Wind Energy to Drive Glass Fiber-Reinforced Plastics Composites Market
The global glass fiber-reinforced plastics (GFRP) composites market is projected to reach $83.6 billion by 2026.
The global glass fiber-reinforced plastics (GFRP) composites market is projected to reach $83.6 billion by 2026, growing at a compound annual growth rate (CAGR) of 6.61% from 2016 to 2026, according to a recent report available from Research and Markets. The major driver stimulating the GFRP composites market is high demand from the wind energy sector, as these composites are non-corrosive and lightweight. Wind turbines incorporating GFRP composites can operate in the toughest climatic environments due to the corrosion resistance properties, and they have helped the growth of the wind industry. However, the difficulty of recycling GFRP composites is a major restraint, restricting its use in various applications and hindering the growth of the global GFRP composites market.
The injection molding process has many processing advantages, including very fast cycle time, low labor costs, low scrap rate, and low mold-clamping pressure. It is widely applicable in GFRP composite applications such as automotive, electronics, and for medical devices. These are the key applications of GFRP composites, thus driving the use of the injection molding process to manufacture various GFRP composite components.
The Asia-Pacific region is expected to be the fastest-growing market for GFRP composites during the next five years. The market in this region is driven by the increasing consumption of GFRP composites in various industries such as wind energy, construction, electronics, and transportation. China leads the market in the Asia-Pacific region. The wind energy industry in China witnessed the highest number of wind energy installations in 2015, adding new capacity of 30.8 Gw.
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