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Glass fibre composites market set to reach $45.12b by 2019
According to a report from MarketsandMarketsúČThe glass fibre reinforced plastic (GRP) composites market is expected to be worth $45.12 billion by 2019, with China showing the highest growth rates.
Glass fibre accounts for about 90% of the reinforcements used in composites consumption, globally, the market research company notes.
GRP composites are in widely used in the transportation and infrastructure and construction sectors. The demand for renewable energy in the form of wind turbines, and for lightweight fuel efficient aircraft and cars, plus the demand for GRP pipe, tanks and other corrosion-resistant equipment, are major drivers for their increased use in the coming years.
The report notes that the global GRP market is dominated by Asia-Pacific and North America, which accounted for 67% of the overall market in 2013.
In terms of countries, China is the leading consumer of GRP products globally, and the largest supplier, estimated to grow at a compound annual growth rate (CAGR) above the global average, to 2019.
China and India have enormous potential and are the fastest growing markets for GRP composites in the Asia-Pacific as well as globally, the reports says, whereas US and European countries are leading in R&D of high performance glass fibre products.
The transportation and aerospace/defence sectors accounted for 49% (by value) of the GRP composit-
es market in 2013. The highest growth is expected from the wind energy and the aerospace/defence markets in the near future.
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