Market Trends of Glass Fiber Reinforced Polymer Industry
This section covers the major market trends shaping the Glass Fiber Reinforced Polymer GFRP Market according to our research experts:
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.
- The Dubai Expo 2020, which is set to take place over the six-month period between October 2020 and April 2021, is estimated to attract more than 25 million tourists. This is expected to drive the demand for paints and coatings in Dubai. Additionally, the FIFA World Cup in Qatar (2022) is anticipated to provide significant demand for the market studied.
- Under the Vision 2030 economic-transformation plan, the Saudi Arabian government has initiated numerous infrastructure projects. These projects majorly cover projects related to power, water, hydrocarbons, construction, road, rail, seaport, and airport sectors
- Hence, such projected growth in the industry is expected to lead to an increase in demand for glass fiber reinforced polymer.
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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.
- 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 country has also been focusing on increasing its wind power capacity, which is projected to add to the demand for the GFRP market. In November 2016, the Chinese National Energy Administration (NEA) announced the target of increasing its grid-connected wind power capacity to 210 GW, by the end of 2020.
- Hence, all such aforementioned activities in the country is projected to drive the demand for the GFRP market in the country, during the forecast period.
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