Albany, New York, July 11, 2018 (GLOBE NEWSWIRE) -- The global glass reinforced plastic market is largely consolidated with a handful of well-established players, states Transparency Market Research (TMR) in a new report. These players are looking upon product development and product differentiation to stay sustain competition in this market.
Key players operating in the global glass reinforced plastic market include Racolin Ltd., Kolon Corporation, Fibrelite Ltd., Gees Recycling Srl, HLB Co. Ltd., and PPG Industries among others.
As per the TMR report, the global glass reinforced plastic market is likely to clock a CAGR of 4.6% over the forecast period between 2017 and 2026. Vis-à-vis volume, the glass reinforced plastic market is predicted to amount to 14,699 tons by 2026. In terms of end user, among the key segments, the automotive sector displays the leading demand for reinforced plastic. The automotive segment is predicted to remain the leading end user through the forecast period. By composite material type, among the key segments, glass fiber is likely to lead the market due to its easy availability. Based on manufacturing process, the global glass reinforced plastic market is segmented into SMC/BMC, resin transfer molding, open mold, continuous processing, and others.
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Easy to Customize makes Glass Reinforced Plastic Suitable for Large Applications
The global glass reinforced plastic market is predicted to witness stable growth over the course of the forecast period. The global glass reinforced plastic market is rising due to several favorable factors. The growth of the wind energy sector, along with growth of electrical & electronics, construction & infrastructure, pipes & tanks, and transportation industries is having a significant impact on the growth of glass reinforced plastic market.
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Glass fiber is formed using a large number of fine glass filaments. There are two essential types of composite and insulated glass reinforced plastic. Glass reinforced plastic is mostly composed of silica that involves melting, forming, and staple process. Each piece of glass fiber is fine with small diameter and are woven to form flexible fabric. The procedure is repeated to create several layers and are then kept to dry. The final end material produced is known as glass reinforced plastic.
Fiber glass displays characteristics of resistant to weather, lightweight, suitable for surface assortment that account for its growing adoption across a number of applications. Due to these properties, fiber glass is increasingly becoming a material of choice for several new applications. Infrastructural development and increasing adoption of clean energy are stoking demand for fiber glass especially in emerging economies.
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Glass reinforced plastic is customizable which accounts for its increasing applications. This virtue serves to create widespread demand for glass reinforced plastic in the construction industry. Some other characteristics such as durability, thermal efficiency, and strength of fiber glass account for their increasing applications.
Limited Availability of Raw Material Crimps Growth
On the flip side, however, the glass reinforced plastic market face growth challenges as well. Availability of raw material, soaring price, competition from carbon fiber, and changing governmental regulations are some growth hindrances of this market.
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The review presented is based on the findings of a TMR report, titled “Glass Reinforced Plastic Market - (Composite Material Type - Glass Fiber, Polyester, Vinyl, and Epoxy; Manufacturing Process - SMC/BMC, Open Mold, Resin Transfer Molding, Continuous Processing, and Others; End Use - Automotive, Construction, Electronics, Sports, and Other End Use) - Global Industry Analysis, Size, Growth, Trends, Share and Forecast 2017 – 2026.”
The global glass reinforced plastic market is segmented as follows;
Glass Reinforced Plastic Market, by Material type
- Glass fiber
Glass Reinforced Plastic Market, by Manufacturing Process
- Open mold
- Resin Transfer Molding
- Continuous Processing
Glass Reinforced Plastic Market, by End user
Glass Reinforced Plastic Market, by Region
- North America
- Latin America
- Asia Pacific except Japan
- Middle East and Africa
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