GFRP Composites Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Resin Type, By End User, By Region and Competition, 2020-2030

Global GFRP Composites Market was valued at USD 18.34 Billion in 2024 and is expected to reach USD 25.22 Billion by 2030 with a CAGR of 5.52%. Glass fiber is one of the most widely utilized reinforcing materials across commercial and industrial applications, known for its outstanding mechanical properties such as flexibility, durability, high tensile strength, and resistance to high operating temperatures. Due to its lightweight nature, glass fiber-reinforced polymer (GFRP) composites are increasingly being adopted as substitutes for traditional materials like steel and aluminum. The global demand for GFRP composites has seen strong growth, largely driven by the construction and automotive industries. The automotive sector, in particular, is accelerating its use of lightweight materials to improve fuel efficiency and reduce emissions, further boosting the market. The growing emphasis on renewable energy, especially wind power, is fueling the demand for GFRP composites in turbine blade production.

Polyester-based GFRP composites have gained significant traction owing to their cost-effectiveness, while polyurethane-based variants are expected to witness increased adoption due to their excellent chemical and environmental resistance. The rising demand for thermoplastic resins also supports expanded use in marine and piping applications. The steady growth of the electrical and electronics industry presents new growth opportunities for GFRP composites. Despite potential challenges posed by fluctuations in raw material prices, the market is expected to benefit from the growing use of these composites as alternatives to carbon-based materials and the continuous advancements in molding and processing technologies. These trends collectively position the GFRP composites market for sustained expansion in the coming years.

Key Market Drivers

Growing Demand of GFRP Composites in Automotive Industry

The automotive industry is gradually shifting towards lightweight vehicles in order to enhance fuel efficiency and reduce carbon emissions, addressing the growing environmental concerns and stricter emission regulations. GFRP composites, with their exceptional high strength-to-weight ratio, have emerged as an ideal choice for achieving these goals. These composites offer significant weight reduction compared to traditional materials like steel, without compromising on vehicle performance or safety, thereby promoting sustainability in the industry.

In 2023, global automobile production reached approximately 94 million units, while the global automotive components market was valued at USD 2 trillion, with exports accounting for around USD 700 billion. India emerged as the fourth-largest vehicle producer globally, following China, the United States, and Japan, with an annual output of nearly 6 million vehicles. The future of GFRP composites in the automotive industry looks promising. With the constant rise in environmental concerns and the need for more fuel-efficient vehicles, the demand for lightweight and sustainable solutions is expected to grow exponentially. This trend will undoubtedly drive the growth of the GFRP composites market, creating opportunities for innovation, research, and development.

In addition to their lightweight nature, GFRP composites also offer unparalleled design flexibility, allowing automobile manufacturers to create complex shapes and designs that were previously challenging with traditional materials. This characteristic has made GFRP composites increasingly popular in the production of various car components, including body panels, bumpers, and interior parts. The ability to customize and optimize designs leads to improved aerodynamics and overall performance of the vehicles. GFRP composites exhibit cost-effectiveness and durability, making them an attractive option for automakers. These composites showcase excellent resistance to corrosion, thereby enhancing the lifespan of vehicles and reducing maintenance costs. This durability, combined with their lightweight properties, contributes to the overall sustainability of the automotive industry.

Key Market Challenges

Shortage of Skilled Labor

The fabrication and application of Glass Fiber Reinforced Polymer (GFRP) composites require a high level of expertise and precision. From the meticulous molding and forming processes to the intricate installation and long-term maintenance of composite structures, each step demands specialized knowledge and skills. The absence of such expertise can not only hamper productivity but also lead to increased waste and compromise the overall quality of the final product.

Also, the shortage of skilled labor in the GFRP composites market has emerged as a pressing concern. This scarcity is significantly impacting the market's capacity to meet the surging demand for GFRP composites across diverse sectors such as automotive, construction, and aerospace. Consequently, this shortage poses a potential obstacle to the industry's ability to foster innovation and enhance production processes, potentially hindering advancements, and progress in the field.

Key Market Trends

Growing Demand of Customized Composite Solutions

Customized composite solutions are tailored to meet specific application requirements, offering a wide range of unique attributes that enhance their performance. These attributes include exceptional strength, outstanding durability, reduced weight, and various other performance characteristics. This growing trend has been fueled by industries such as automotive, construction, aerospace, and renewable energy, which demand materials that can cater to their precise specifications.

In the automotive industry, for instance, manufacturers are actively seeking customized composites to not only reduce vehicle weight but also maintain high standards of strength and safety. These custom composites are designed to provide the perfect balance between lightweight construction and structural integrity. In the aerospace sector, there is a significant demand for high-performance composites that can withstand extreme conditions, including temperature variations, high stress, and intense vibrations. The ability of customized composites to offer exceptional strength and durability makes them the preferred choice for aerospace applications.

The construction industry relies heavily on durable and flexible composites that can meet both structural requirements and aesthetic standards. Customized composites are being used to create innovative architectural designs that combine functionality with visual appeal. These composites offer a wide range of design possibilities, allowing architects and designers to bring their creative visions to life. The increasing demand for customized solutions is driving the growth of the GFRP composites market, encouraging manufacturers to invest in research and development to develop premium quality products. These products are known for their high durability, flexibility, and superior performance, making them highly sought after in various industries.

The customization trend is not limited to traditional industries but is also expanding to new end-use sectors such as electrical and electronic equipment. The unique properties of customized composites make them an attractive choice for applications that require lightweight yet durable materials, promoting the overall growth of the GFRP composites market. The growing demand for customized composite solutions is a significant trend that is shaping the global GFRP composites market. This trend is driving innovation and growth within the industry as manufacturers strive to meet the evolving needs of different sectors. As industries continue to seek materials that can provide tailored solutions, the demand for customized GFRP composites is expected to further increase, promising a robust and prosperous future for this market.

Key Market Players

• Owens Corning
• Jushi Group Co Ltd
• Taishan Fiberglass Inc
• Saint-Gobain Limited
• Nippon Sheet Glass Company, Limited
• Polycomp International Corporation
• PPG Industries, Inc.
• Binani 3B-Fibre Glass Company
• Nitto Boseki Co. Ltd
• Chomarat Textiles Industries SASU

Report Scope:

In this report, the Global GFRP Composites Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

GFRP Composites Market, By Resin Type:

• Polyester
• Vinyl Ester
• Epoxy
• Polyurethane
• Others

GFRP Composites Market, By End User:

• Electrical & Electronics
• Transportation
• Pipes & Tanks
• Construction & Infrastructure
• Others

GFRP Composites Market, By Region:

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global GFRP Composites Market.

Available Customizations:

Global GFRP Composites Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).