The market for reinforced plastics is expected to grow at a CAGR of more than 5% during the forecast period. Growing demand from aerospace industry driving the demand of the market studied. However, high recyclability issues likely to hinder the market.
- Asia-pacific dominated the market with a significant share and is estimated to continue its dominance during the forecast period.
- The energy and power segment is estimated to witness the fastest growth during the forecast period.
Key Market Trends
Automotive Segment Dominated the Market
- 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, etc.
- Additionally, increasing demand for lightweight materials and higher fracture points than the traditional materials is attracting the automotive manufacturers toward reinforced plastics.
- Some of the areas of the application include engine components such as manifold, gas and clutch pedals, etc.
- The increased production and sales of automotive across the globe primarily in Asia-Pacific in the past has boosted the demand.
- However, the recent decline in automotive production since the past two years is hindering the growth of the market studied.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the market and is expected to witness a significant increase, over the forecast period. With the growing construction, energy sector and aviation sector in countries like China, India, Japan, and South Korea, the consumption of reinforced concrete is increasing in the region.
- The aviation industry in China was said to be adding around 6,000 new airplanes between 2016 and 2033. China’s domestic air passenger market experienced the biggest incremental rise, in terms of the number of journeys made by passengers as compared with previous years.
- Furthermore, the infrastructure sector is an important pillar of the Indian economy. The government is taking various initiatives to ensure the timely creation of an excellent infrastructure in the country. The government is focusing on railways, road development, housing, and urban development, and airport development.
- Such factors in turn ae boosting the demand for the reinforced plastics.
The reinforced plastics market is fragmented in nature. Some of the key players in the market include Solvay, BASF SE, Reliance Industries Ltd., Present Advanced Composites Inc, and Nikkiso Co., Ltd., among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support