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(EstateNewsWire.com, January 06, 2018 ) The Glass fibre reinforced polymer (GFRP) market is estimated to grow to USD XX Billion in 2024 with a CAGR of XX% during forecast period (2018-2024). Glass fibre reinforced polymer is a combination of large number of glass fibres. It is continuous or discontinuous form contained within the polymer matrix. The glass fibre reinforced polymer is the successful alternative to the traditional reinforcement methods. These GFRP composites provide a long service life to the structures. GFRP has the property of permanent resistance to alkali bases, chemical acids and they also provide extra concrete, anti shrink addictives without any cathodic protection. The market of GFRP is increasing due to the increasing number of wind turbine installations. The GFRP composites are used in automobiles and marine industries for construction of boats.
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Polyester resins holds the largest market share in the glass fibre reinforced polymer composites in 2017
As compared to other resins, polyester resins hold the huge market share as they are used in different sectors such as construction, electronic appliances, pipes and tanks. These polymer resins are magnificent for chemical treatment plants, water treatment and non corrosive applications for low cost.
Wind turbine installations are the fastest growing application segment in the GFRP composite market
The GFRP is used in various applications such as wind energy, transportation, electrical and electronics, defence and aerospace and marine. The wind energy segment has the huge market share due to the large number of wind turbine installations. These GFRP have high flexibility due to their light weight, high corrosion resistance, high tensile strength, easy processing and better surface finish.
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Asia Pacific region is expected to hold the largest market for glass fibre reinforced polymer composites by 2024
Asia Pacific dominated the market share of GFRP in 2017 due to high wind turbine installations. The usage of GFRP in electrical, electronics and construction sectors are high because they are eco friendly materials. The demand for light weight GFRP is high due to the growth of wind energy industries. In China and Japan, construction sector drives the market of GFRP composites. In Europe and North America regions, the market of GFRP is equally high due to the increase in demand of construction industries.
The pricipal players in the global glass fibre reinforced polymer market are
Saint Gobain S.A. (France), Jushi Group (China), Nippon Sheet Glass Co. Ltd. (Japan), Owen Corning (U.S), PPG Industries Inc. (U.S).
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