Major Drivers for GFRP Composites Market in Future – Report by MarketsandMarkets
(PRWEB) July 27, 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.
Browse 153 market data tables and 107 figures spread through 347 slides and in-depth TOC on "GFRP Composites Market".
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GFRP Composites play an important role in end user industries such as transportation, construction & infrastructure, electrical & electronics, consumer goods, pipe, tank & other corrosion resistant equipment, aerospace & defense, marine, wind energy, and other industries. GFRP Composites products are developed from glass fiber, resins, and fillers which are used to modify or enhance properties of the composite such as thermal conductivity, electrical resistivity, friction, wear resistance, and flame resistance.
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The injection, compression, and continuous processes dominate the GFRP Composites production and will be growing at a healthy CAGR for the next five years. Within the injection processes, thermoplastic injection molding (TIM) and resin transfer molding (RTM) process will drive majority of the future growth in the GFRP Composites market. Injection processes allow quick production and turnaround of products and components at a very low price point, making it one of the most cost-effective options. Injection process does not require pre-forms and have the shortest cure times out of any other method.
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The GFRP Composites market is driven by rapid growth of end user industries globally; especially in emerging economies such as BRIC countries. The emerging countries are expected to contribute almost a third of the future growth coming in the GFRP Composites market. Asia-Pacific, growing at the highest CAGR, continues to lead the market due to fast growing GFRP Composites industry in China and India. The U.S. and European countries are leading in research and development of high performance glass fiber products for transportation, aerospace & defense, and wind energy sectors.
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The raw materials demand for GFRP composites products will also grow simultaneously, owing to the increased usage of composites by the end user segments. Thermoplastic resin in GFRP Composites is replacing thermoset resin for glass fiber reinforcements. Still, thermoset resin accounts for more than 60% of the resins used in GFRP Composites manufacture. Within thermoset resin, polyester and epoxy resins are finding greater acceptance on account of their superior properties and lower price.
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