The Global Market for Reinforced Plastics is Projected to Reach 9 Million Tons by 2022

Rising Emphasis on Lightweight Materials in Automotive, Aerospace & Wind Energy Sectors to Drive Demand for Reinforced Plastics, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry trends, growth drivers, market share, size and demand forecasts on the global Reinforced Plastics market. The global market for Reinforced Plastics is projected to reach 9 million tons by 2022, driven by the growing emphasis on energy efficiency and lower emissions and the ensuing strong demand for lightweight materials in industries such as automotive, aerospace and wind energy, among others.

Reinforced plastics are a versatile category of composite materials in which plastic’s temperature and low-modulus limitations are overcome by reinforcing the same with high-modulus fibers. Low weight, high mechanical strength, impact resistance, excellent electrical and thermal insulation comprise key material features fuelling their adoption across myriad industries.  The growth in the market is primarily driven by growing manufacturer focus especially in the automotive and aerospace sectors to design and develop lightweight systems. Demand for reinforced plastics is also gathering steam in the infrastructure sector driven by the growing need for materials that not only offer design flexibility, but also ensure creation of stronger, lighter and corrosion resistant structures, compared to steel and concrete.

Of various reinforced plastics, glass fiber reinforced plastics (GFRP) or fiberglass and carbon-fiber-reinforced plastics (CFRP) variants continue to gain traction in several light-weighting applications. Fiberglass represents the widely used form of reinforced plastic, given its benefits such as corrosion resistance, lower weight, higher strength, and relatively low price than other reinforced plastics. The advent of hybrid materials involving combination of carbon fiber and glass fiber, are presenting new opportunities for growth. Long fiber reinforced thermoplastic composites are increasingly finding use in demanding structural applications requiring superior mechanical properties such as excellent dimensional stability, high notched impact strength, and creep and fatigue resistance. The automotive sector represents the largest and the fastest growing end-use market, led by growing manufacturer focus on incorporating advanced materials and fuel efficient designs to comply with prevailing regulatory standards. The use of reinforced plastics in the aerospace & defense sector has also increased considerably over the year. The growing use of composites in the manufacture of aircraft components such as floor beams, engine nacelles, wings, and vertical stabilizers will continue to bolster growth, especially in the CFRP market. Wind turbine manufacturing also offers strong potential for the consumption of reinforcement plastics in building longer and lighter blades with improved performance.

As stated by the new market research report on Reinforced Plastics, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 5.9% over the analysis period. The growth in the region is led by healthy economic growth and development of major end-use industries such as automotive, electrical & electronics, consumer products, and construction, among others; expansion of carbon fiber manufacturing capacity in China; and growing prominence of Asian countries as manufacturing hubs for vehicle/machinery parts/components, plastics, and electronics. 

Major players covered in the report include 3B-the fiberglass company, A. Schulman Inc., BASF SE, China Fiberglass Co., Ltd., Chongqing Polycom International, Continental Structural Plastics, Core Molding Technologies Inc., DowAksa Advanced Composites, E. I. du Pont de Nemours and Company, Fiber Reinforced Plastics (NZ) Ltd., Fiberset Incorporated, Hanwha Advanced Materials Corporation, Haysite Reinforced Plastics, Hexcel Corporation, Kuraray Co. Ltd., McClarin Plastics LLC, Mitsubishi Rayon Co. Ltd., Owens Corning Inc., PolyOne Corporation, PPG Industries Inc., Saint-Gobain SA, SGL Group – The Carbon Company, Solvay S.A., Taishan Fiberglass Inc., Teijin Ltd., Toho Tenax Co., Ltd., Toray Industries Inc., and Washington Penn Plastic Co. Inc.

The research report titled “Reinforced Plastics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in volume terms for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Latin America, and Rest of World. The report also analyzes the market by following end-use sectors – Transportation, Construction, Electrical & Electronics, Consumer Products, Others (Includes Business Equipment, Dental/Medical Equipment, Industrial Machine Housings & Bases, Wind Turbines, Marine, Aircraft & Aerospace/Defense, and Oil & Gas sectors among others).

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