World GFRP composites market at $29.4 billion by 2013

Optimistic forecast indicates a robust global market for glass fibre reinforced plastic (GFRP) composites, which is expected to reach $29.4 billion by this year, according to a report by Reportlinker.com. The market research report, “World Glass Fibre Reinforced Plastic (GFRP)Composites Market 2013-2023 - Propects for Fibreglass & GRP” said that factors for growth include the recovery in the global economy and improving prospects in various end-use markets. Because glass fibre composites are dependable, predictable, versatile, and cost-effective for use, the demands for its use are higher than ever before. The enormous potential in Asian countries, particularly China and India, are likely to foster further growth in the glass fibre market. The US and European countries are the leading regions for the research and development of high performance glass fibre products while developing countries are in the early stages of new product development. In the developed markets the GFRP demand tends to focus on high-value applications, which are forecasted to be the driving force of composites market growth. Customer demands require glass fibre producers to develop better technologies to improve their process efficiency with lower costs.

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