Report Ocean has recently published a new report on the global reinforced plastics market. The study is titled “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.”
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The global reinforced plastics market stood at US$228.4 bn in 2019. Researchers expect this market to rise at a CAGR of 4.10% during the period from 2020 to 2027 and reach US$295.6 bn by the end of the forecast period.
The market for reinforced plastics is gaining a significant traction across the world. The increasing usage of reinforced plastics in the automotive, aerospace and defense, building and construction, and the manufacturing sectors is the key driving force behind the growth of this market. Over the coming years, the market is projected to gain from the increasing demand for automobiles and the rising production of electric vehicles. However, the presence cheap alternatives may hamper the growth of this market in the near future.
Impact of Covid 19 on Global Reinforced Plastics Market
Like many other markets, the global reinforced plastics market has also been impacted by the Coronavirus pandemic. The economic slowdown has reduced the investment in research activities, which is reflected on the growth of this market. The stoppage of manufacturing processes and decline in the automotive industry has hit this market hard and, therefore, it will take some time to recover.
Global Reinforced Plastics Market: Business Dynamics
In this report, the global reinforced plastics market is examined on the basis of the fiber type, polymers, applications, and the region. Based on the fiber type, the market has been classified into glass fiber, carbon, aramid fiber, and others. Among these the demand for glass fiber is greater, thanks to its wide-ranging application base. Based on the polymer, the market has been segmented into thermoset and thermoplastic. Thermoplastic has been reporting a higher demand among end users and this scenario is likely to remain so over the forthcoming years.
Based on the application, the market has been classified into the automotive, building and construction, aerospace and aviation, wind energy, marine, and the electrical and electronics industries. The automotive industry has been dominating the global market and is expected to retain its position over the next few years. In terms of the region, the market has been analyzed across North America, Europe, Asia Pacific, and LAMEA in this research report. Asia Pacific is leading the global market, thanks to countries such as China and India that have emerged as investment centric hubs due to ample opportunities in the manufacturing sector.
Key manufacturers of reinforced plastics mentioned 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, and Toray Industries Inc.
The global reinforced plastics market IS segmented into:
By Fiber Type
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
- Building & Construction
- Aerospace & Aviation
- Wind Energy
- Electrical & Electronics
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned in the Report
- 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.
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