(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 05:46 /Comserve / -- Glass Fiber Reinforced Polymer Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The market for glass fiber reinforced polymer is expected to grow at a CAGR of more than 4% during the forecast period. major factors driving the market studied growing construction activities in the Middle East & Africa
- Increasing Application in Marine Industry and Rising Demand for Wind Energy Composites is likely to act as an opportunity for the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
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Key Market Trends
Increasing Demand from Construction and Infrastructure Industry
- Glass fiber reinforced polymer (GFRP) is widely used in the construction industry for non-structural elements, such as facade, panels, piping, and channels.
- The Asia-Pacific region has become an attractive market for the investors, owing to the presence of a number of emerging economies, such as India, China, Indonesia, Vietnam, and others in the region. Owing to strong economic growth, domestic companies have been expanding their business. Along with this, foreign companies have been entering these markets to take advantage of the prevailing opportunities. This has created demand for commercial construction, such as offices, production houses, buildings, warehouses, etc., leading to an increase in the construction activities in these countries.
- In India, the demand for offices and residential spaces has been driving the growth of the construction sector.“The Smart City Project” is one of the noticeable examples, under which, 100 smart cities are planned to be developed across the country.
- The Middle East & African construction sector has been witnessing strong growth, which is majorly fuelled by the Middle East government's efforts to develop non-oil sectors.
China to Dominate the Asia-Pacific Region
- China stands to be the largest producer in the global automotive industry. Moreover, it is one of the largest producers of electronics.
- Furthermore, the total automotive production declined, in 2018. On the brighter side, light commercial vehicle production increased by 12.6% in 2018 over 2017.
- Automotive production in China is expected to increase further during the forecast period, due to rising demand for SUVs, lightweight and fuel-efficient vehicles, and the popularity of electric vehicles.
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- Currently, China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. The target, if achieved will increase the share of electric vehicles to 20% of total new car production for China by 2025.
- Additionally, the government has been focusing on infrastructure development, which has been driving the construction activities in the country. China's transport ministry and National Development and Reform Commission (NDRC) planned to invest USD 724 billion for constructing 303 key transportation projects, which include railways, highways, waterways, airports, and urban rail.
The glass fiber reinforced polymer market is partially fragmented. Some of the major players include BASF SE, Advanced Composites Inc., PPG Industries Inc., Reliance Industries Ltd, and Nippon Electric Glass Co.,Ltd., among others.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Construction Activities in Middle East & Africa
4.1.2 Other Drivers
4.2.1 High Recyclability Issues
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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