Press release
Reinforced Plastics Market Latest Demand In Aerospace & Aviation To Reach Worth $295.6 Billion By 2027
Reinforced Plastics Market
Drivers, restraints, and opportunities
Surge in implementation of GFRP composites in the automotive industry, rise in epoxy composite demand from the wind energy sector, and increase in applications of fiber composites propel the growth of the global reinforced plastics market. However, issues related to recycling restrain the market growth. Contrarily, increase in demand of GFRP composite pipes from developing nations presents lucrative opportunities in the coming years.
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Covid-19 Scenario
• Owing to disrupted supply chain, manufacturers are unable to procure sufficient quantities of raw material. The lockdown imposed by governments is responsible for this disruption.
• In addition, daily operations and manufacturing activities in the end-use industries such as automobile, aviation, construction, marine, and others have been halted due to the lockdown to curb infection. This, in turn, resulted in significant decrease in demand.
• Economic turbulence occurred with outbreak of coronavirus, due to which, new investments have been frozen by investors.
• Many countries have eased off lockdown after a certain period, so manufacturing activities in different industries have been resumed. The demand would grow steadily.
The glass fiber segment to continue its leadership status during the forecast period
Based on fiber type, the glass fiber segment held the highest market share in 2019, accounting for nearly two-thirds of the total market share, and is estimated to continue its leadership status during the forecast period. This is attributed to rise in demand from transportation, construction, and aerospace & defense industries due to its excellent mechanical properties and better strength in certain forms than steel. However, the carbon fiber segment is projected to register the fastest CAGR of 4.7% from 2020 to 2027, owing to increase in demand from CNG, hydrogen cylinder, and electric cars along with rise in commercial aircraft production.
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The thermoplastic segment to maintain its dominant share throughout the forecast period
Based on polymer, the thermoplastic segment contributed to nearly four-fifths of the total market share of the global reinforced plastics market in 2019, and is expected to maintain its dominant share throughout the forecast period.
This is attributed to its lesser dense nature than thermosets, which made them a viable option for weight critical applications. Contrarily, the thermoset segment is estimated to witness the highest CAGR of 4.6% from 2020 to 2027, owing to rise in sales of electronics devices in developing nations.
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Europe, followed by North America, to maintain its dominance in terms of revenue by 2027
Based on region, Europe, followed by North America, accounted for the largest market share, holding more than two-fifths of the global reinforced plastics market in 2019, and is projected to maintain its dominance in terms of revenue during the forecast period. This is due to the presence of well-established automotive, construction, aerospace and defense, and electrical and electronics industries. However, Asia-Pacific is expected to grow at the fastest CAGR of 4.8% during the forecast period, owing to lucrative opportunities from various sectors such as aerospace, manufacturing, and electrical & electronics.
Leading Market Players
• 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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Similar Research Report:
Reinforcement Materials Market: Global Analysis and Industry Forecast 2020–2027@ https://www.alliedmarketresearch.com/reinforcement-materials-market
Reinforcement offers versatility in manufacturing with improved and optimized material properties.
Key Market Segments
By Material Type
Glass Fiber
Roving
Woven Roving
Fabrics
CSM/CFM
Chopped Strand
Others
Carbon Fiber
By Precursor
PAN
Pitch, Rayon & Others
By Fiber Type
Woven Fabric
Thermoset UD Prepreg
Thermoset Fabric Prepreg
Thermoplastic Prepreg
Raw Fiber
Molding Compounds
Aramid Fiber
Para-Aramid Fiber
Meta-Aramid Fiber & Others
Natural Fiber
Hemp
Flax
Kenaf
Jute
Others
Steel Rebar
By End-User
Construction
Aerospace & Defense
Transportation
Wind Energy
Consumer Goods
Industrial
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Contact:
David Correa
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Fax: +1-855-550-5975
Web: https://www.alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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