Reinforced Plastic consists of a polyester resin matrix reinforced with different types of fibers including carbon, glass, or aramid, metals and other non-metallic fibers such as wood and paper. Reinforcements provide stiffness and strength in composite materials and overall operating cost reduction if used with modern manufacturing methods of injection molding. The reinforced plastics are used in a wide range of applications including aerospace & defense, electronics, wind energy, automotive and building & construction, which result drive the demand for reinforced plastics. The increasing adoption of GFRP composites in automotive, rise in demand for epoxy composite from the wind energy industry and emerging end-use applications of fiber composites are the few factors responsible for the growth of the market over the forecast period. Furthermore, the introduction of products and other strategic alliances by market key players will create a lucrative demand for this market. For instance: on 30th June 2020, BASF launched polyethersulfone (PESU) Ultrason® E0510 C2TR, an engineering plastic for automotive parts in contact with hot oil. The polyethersulfone (PESU) Ultrason® E0510 C2TR has high oil resistance and excellent dimensional stability as well as injection-molding grade with a ten percent carbon fiber reinforcement. This product launch expanded the product portfolio of BASF company thus offering lightweight high-performance components used in electronics, automotive and aerospace industries which result drive the market growth. Whereas, Concerns over data privacy and security is the major factor restraining the growth of global Reinforced Plastics market during the forecast period.
Global Reinforced Plastics Market is valued at approximately USD 228.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.1 % over the forecast period 2020-2027 and is estimated to reach 295.6 Billion by 2027.
The regional analysis of the global Reinforced Plastics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Europe is the leading/significant region across the world owing to the demand for fiber-reinforced plastics is largely dominated by Western European countries, where the presence of well-established automotive, aerospace & defense, construction, and electrical & electronics industries is expected to accelerate the market growth. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027.
Major market players included in this report are BASF SE, Binani Industries, Cytec Solvay Group, Haysite Reinforced Plastics, Reinforced Plastic Industries, Rezplast Manufacturing Ltd., SGL Carbon SE, Taishan Fiberglass Inc., Teijin Limited, Toray Industries Inc.
The detailed segments and sub-segment of the market are explained below:
by Fiber Type: Glass Fiber, Carbon Fiber, Aramid Fiber, Others
by Polymer: Thermoset, Thermoplastic
By Application: Automotive, Building & Construction, Aerospace & Aviation, Wind Energy, Marine, Electrical & Electronics, Others
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Reinforced Plastics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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