Global Reinforced Plastics Market to Grow at a CAGR of 4% During 2024-2032, Aided by the Rapid Industrialisation

The global reinforced plastics industry is being driven by the increased demand for these plastics in the production of advanced engineering structures. This can be attributed to the growing demand for industrial equipment and machinery, along with heavy-duty vehicles across industry verticals as a result of the rapid industrialisation. In addition, the heightened demand in the manufacturing of electronic gadgets, fuelled by the rapid digitalisation and the rising consumer disposable incomes, is anticipated to augment the market growth in the forecast period. Moreover, the development of environment friendly reinforced plastic solutions is also projected to aid the market in the forecast period, with the growing eco-consciousness among consumers.

The growing demand for lightweight reinforced plastic materials, especially in the production of automobiles, is compelling the leading market players to invest in the development of advanced reinforced plastic solutions. For instance, in February 2021, BASF SE (OTCMKTS: BASFY) announced the expansion of its polyphthalamide (PPA) portfolio of Ultramid® Advanced with carbon-fibre reinforced grades with the additional fillings of 20%, 30% and 40%. This was aimed at enabling consumers to produce lightweight, high-performance plastic components, which are especially required in the automotive industry and electronics and electric devices manufacturing. Furthermore, in November 2021, another leading manufacturer of reinforced plastics, Solvay S.A (OTCMKTS: SVYSF) announced its collaboration with 9T Labs, a leading vendor of automation solutions, to further the mass production of carbon fibre-reinforced plastic (CFRP) parts by adopting advanced technological solutions, including 3D printing. Such developments are expected to positively impact the growth of the reinforced plastics industry in the forecast period.

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Market Breakup by Fibre Type, Polymer, Application, and Region:

• The market is divided, based on fibre type, into carbon fibre, glass fibre, aramid fibre, and others.

• On the basis of polymer, the market can be distributed into thermosets and thermoplastic.

• The industry is segmented, on the basis of application, into automotive, building and construction, aerospace and aviation, wind energy, marine, electrical and electronics, and others.

• Region-wise, the global market for reinforced plastics can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for reinforced plastics is being driven by the rising demand for reinforced plastics in the manufacturing of industrial equipment and advanced engineering structures.

• The rising investments in the construction sector, with the growing development of residential and commercial infrastructure have significantly contributed to the market expansion. 

• Heightened applications of reinforced plastics in the automotive and electronics industry are also aiding the growth of the market. 

• The rising investments by the leading market players in the development of environment friendly reinforced plastic solutions are expected to further propel the market forward.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for reinforced plastics for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the fibre types, polymers, applications, and major regions of reinforced plastics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global reinforced plastics market are BASF SE, Binani Industries Ltd, Solvay S.A, SGL Carbon, Constantia Industries AG, Teijin Limited, Toray Industries, Inc., and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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