Reinforced Plastics Market size is projected to reach $295.6 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027

According to a new report published by Report Ocean 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.

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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.

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This release was published on openPR.