0

Reinforced Plastics Market Expected To Reach $295.6 Billion by 2027

 
2022
Reinforced Plastics Market

Report Code : A07171

quote Reinforced plastics (RP) are a composite substance composed of a polymer matrix that is carefully mixed with a support material or fiber to increase the plastic’s mechanical strength and elasticity. Special characteristics such as low weight and easy maintenance have made RP common in the automotive and construction industries. Therefore, the global reinforced plastics market is expected to witness profitable growth opportunities during the forecast period. quote

Eswara Prasad
Manager, Chemical and Materials

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research titled, “Reinforced Plastics Market by Fiber Type, Polymer and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” 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.

Reinforced plastic, also known as fiber-reinforced polymer, and fiber-reinforced plastics are composite materials that form a polymer matrix mixed with some reinforcing materials, such as fibers. In certain cases, asbestos, wood or paper may also be used as basalt, gas, glass or aramid fibers in general. Fiber-reinforced plastic is the category in which the plastics' mechanical strength and elasticity are strengthened by the use of fiber materials. The matrix, which is the main material free of fiber reinforcement, is strong but comparatively weaker, and must be toughened by inserting powerful fibers or filaments to strengthen. It is the fiber that is important in separating the parent polymer from the FRP.

The global market for reinforced plastics is expected to witness a high growth over the forecast period. The demand for reinforced plastics is projected to be driven by low investment costs of glass fibers and related composites coupled with emerging applications of fiber composites. Growing carbon fiber use in aircraft manufacturing and increasing demands in the automotive industry for lightweight materials propels the market growth.

Glass fiber was the largest segment of the industry, and held a major market share. Moreover, in the coming years it is expected to experience exponential growth. Carbon fiber is expected to be the fastest growing consumer commodity.

Construction, aerospace & defense, automotive, and wind energy are the key applications of the global reinforced plastics industry. Furthermore, the automotive is expected to be one of the fastest growing industry applications for reinforced plastics in the coming years. The automotive industry is the key consumer of reinforced plastics market across the globe. Reinforced plastics are widely used as metal substitutes in various automobiles, trucks, others. The increased interest is directly related to the need to produce vehicles which are lightweight and fuel efficient. 

Some of the key players operating 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.

Key Findings Of The Study:

  • Based on fiber type, the glass fiber segment emerged as the global leader with more than 65.3% share in 2019. This can be highly attributed to high demand of glass fiber in various applications.   
  • Based on polymer, thermoplastic segment dominated the global reinforced plastics market with around 84.5% global market share in 2019.
  • By application, automotive segment dominated the global reinforced plastics market with around 40.1% global market share in 2019.
  • Countries such as the U.S., China, and India are emerging as an investment centric hub due to wide scope in manufacturing sector.

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 plastic market.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Reinforced Plastics Market by Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), Polymer (Thermoset and Thermoplastic) and Application (Automotive, Building & Construction, Aerospace & Aviation, Wind Energy, Marine, Electrical & Electronics, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Nov 2024

Plush Toy Market

Download Sample

Buy Full Version
"Reinforced Plastics Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers