This latest research by Persistence Market Research indicates that the demand for GFRP composite materials would change significantly between 2017 and 2021. Demand was driven in part by the rapid increase in the usage of composites in a wide variety of end-use sectors. Construction, transportation, renewable energy, and other end-use industries have grown fast in recent years.
The market for GFRP composite materials has grown at an impressive rate in the past due to the increasing demand from these end-use sectors and the inherent benefits of composites such as high strength-to-weight ratio, durability, machinability, and various others provided them an edge over their substitutes.
Despite such remarkable growth in the market, it is still in the developing stage and enormous commercial potential is still undiscovered. With proper research techniques and exploration of high-potential applications, the market is anticipated to exhibit an even high growth rate during the forecast period than we have seen during the previous years.