(PRWEB) April 10, 2014
The report, “Glass Fiber & Glass Fiber Reinforced Plastic (GFRP) Composites Market By Raw Material, By Manufacturing Process, By Application (Transportation, Construction, Electrical & Electronics, & Others) & By Geography – Global Trends & Forecast to 2019”, defines and segments the global GFRP Composites market with an analysis and forecast by value and volume.
“Asia-Pacific and North America are the key markets for GFRP Composites”
The global GFRP Composites market is dominated by Asia-Pacific and North America accounting for 67% of the overall market in 2013. Within North America, U.S. will remain the largest consumer of GFRP Composites and this market is driven by transportation, construction & infrastructure, aerospace & defense, and wind energy sectors. Country wise, China is the top most consumer of GFRP Composites product globally and is also the largest supplier, growing at a higher CAGR than the global average till 2019. China and India have enormous potential and are the fastest growing markets for GFRP Composites in the Asia-Pacific as well as globally.The U.S. and European countries are leading in research and development of high performance glass fiber products to be used in transportation, aerospace & defense, and wind energy sectors. Member countries of EU; Germany, France, Italy, U.K., and Spain are the key markets in the European GFRP Composites market and constitute majority of the market size. The construction sector in the Middle East and North Africa (MENA) region will continue to be supported by government spending in Saudi Arabia, Qatar, and Abu Dhabi. This will drive the GFRP composites market in these regions.
“Transportation, Aerospace & Defense, and Construction & Infrastructure are the topmost segments by value in the GFRP Composites market”
While the transportation and aerospace & defense segments occupy topmost positions in the GFRP Composites market with 49% share by value in 2013; maximum growth is expected from wind energy and aerospace & defense in the near future. The light weight, strength and corrosion resistant properties of glass fiber drive its growth in transportation, construction& infrastructure, electrical & electronics, consumer goods, marine, aerospace& defense, and wind energy segments. The demand for Glass Fiber Reinforced Plastic (GFRP) Composites will increase in future with the growth of the emerging economies, further strengthening the market.