The report by Allied Market Research on the reinforced plastics market provides a wide-ranging study of the global market size & forecast, region-wise outlook, segmental study, competitive landscape, market opportunities, major drivers, and key industry trends.the global reinforced plastics market generated $228.4 billion in 2019, and is expected to garner $295.6 billion by 2027, witnessing a CAGR of 4.1% from 2020 to 2027

The reinforced plastics market is analyzed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). These insights help to devise strategies and create new opportunities to achieve exceptional results.

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By region, Europe held the highest market share, accounting for more than two-fifths of the global reinforced plastics market share in 2019, and will maintain its highest contribution throughout the forecast period. However, Asia-Pacific reinforced plastics market is expected to grow at the fastest CAGR of 4.8% during the forecast period.

By polymers, the thermoplastic has emerged as the biggest product segment in the global reinforced plastics market. Thermoplastic composites are used to manufacture various automotive components, rail coaches, and heavy vehicles. These materials are lightweight and help reduce the weight of cars, which leads to reduced CO2 emissions.

By Fiber Type

  1. Carbon Fiber
  2. Glass Fiber
  3. Aramid Fiber
  4. Others

By fiber type, the glass fiber segment accounted for the largest market share in 2019, contributing to nearly two-thirds of the total share, and is expected to maintain its lead position throughout the forecast period. However, the carbon fiber segment is estimated to witness the highest CAGR of 4.7% from 2020 to 2027.

Rise in adoption of GFRP composites in the automotive sector, increase in demand for epoxy composite from the wind energy industry, and surge in end-use applications of fiber composites drive the growth of the global reinforced plastics market. However, concerns regarding recycling hinder the market growth. On the other hand, high demand for GFRP composite pipes from the emerging countries creates new opportunities in the coming years.

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Leading players of the global reinforced plastics market analyzed in the study are BASF SE, Cytec Solvay Group, Binani Industries, Reinforced Plastic Industries, Haysite Reinforced Plastics, SGL Carbon SE, Rezplast Manufacturing Ltd., Teijin Limited, Taishan Fiberglass Inc., and Toray Industries Inc.

Covid-19 Scenario:

  • Raw material procurement has been affected severely due to disrupted supply chain. The lockdown has been the major factor responsible for the disruption.
  • Moreover, operations and manufacturing activities from end-use industries such as automobile, construction, aviation, marine, and others have been stopped for a certain period with lockdown imposed in many countries. This led to considerable decline in demand.
  • Owing to economic turbulence, new investments have been held back. As the operations resume and the industry gains momentum, there will be new investments in the projects.

 Highlights of the Report

– Competitive landscape of the reinforced plastics market.
– Revenue generated by each segment of the reinforced plastics market by 2027.
– Factors expected to drive and create new opportunities in the reinforced plastics industry.
– Strategies to gain sustainable growth of the market.   
– Region that would create lucrative business opportunities during the forecast period.
– Top impacting factors of the reinforced plastics market.   

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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 domain.

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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