Rising consumer preferences towards renewable energy are surging the demand for glass fiber reinforced plastic (GFRP) composites.
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The glass fiber reinforced plastic (GFRP) composites market is estimated to capture an impressive valuation of US$ 18.54 billion in 2023, and is growing to US$ 41.53 billion by 2033. The market is projected at a CAGR of 8.4% during the forecast period.
Growing demand for high durability, flexibility, and premium quality products is increasing the adoption of glass fiber reinforced plastic (GFRP) composites. In addition, increasing electronic, automobile, and construction industries are surging the demand for glass fiber reinforced plastic (GFRP) composites. For example, automobile manufacturers are developing light weighted devices and equipment to reduce the consumption of fuels.
Increasing preferences for renewable energy and rising environmental concerns boost the market growth. The adoption of GFRP composites pipes in the oil, chemical, and marine industries to transfer the liquid and boost the strength propels market opportunities. Moreover, innovations of low-weighted vehicles, such as electric cars and SUVs, are further advancing the market expansion during the forecast period.
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Growing molding technology, advanced products, and piping activities bolster market opportunities. The government initiatives, the rising number of investors, and present key vendors are flourishing the market opportunities. Significantly growing wind energy in China is increasing the adoption of glass fiber reinforced plastic (GFRP) composites.
The United States Dominates the Global Market
The United States is leading the global market by securing a maximum share during the forecast period. The increasing urbanization, automobiles, and construction activities are flourishing in the United States market. The growing demand for superior and high-quality equipment is increasing the demand for glass fiber reinforced plastic (GFRP) composites.
Rising standards of living, government support, and huge investments are propelling the market in the country. Innovative product launches and adopting marketing strategies are the other factors that bolster the market size. In addition, the manufacturers are adopting last-long materials with advanced molding technologies to expand the market size in the United States.
Key Takeaways:
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Who is winning?
The prominent players are launching their innovative products as per end-users' requirements. Apart from it, they are investing a huge amount in research and development activities to produce innovative and easy-to-use equipment with the latest technology. The players are setting their goals by adopting better technology, apart from traditional and complicated methods.
The key vendors built several marketing tactics to enhance the market position in the international market. Their marketing strategies are collaborations, mergers, product launches, partnerships, and acquisitions.
Other Essential Players Working in the Market are:
Recent Developments in the Glass Fiber Reinforced Plastic (GFRP) Composites Market:
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Glass Fiber Reinforced Plastic (GFRP) Composites Market Segmentation by Category
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Feb 15, 2024
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