerospace Industries
Ways to make vehicles and planes lighter and improve fuel efficiency are constantly sought after by the automotive and aerospace industries. Glass fiber reinforced plastic composites have exceptional lightweight, strength, and durability that make them suitable for several uses, including structural components, body panels, and interior components. Over the next few years, this will trigger significant expansion of the worldwide glass fiber reinforced plastics market as the market faces rising requirements in lightweight and durable materials.
In the car manufacturing industry, glass fiber reinforced plastic composites are increasingly used in making exterior components like body panels as well as bumpers. Compared to other conventional materials such as steel and aluminum, these materials offer many benefits including being lighter, better fuel efficiency as well as increased durability. Besides, they can be molded into intricate shapes without losing their corrosion-resistant quality.
For example, in the aerospace industry, glass fiber reinforced plastic composites are used to produce numerous structural parts like wings, fuselages or tailfins. Compared with carbon fibers and metals, these materials have many advantages, such as reduced mass, enhanced strength, and improved long life. Moreover, glass fiber reinforced plastic composites are resistant to corrosion while at the same time easily molded so that they can be applied for diverse applications in air space.
Growing Adoption of Composites in Wind Energy Applications
The wind energy industry is another major driver of growth in the glass fiber-reinforced plastic composite market. Glass fiber-reinforced plastic composites are used in the production of wind turbine blades, which are lightweight and durable and can withstand the harsh conditions of the wind environment. The growing adoption of composites in wind energy applications is expected to drive significant growth in the glass fiber reinforced plastic composite market over the coming years. Wind turbine blades are typically made from a combination of glass fiber reinforced plastic and carbon fiber reinforced plastic. Glass fiber reinforced plastic is used in the construction of the blade's spar, which is the main structural element of the blade.
Glass Fiber Reinforced Plastic Composite Market Segment Insights
Glass Fiber Reinforced Plastic Composite Market Reinforcement Type Insights
The Glass Fiber Reinforced Plastic Composite Market is segmented by Reinforcement Type into Glass Fibers, Carbon Fibers, Aramid Fibers, Ceramic Fibers, and Natural Fibers. Among these segments, Glass Fibers held the largest market share of 75% in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the high strength-to-weight ratio, low cost, and ease of processing of glass fibers. Carbon Fibers are expected to witness the highest CAGR of 6.5% during the forecast period.The increasing demand for lightweight and high-performance materials in industries such as aerospace, automotive, and sports goods is driving the growth of this segment. Carbon Fibers offer exceptional strength, stiffness, and thermal stability, making them ideal for applications where weight reduction and durability are critical. Aramid Fibers are also gaining traction in the market due to their high strength, modulus, and resistance to chemicals and abrasion. These fibers are widely used in the production of bulletproof vests, protective clothing, and sporting goods.The growing demand for personal protective equipment and lightweight materials is expected to drive the growth of the Aramid Fibers segment. Ceramic Fibers are used in high-temperature applications, such as furnace insulation, kiln linings, and aerospace components. The excellent thermal stability and resistance to chemical corrosion make these fibers suitable for use in harsh environments. The Ceramic Fibers segment is expected to grow at a steady pace due to the increasing demand for energy-efficient materials and high-temperature applications.Natural Fibers, such as flax, hemp, and jute, are gaining popularity as environmentally friendly alternatives to synthetic fibers. These fibers offer advantages such as biodegradability, low cost, and reduced environmental impact. The growing awareness of sustainability and the demand for eco-friendly materials are expected to drive the growth of the Natural Fibers segment in the coming years. Overall, the Glass Fiber Reinforced Plastic Composite Market is witnessing significant growth driven by the increasing demand for lightweight, high-performance materials in various industries.The segmentation by Reinforcement Type provides insights into the specific applications and growth prospects of different types of fibers in the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Glass Fiber Reinforced Plastic Composite Market Product Type Insights
Laminates, sheets, rods, tubes, and pultruded products are the main product categories in the Glass Fiber Reinforced Plastic Composite Market. Laminates held the largest market share in 2023, accounting for over 40% of the total market revenue. The demand for laminates is driven by their high strength, lightweight, and corrosion resistance, making them ideal for various applications in the automotive, aerospace, and construction industries. Sheets, with a market share of around 25%, are also witnessing significant growth due to their versatility and ease of fabrication.Rods and tubes, which together account for approximately 20% of the market, are primarily used in structural applications and fluid handling systems. Pultruded products, with a market share of around 15%, offer unique properties such as high strength-to-weight ratio and excellent electrical insulation, making them suitable for electrical and infrastructure applications. The market for all these product types is expected to continue growing steadily in the coming years, driven by factors such as increasing demand from emerging economies, technological advancements, and the need for lightweight and durable materials in various industries.
