Glass Reinforced Plastic Market Projected to Gain Significant Value by 2026

Posted by pranav suryawanshi on December 9th, 2019

The global glass reinforced plastic market is demonstrating a highly competitive and largely consolidated business landscape, finds a new research study by Transparency Market Research (TMR). Sulmu Oy, HLB Co. Ltd., Gees Recycling SRL, PPG Industries, Owens Corning, Jushi Group, Epwin Group PLC, Fibre Reinforced Thermoplastics B.V., Scott Plastics Ltd., Kolon Corp., Fibrelite Ltd., Quadrant Plastic Composites AG, and Racolin Ltd. are some of the key vendors of glass reinforced plastic across the world. The key companies are concentrating on innovations and technological advancements. In the coming years, these players are projected to involve into mergers, acquisitions, and strategic alliances to gain a competitive advantage over their peers, states the research report.

As per the research study, the global market for glass reinforced plastic is expected to expand at a CAGR of 4.60% during the period from 2017 to 2026, with the market reaching 14,699 tons by 2026 by the end of the forecast period in terms of the volume. Glass reinforced plastics find extensive usage in the automotive, electronics, construction, and the sport industries. Among these, the automotive industry has surfaced as the main end user of glass reinforced plastic and is anticipated to remain so over the next few years, notes the market study.

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In terms of the geography, the research report has classified the worldwide market for glass reinforced plastic into the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Japan, North America, Latin America, and Europe. Among these, the market in Asia Pacific excluding Japan has occupied the leading position and is anticipated to remain here over the forthcoming years.

The continual increase in research and development activities and the rising demand from a number of end-use industries are likely to support the growth of the market for glass reinforced plastic in APEJ in the years to come. Other regions are also anticipated to witness a considerably high rise in their respective markets over the next few years, reports the research study.

Rising Demand from Various Sectors to Support Growth

“The global market for glass reinforced plastic is experiencing a significant rise, thanks to the ongoing expansion in the wind energy, together with the growth of the electrical and electronics, pipes and tanks, construction and infrastructure, and the transportation industries,” says the author of this study. Various characteristics of glass reinforced plastic, such as lightweight, high resistance against climatic conditions, and suitability for surface assortment, are likely to support its demand in the near future, reflecting positively on the growth of this market, states the research report.