The market for glass fiber reinforced polymer is expected to grow at a CAGR of more than 4% during the forecast period. major factors driving the market studied growing construction activities in the Middle East & Africa
Key Market Trends
Increasing Demand from Construction and Infrastructure Industry
China to Dominate the Asia-Pacific Region
Competitive Landscape
The glass fiber reinforced polymer market is partially fragmented. Some of the major players include BASF SE, Advanced Composites Inc., PPG Industries Inc., Reliance Industries Ltd, and Nippon Electric Glass Co.,Ltd., among others.
Reasons to Purchase this report:
This product will be delivered within 2 business days.
- Increasing Application in Marine Industry and Rising Demand for Wind Energy Composites is likely to act as an opportunity for the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Increasing Demand from Construction and Infrastructure Industry
- Glass fiber reinforced polymer (GFRP) is widely used in the construction industry for non-structural elements, such as facade, panels, piping, and channels.
- The Asia-Pacific region has become an attractive market for the investors, owing to the presence of a number of emerging economies, such as India, China, Indonesia, Vietnam, and others in the region. Owing to strong economic growth, domestic companies have been expanding their business. Along with this, foreign companies have been entering these markets to take advantage of the prevailing opportunities. This has created demand for commercial construction, such as offices, production houses, buildings, warehouses, etc., leading to an increase in the construction activities in these countries.
- In India, the demand for offices and residential spaces has been driving the growth of the construction sector. “The Smart City Project” is one of the noticeable examples, under which, 100 smart cities are planned to be developed across the country.
- The Middle East & African construction sector has been witnessing strong growth, which is majorly fuelled by the Middle East government’s efforts to develop non-oil sectors.
- The Dubai Expo 2020, which is set to take place over the six-month period between October 2020 and April 2021, is estimated to attract more than 25 million tourists. This is expected to drive the demand for paints and coatings in Dubai. Additionally, the FIFA World Cup in Qatar (2022) is anticipated to provide significant demand for the market studied.
- Under the Vision 2030 economic-transformation plan, the Saudi Arabian government has initiated numerous infrastructure projects. These projects majorly cover projects related to power, water, hydrocarbons, construction, road, rail, seaport, and airport sectors
- Hence, such projected growth in the industry is expected to lead to an increase in demand for glass fiber reinforced polymer.
China to Dominate the Asia-Pacific Region
- China stands to be the largest producer in the global automotive industry. Moreover, it is one of the largest producers of electronics.
- Furthermore, the total automotive production declined, in 2018. On the brighter side, light commercial vehicle production increased by 12.6% in 2018 over 2017.
- Automotive production in China is expected to increase further during the forecast period, due to rising demand for SUVs, lightweight and fuel-efficient vehicles, and the popularity of electric vehicles.
- Currently, China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. The target, if achieved will increase the share of electric vehicles to 20% of total new car production for China by 2025.
- Additionally, the government has been focusing on infrastructure development, which has been driving the construction activities in the country. China’s transport ministry and National Development and Reform Commission (NDRC) planned to invest USD 724 billion for constructing 303 key transportation projects, which include railways, highways, waterways, airports, and urban rail.
- The country has also been focusing on increasing its wind power capacity, which is projected to add to the demand for the GFRP market. In November 2016, the Chinese National Energy Administration (NEA) announced the target of increasing its grid-connected wind power capacity to 210 GW, by the end of 2020.
- Hence, all such aforementioned activities in the country is projected to drive the demand for the GFRP market in the country, during the forecast period.
Competitive Landscape
The glass fiber reinforced polymer market is partially fragmented. Some of the major players include BASF SE, Advanced Composites Inc., PPG Industries Inc., Reliance Industries Ltd, and Nippon Electric Glass Co.,Ltd., among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Advanced Composites Inc.
- BASF SE
- BGF Industries Inc.
- Braj Binani Group
- Celanese Corporation
- China Beihai Fiberglass Co. Ltd
- China Jushi Co. Ltd
- Chongqing Polycomp International Corp. (CPIC)
- Jiangsu Jiuding New Materials Co. Ltd
- Johns Manville
- Nippon Electric Glass Co.,Ltd.
- Owens Corning
- PPG Industries Inc.
- Quantum Composites
- Reliance Industries Ltd
- SAERTEX GmbH & Co. KG
Methodology
LOADING...
