PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1845348
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1845348
The GFRP composites market is estimated at USD 64.5 billion in 2025 and is projected to reach USD 84.3 billion by 2030, at a CAGR of 5.5% from 2025 to 2030. The application of thermoplastic resin as a matrix material in fiber-reinforced composites has increased significantly over the last few years.
Scope of the Report | |
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Years Considered for the Study | 2022-2030 |
Base Year | 2024 |
Forecast Period | 2025-2030 |
Units Considered | Value (USD million) and volume (kiloton) |
Segments | Resin Type, Manufacturing Process, End-use Industry, and Region |
Regions covered | Europe, North America, Asia Pacific, the Middle East & Africa, and South America |
Thermoplastic resin has been used with continuous glass fiber to create structural composite products. The main advantage of thermoplastic resin as a matrix material is that the GFRP composite formed can be reshaped and reformed, unlike a thermoset resin. The GFRP composite formed is also easily recyclable. Hence, its use has increased significantly over the last decade. However, thermoplastic resin is solid, which makes it difficult to impregnate with reinforcing fibers. Hence, thermoplastic resins are quite expensive in comparison to thermoset resins.
"In terms of value, the wind energy industry is projected to register the highest CAGR among all the end-use industries."
Wind turbine blades are the key components in the wind power generation system. GFRP composites in wind turbine blades are widely used in the development of large-scale wind turbines. The R&D focus of blade manufacturers has been mainly on reducing the cost of wind energy. This is driving the use of GFRP composites, as they are less costly than other fibers without compromising their high-performance properties. GFRP composites also provide high tensile strength, helping manufacturers achieve larger blades and higher energy output. GFRP composites allow wind turbines to work in the harshest environments due to their corrosion-resistant properties.
"The Asia Pacific region is projected to register the highest growth rate in the GFRP composites market during the forecast period."
Asia Pacific is projected to be the fastest-growing region in the GFRP composites market during the forecast period. Countries such as China, India, and Southeast Asia are experiencing swift industrial growth and urban expansion. Rising population and expanding economies contribute to increased use of GFRP composites in various applications. Initiatives promoting sustainable building practices, new infrastructure plans (e.g., China's "New Infrastructure Plan" and India's "Smart Cities Mission"), and policies supporting domestic manufacturing boost demand and production capacity in the region.
Growth in wind energy, aerospace & defense, automobile, and construction & infrastructure sectors fuels demand for GFRP composites used in turbine blades and other components. Improvements in manufacturing processes enhance product quality and reduce costs, further enabling market expansion. Beyond construction and automotive, sectors like electrical & electronics, marine, and pipes & tanks also contribute to the GFRP composites market growth in the region.
Prominent companies in this market include Gurit Services AG (Switzerland), Strongwell Corporation (US), Exel Composites (Finland), Mitsubishi Chemical Group of Companies (Japan), AGY (US), Asahi Kasei Corporation (Japan), POLSER Composite Materials Corporation (Turkey), LM Wind Power (Denmark), Tencom Limited (US), BASF (Germany), SGL Carbon (Germany), Avient Corporation (US), Lehmann&Voss&Co. (Germany), and LANXESS (Germany).
Research coverage
This research report categorizes the GFRP composites market, by resin type (polyester, vinyl ester, epoxy, polyurethane, thermoplastics, and other resins), by manufacturing process [compression & injection molding, filament winding, layup, pultrusion, resin transfer molding (RTM), other manufacturing processes], end-use industry (transportation, construction & infrastructure, electrical & electronics, pipes & tanks, marine, aerospace & defense, wind energy, and other end-use industries), and region. The scope of the report includes detailed information about the major factors influencing the growth of the GFRP composites market, such as drivers, restraints, challenges, and opportunities. A thorough examination of the key industry players has been conducted to provide insights into their business overview, solutions and services, key strategies, and recent developments in the GFRP composites market. This report includes a competitive analysis of upcoming startups in the GFRP composites market ecosystem.
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall GFRP composites market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.