Reinforced Plastics Market Outlook - 2027
The global reinforced plastics market was valued at $228.4 billion in 2019, and is projected to reach $295.6 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
Reinforcement offers versatility in manufacturing with improved and optimized material properties. Particulate plastic reinforcements are also used in modern manufacturing methods such as injection molding, resulting in overall operating cost reduction. Natural fibers such as flax, jute, kenaf, hemp and sisal provide various benefits, such as weight reduction, cost reduction and recyclability. Reinforcements are used for enhancing properties such as stiffness and strength in composite materials. Glass fibers are considered the main reinforcements for polymer matrix composites, due to properties such as low moisture resistance, high electrical insulating properties and superior mechanical properties, depending on the alumina-lime-borosilicate composition.
The increasing demand for reinforced plastics in the aerospace & defense and automotive sectors drives the market. Requirement of reinforced plastics in other sectors such as electronics, defense, wind energy, and building & constructions contributes to further reinforced plastics market growth. The huge investment in Carbon Fiber Reinforced Plastics (CFRP) R&D led to an increase in the number of patents. Polyacrylonitrile (PAN)-based raw material is majorly used for CFRP production. On the other hand, new advances in carbon/glass hybrid structures and growth in adoption of carbon fiber reinforced polymers in the medical industry are expected to provide significant opportunities to the market players during the forecast period. However, the costly and complicated method of carbon fiber processing, problems related to recycling as well as disposal of glass fibers, and the heavy weight of particulate matter in reinforced composites are hampering the growth of the demand for reinforcing materials.
The global reinforced plastics market is segmented based on fiber type, polymer, application, and region. Based on fiber type, the market is divided into glass fiber, carbon fiber, aramid fiber, and others. Based on polymer, the market is segmented into thermoset and thermoplastic. Based on application, the market is divided into automotive, building & construction, aerospace & aviation, wind energy, marine, electrical & electronics, others. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The manufacturers studied and profiled in the global reinforced plastics market 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, and Toray Industries Inc.
By Fiber Type
Glass Fiber is projected as the most lucrative segment.
Global Reinforced Plastics Market, By Fiber Type
By fiber type, the glass fiber has emerged as the biggest product segment in the global market for reinforced plastics. Glass fiber is a material that is robust, lightweight and strong. During the study period, carbon fiber is expected to witness the fastest increase. Carbon fiber properties such as low weight and thermal expansion, high stiffness, tolerance to temperature, and high chemical resistance make it very common in industrial and other applications.
By Polymers
Thermoplastic is projected as the most lucrative segment.
Global Reinforced Plastics Market, By Polymers
By polymers, the thermoplastic has emerged as the biggest product segment in the global market for reinforced plastics. Thermoplastic composites are used to manufacture various automotive components, rail coaches, and heavy vehicles. These materials are lightweight and help reduce the weight of cars, which leads to reduced CO2 emissions.
By Applications
Automotive is projected as the most lucrative segment.
Global Reinforced Plastics Market, By Application
By application, the automotive segment accounted for the largest share of revenue. Reinforced plastics are widely used as metal substitutes in various automobiles, trucks, and others. Top suppliers require products that are resistant to corrosion, fire retardant and durable to meet the demand for adhesives, resins, putties, reinforcements and gels in transport applications.
By Region
Asia-Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Global Reinforced Plastics Market, By Region
By region, Europe is a significant contributor to the global demand for reinforced plastics. 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 continue to witness high demand.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the reinforced plastics market forecast along with the current and future market trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global reinforced plastics industry for strategy building.
- A comprehensive reinforced plastics market analysis covers factors that drive and restrain market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
Impact Of Covid-19 On The Global Reinforced Plastics Market
- The outbreak of Coronavirus took place in November 2019 and soon spread worldwide. It easily turned into a pandemic and has impacted the whole world, affecting human lives economically as well as on personal levels.
- For many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. The product’s upcoming demand is hindered, as there is no development.
- Reinforced plastics are primarily used in manufacturing, aerospace & defense, automotive, and wind energy; and as a reaction to the national lockdown, these sectors were experiencing a sudden decline in growth rates.
- The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement.
- During this lockdown, there are some probabilities of an increase in the demand for the fiber reinforced plastics products in aerospace & defense due to India-China border issues.
- The above factors have impacted the growth of the reinforced plastics market.
Reinforced Plastics Market Report Highlights
| Aspects | Details |
 By Fiber Type |
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 By Polymers |
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 By Application |
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 By Region |
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 Key Market Players | TORAY INDUSTRIES INC., Rezplast Manufacturing Ltd., TEIJIN LIMITED, REINFORCED PLASTIC INDUSTRIES, Taishan Fiberglass Inc., BINANI INDUSTRIES, BASF SE, SGL Carbon SE, Haysite Reinforced Plastics (Constantia Industries AG), Cytec Solvay Group |
Analyst Review
According to the CXO of the leading companies, in its business life cycle, the global demand for reinforced plastics is heading toward a period of growth stabilization. The factors driving the global market for reinforced plastics are growth in demand from the automotive, wind energy and construction sector and low investment cost of glass fiber among other composites. In the building industry, glass fiber-reinforced material is commonly used for non-structural elements such as facades, doors, pipes, and channels. In addition, automotive is the largest revenue-generating segment for reinforced plastics and the forecast duration is projected to remain the same. However, Asia-Pacific is one of the main contributors to the global demand for reinforcing content. Rapidly expanding urbanization and new infrastructure combined with growing high-end investment in defense products in emerging economies such as India and China, have fueled the growth in the region's reinforced plastics market.
The global reinforced plastics market was valued at $228.4 billion in 2019, owing to its light weight as compared to individual components, which resulted in increased applications in the automotive, aerospace & defense, and construction industries.
The Global Reinforced Plastics Market is projected to grow at CAGR of 4.1% during the forecast period
Glass fiber is the leading segment in the reinforced plastics market
Growing reinforcement plastics use in aircraft manufacturing and increasing demands in the automotive industry for lightweight materials are driving reinforced plastics market
BASF SE, Binani Industries, Cytec Solvay Group, Reinforced Plastic Industries, SGL Carbon SE, Teijin Limited, and Toray Industries Inc. are the leading players in reinforced plastics market
Rise in the construction industry, increasing focus on green buildings, and growing demand for value added glass products are some of the major trends favoring the market growth.
Europe region hold the highest share in the reinforced plastics market
New advances in carbon/glass hybrid structures and the growing adoption of carbon fiber reinforced polymers in the medical industry are expected to drive the reinforced plastics market
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