Glass Fiber Reinforced Plastic Composite Market End-Use Industry Insights
The Glass Fiber Reinforced Plastic Composite Market is segmented based on end-use industry into Aerospace Defense, Automotive Transportation, Construction, Electrical Electronics, and Wind Energy. Among these, the Automotive Transportation segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for lightweight and fuel-efficient vehicles, particularly in the electric vehicle market. The Aerospace Defense segment is expected to witness the fastest growth over the forecast period due to the growing demand for high-strength and lightweight materials for aircraft and defense applications.The Construction segment is also anticipated to exhibit significant growth owing to the increasing adoption of Glass Fiber Reinforced Plastic Composites in building and infrastructure projects. The Electrical Electronics segment is projected to grow at a steady pace, driven by the demand for high-performance materials in electronic devices and components. The Wind Energy segment is expected to experience stable growth over the forecast period due to the increasing adoption of renewable energy sources.
Glass Fiber Reinforced Plastic Composite Market Application Insights
The Glass Fiber Reinforced Plastic Composite Market is segmented by Application into Structural Components, Exterior Body Panels, Interior Components, Electrical Insulation, and Pipe Linings. The Structural Components segment held the largest market share in 2023, accounting for over 30% of the market revenue. The Exterior Body Panels segment is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for lightweight and durable materials in the automotive industry. The Interior Components segment is also expected to grow at a significant rate, driven by the rising demand for glass fiber reinforced plastic composites in the aerospace and construction industries.The Electrical Insulation segment is expected to account for a significant share of the market revenue by 2032 due to the increasing demand for electrical insulation materials in various industries. The Pipe Linings segment is expected to grow at a steady rate during the forecast period, owing to the increasing demand for corrosion-resistant materials in the oil and gas industry.
Glass Fiber Reinforced Plastic Composite Market Regional Insights
The Glass Fiber Reinforced Plastic Composite Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. This is primarily attributed to the presence of a large number of automotive and aerospace manufacturers in the region, which are major consumers of glass fiber reinforced plastic composites. Europe is expected to be the second-largest market for glass fiber reinforced plastic composites, followed by APAC.The APAC region is expected to witness significant growth in the coming years, owing to the increasing demand for glass fiber reinforced plastic composites in the automotive, construction, and wind energy industries. South America and MEA are expected to be the smallest markets for glass fiber reinforced plastic composites but are expected to grow at a steady pace over the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Glass Fiber Reinforced Plastic Composite Market Key Players And Competitive Insights
Major players in the Glass Fiber Reinforced Plastic Composite Market industry are focusing on expanding their presence and increasing their market share. Leading Glass Fiber Reinforced Plastic Composite Market players are investing in research and development to develop new products and technologies. Glass Fiber Reinforced Plastic Composite Market development is driven by the growing demand for lightweight and durable materials in various industries. The competitive landscape of the Glass Fiber Reinforced Plastic Composite Market is fragmented, with a number of and regional players. Some of the key players in the Glass Fiber Reinforced Plastic Composite Market include Owens Corning, PPG Industries, Saint-Gobain, Jushi Group, and China Jushi.Owens Corning is a leader in the manufacture of fiberglass composites and other building materials. The company has a strong presence in the Glass Fiber Reinforced Plastic Composite Market, with a wide range of products for various applications. PPG Industries is another major player in the Glass Fiber Reinforced Plastic Composite Market. The company offers a comprehensive portfolio of glass fiber products, including reinforcements, mats, and fabrics. PPG Industries has a strong presence, with manufacturing facilities in North America, Europe, and Asia. Saint-Gobain is a French multinational corporation that is a major player in the Glass Fiber Reinforced Plastic Composite Market. The company offers a wide range of glass fiber products, including reinforcements, mats, and fabrics. Saint-Gobain has a strong presence, with manufacturing facilities in North America, Europe, and Asia. Jushi Group is a Chinese conglomerate that is a major player in the Glass Fiber Reinforced Plastic Composite Market. The company offers a wide range of glass fiber products, including reinforcements, mats, and fabrics. Jushi Group has a strong presence in China, with manufacturing facilities in several provinces. China Jushi is a Chinese company that is a major player in the Glass Fiber Reinforced Plastic Composite Market. The company offers a wide range of glass fiber products, including reinforcements, mats, and fabrics. China Jushi has a strong presence in China, with manufacturing facilities in several provinces.Asahi Kasei is a Japanese multinational corporation that is a major player in the Glass Fiber Reinforced Plastic Composite Market. The company offers a wide range of glass fiber products, including reinforcements, mats, and fabrics. Asahi Kasei has a strong presence, with manufacturing facilities in North America, Europe, and Asia. Hexcel Corporation is an American company that is a major player in the Glass Fiber Reinforced Plastic Composite Market. The company offers a wide range of glass fiber products, including reinforcements, mats, and fabrics. Hexcel Corporation has a strong presence, with manufacturing facilities in North America, Europe, and Asia. Toray Industries is a Japanese multinational corporation that is a major player in the Glass Fiber Reinforced Plastic Composite Market. The company offers a wide range of glass fiber products, including reinforcements, mats, and fabrics. Toray Industries has a strong presence, with manufacturing facilities in North America, Europe, and Asia.
