Growth of glass fiber industry

Manufacturers will focus on cost-effective automobiles and lightweight materials, the booming automotive industry, more and more wind power plants to meet the energy needs of the growing population, and the ratio of glass fiber reinforced plastics with high adoption rate.

Other factors contributing to market growth include the increase in per capita disposable income in emerging and developed economies, the surge in glass fiber reinforced plastic based building materials, the rapid growth in demand for lightweight glass fiber materials in yacht and ship construction, and the surge in demand for glass fiber based storage containers.

On the contrary, due to the environmental impact of water content and high temperature, the mechanical properties of glass fiber reinforced plastics have changed, which may hinder the growth of the global glass fiber reinforced plastics market in the forecast period.

In addition, the continued covid-19 pandemic has led to the cessation of global manufacturing activities, affecting the demand for plastics and its processing and production. The plastics industry, especially electronics, construction, industrial equipment, consumer goods, automobiles and transportation, has been most seriously affected, thus affecting the growth of the FRP market.

Europe is likely to lead the market during the forecast period. The growing demand for yacht manufacturing facilities in Spain, Norway, Russia, Germany and Europe, as well as the strong development of the shipping industry, are driving the growth of the global glass fiber reinforced plastics market in the region.

It is expected that the glass fiber reinforced plastics market in the Asia Pacific region will grow rapidly in the forecast period. The booming construction industry, coupled with the improvement of living standards, is promoting the growth of the global glass fiber reinforced plastics market in the region. South Korea, India and China have the largest share in the region.

It is expected that mea's global glass fiber reinforced plastics market will have a good growth in the forecast period.