Global Reinforced Plastics Market to Reach US$15.82 bn by 2019, Driven by High Demand from Automotive Industry

A report published by Transparency Market Research (TMR), titled “Reinforced Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019” pegs the value of the global reinforced plastics market at US$8.42 bn in 2012. Rising at a positive CAGR of 7.6% between 2013 and 2019, the market is anticipated to reach US$15.82 bn by the end of the forecast period.

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The demand for reinforced plastics is gradually rising due to the growing construction activities and robust growth witnessed in automotive manufacturing. The increasing application of reinforced plastics in the aerospace and aviation sectors will further bolster demand for the same. Despite volatility in raw material prices creating a bottleneck for the reinforced plastics market, the industry will capitalize on the rising demand from the wind energy sector. The demand for reinforced plastics, therefore, is poised to exponentially increase in the near future.

Reinforced plastics include resins that are subsequently reinforced with fibers to improve physical and structural properties. The report segments the reinforced plastics market into building and construction, automotive, aerospace and aviation, wind energy, electrical and electronics, marine, and others in terms of application, and studies the demand exhibited by these segments respectively during the forecast period. Of these, the automotive industry held the largest share of the market in 2012. However, the demand from the aerospace and aviation segment is likely to expand at a CAGR of 6.6% between 2013 and 2019.

Based, on the type of product, the reinforced plastics market is classified into glass fiber reinforced plastics (GFRP), aramid fiber reinforced plastics, carbon fiber reinforced plastics (CFRP), and others. Of these, GFRP is the most widely used variety of reinforced plastic. Easy availability and cost-effectiveness are the key factors aiding increased use of GFRP in construction and building, automotive, and electrical and electronic industries. Since CFRP is lightweight, allows design flexibility, and provides aerodynamic efficiency it is used for producing wind turbine blades and aircraft parts. Driven by such rising demand, the global CFRP market is anticipated to reach US$2.46 bn by 2019.

In the past few years, Asia Pacific has emerged as a lucrative regional market for reinforced plastics. Economic growth and the rising disposable income of people living in the emerging economies of Asia Pacific is fuelling demand for reinforced plastics from the region. The market in the near future is anticipated to capitalize on the rapid urbanization in India and China.

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Regionally, North America held the dominant share of 35% of the global reinforced plastics market in 2012. Asia Pacific follows North America in terms of consumption. Despite witnessing a surge in demand over the last few years, the stringent regulations pertaining to feedstock enforced in the U.S. and the leading economies of Europe will inhibit the market’s growth to an extent. The market, however, will gain impetus from the wind energy sector in the energy industry, paving new opportunities for the enterprises to capitalize on. The industrial sector uses reinforced plastics for producing aerodynamically efficient blades, which have visibly improved the production efficiency of wind turbines because the blades manufactured from reinforced plastics are lighter and therefore, easier to propel. Further investment on research and development of bio-composites-based reinforced plastics will boost the market in the coming years.

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