Key Companies in the Glass Fiber Reinforced Plastic Composite Market Include
- Ashland
- Toray Industries
- Eastman Chemical
- SGL Carbon
- Owens Corning
- BASF
- PPG Industries
- Mitsubishi Chemical Holdings
- SABIC
- DuPont
- LyondellBasell
- Hexcel
- Solvay
- 3M
- Celanese
Glass Fiber Reinforced Plastic Composite Market Industry Developments
The glass fiber reinforced plastic composite market is projected to reach USD 23.2 billion by 2032, exhibiting a CAGR of 5.69% during the forecast period (2024-2032). Increasing demand from the automotive, construction, and wind energy industries is driving market growth.Recent news developments include investments in RD for lightweight and durable composites, strategic partnerships to expand market reach, and the growing adoption of sustainable materials. Key players are focusing on expanding their production capacity and developing innovative products to meet evolving customer needs.
Glass Fiber Reinforced Plastic Composite Market Segmentation Insights
Glass Fiber Reinforced Plastic Composite Market Reinforcement Type Outlook
- Glass Fibers
- Carbon Fibers
- Aramid Fibers
- Ceramic Fibers
- Natural Fibers
Glass Fiber Reinforced Plastic Composite Market Product Type Outlook
- Laminates
- Sheets
- Rods
- Tubes
- Pultruded Products
Glass Fiber Reinforced Plastic Composite Market End-Use Industry Outlook
- Aerospace Defense
- Automotive Transportation
- Construction
- Electrical Electronics
- Wind Energy
Glass Fiber Reinforced Plastic Composite Market Application Outlook
- Structural Components
- Exterior Body Panels
- Interior Components
- Electrical Insulation
- Pipe Linings
Glass Fiber Reinforced Plastic Composite Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.34 (USD Billion) |
| Market Size 2023 |
14.1 (USD Billion) |
| Market Size 2032 |
23.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.69% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Ashland, Toray Industries, Eastman Chemical, SGL Carbon, Owens Corning, BASF, PPG Industries, Mitsubishi Chemical Holdings, SABIC, DuPont, LyondellBasell, Hexcel, Solvay, 3M, Celanese |
| Segments Covered |
Reinforcement Type, Product Type, End-Use Industry, Application, Regional |
| Key Market Opportunities |
Growing demand for lightweight materials in the automotive and aerospace industries Increasing use in infrastructure and construction applications Expansion in wind energy and renewable energy sectors Rising focus on sustainability and reducing carbon footprint Technological advancements in manufacturing techniques |
| Key Market Dynamics |
1 Rising demand for lightweight materials in automotive and aerospace2 Growing use in construction for durability and corrosion resistance3 Increasing adoption of renewable energy applications like wind turbines4 Environmental focus driving demand for sustainable composites5 Technological advancements in manufacturing processes and materials |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Glass Fiber Reinforced Plastic Composite market is projected to reach an overall valuation of 14.1 billion USD in 2023.
The Glass Fiber Reinforced Plastic Composite market is anticipated to exhibit a CAGR of 5.69% during the forecast period of 2024-2032.
The Glass Fiber Reinforced Plastic Composite market is segmented into various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific currently holds the largest market share and is projected to continue its dominance throughout the forecast period.
Glass Fiber Reinforced Plastic Composites find extensive applications across various industries, including automotive, construction, aerospace, marine, and electronics, among others.
Key competitors in the Glass Fiber Reinforced Plastic Composite market include Owens Corning, Compagnie de Saint-Gobain, PPG Industries, and AGY Holding Corp., among others.
The Glass Fiber Reinforced Plastic Composite market is driven by factors such as the increasing demand for lightweight materials, growing infrastructure development, and the rising adoption of composite materials in various industries.
The Glass Fiber Reinforced Plastic Composite market faces certain challenges, including fluctuating raw material prices, stringent environmental regulations, and intense competition from other composite materials.
Key trends in the Glass Fiber Reinforced Plastic Composite market include the development of sustainable and eco-friendly composites, the integration of advanced technologies such as nanotechnology, and the growing demand for customized solutions.
The COVID-19 pandemic had a moderate impact on the Glass Fiber Reinforced Plastic Composite market, leading to temporary disruptions in supply chains and manufacturing. However, the market is expected to recover and regain its growth trajectory in the post-pandemic period.
The Glass Fiber Reinforced Plastic Composite market is projected to reach an overall valuation of 23.2 billion USD by 2032, witnessing a steady growth over the forecast period.
