A new report published by Transparency Market Research (TMR) on glass reinforced plastic states that the global market is expected to witness stable growth over the course of the forecast period. The market research report presents a comprehensive analysis on the global market and also presents a trajectory pertaining to the growth of the market in terms of present, future, and historical analysis. The study further dwells on aspects such as drivers, inhibitors, and opportunities and discusses trends that are prevailing in the market. The report also highlights information on the companies operating in the market and presents forwards data such as product portfolio, company profile, competitive strategies, mergers, and acquisitions, along with other facts.
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Numerous fine glass filaments together form glass fiber. There are two core types of it composite and insulated. It is mostly made of silica which with other materials is produced by melting, forming, and a staple process. Each glass fiber is fine with small diameter and they are thus woven to form a certain flexible fabric. The process is repeated so that several layers are formed and are thus kept to dry. The end material is known as glass reinforced plastic.
The global glass reinforced plastic market is expected to witness a CAGR of 4.5% as per volume from 2017 to 2026. The market is projected to rise to a volume of approximately 14,699 tons. The players operating in this market are incessantly focusing on product development and are product differentiation in order to stay competent in the market. Some of the leading players in the market are Racolin Ltd., Gees Recycling Srl, Kolon Corporation, HLB Co., Ltd., Fibrelite Ltd., and PPG Industries, among several others.
Key Segmental Insights
On the basis of region, the market has been segmented into North America, Latin America, Europe, Japan, Asia Pacific except Japan, and the Middle East and Africa. Amongst these, the market is expected to be led by APEJ by the end of the forecast period with a volume of 5, 163 tons. The leading position of APEJ can be attributed to the ongoing research and activities in the region the growing demand from several vertical industries. APEJ is expected to be closely trailed by Europe and North America in the exact order.
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Based on composite material type, the market has been classified into glass fiber, polyester, vinyl. And epoxy. Among these, the market is expected to be led by glass fiber owing to its easy availability.
On the basis of manufacturing process, the global glass reinforced plastic market has been segmented into SMC/BMC, open mold, resin transfer molding, continuous processing, and others.
Based on end user, the global market has been classified into automotive, construction, electronics, sport, and other end use sectors. The demand for glass reinforced fiber is high from the automotive sectors, thus pushing it to the top of the list. It has been projected that automotive will remain the leading end user by the end of 2026.
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