LOS ANGELES, April 03, 2019 (GLOBE NEWSWIRE) -- QY Research report states that the global glass fiber reinforced thermo-plastic (GFRTP) composite market is likely to grow at a steady pace as the material finds varied end-use applications. The global market was valued at US$4,037.45 mn in 2018 and is expected to be worth US$7,465.78 mn by 2025. During the forecast years of 2018 to 2025, the global GFRTP market is expected to register a CAGR of 9.18%.
Global Glass Fiber Reinforced Thermo-Plastic (GFRTP) Composite Market: Market Drivers
The demand for GFRTP composite has been increasing at a steady rate in the past few years as fiberglass is extensively being used in sectors such as wind energy, defense, automotive, transportation, marine, and consumer goods amongst others. Analysts anticipate that the demand for fiberglass will improve in the coming years as these industry witness a massive surge, especially in emerging economies. This material offers adequate strength, is light in weight, and resistant to harsh weather conditions. All of these factors are expected to propel its demand in the coming years.
Global Glass Fiber Reinforced Thermo-Plastic (GFRTP) Composite Market: Forecast by Application
The application of GFRTP composite is seen in sectors such as transport, electrical and electronics, construction, and sport and leisure. The transportation segment is expected to dominate the global market for GFRTP as it accounted for a consumption share of over 49.28% in 2018. Meanwhile, the electrical and electronics segment is projected to surge at a robust CAGR of 8.68% over the forecast period.
Global Glass Fiber Reinforced Thermo-Plastic (GFRTP) Composite Market: Forecast by Type
On the basis of type, the global GFRTP composite market is segmented into roving glass fibers, chopped glass fibers, and yarn glass fibers. The report indicates that the roving glass fibers segment is expected to remain dominant in the global market during the forecast period.
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Global Glass Fiber Reinforced Thermo-Plastic (GFRTP) Composite Market: Forecast by Region
Geographically, the global market is segmented into North America, Europe, Japan, Asia Pacific, South America, and the Middle East and Africa. The report states that Asia Pacific will hold a lion’s share in the in the overall market in terms of value. As of 2018, this regional market earned a revenue of US$1,560.78 mn in 2018.
Global Glass Fiber Reinforced Thermo-Plastic (GFRTP) Composite Market: Key Players
Some of the leading players operating in the global GFRTP market are BASF, Lanxess, DSM, SABIC, PolyOne, DuPont, Solvay, Hexion, Celanese, RTP, SI Group, Sumitomo Bakelite, Evonik, Daicel, Kolon, DenkaMitsui Chemical, Prime Polymer, Japan Polypropylene Corporation, Quadrant Group, and Xiamen LFT Composite Plastic.
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