Global reinforced plastics market is expected to expand over the forecast period owing to numerous applications in the construction industry. Special properties such as low weight and easy maintenance have made the product popular in building and construction sector. Construction industry is expected to expand over the forecast period, due to increasing developing activities in emerging nations such as India and China. Reinforced plastics are used to manufacture boats in marine sector, substituting wood and steel buildings and helping provide different color options, high gloss and weather protection. These are also applied in automotive industry, owing to unique properties such as mouldability, high quality surface finishes and low weight. Automotive sector is expected to expand significantly due to increasing disposable income and improved standards of living in emerging economies. Reinforced plastics are also applied in defense sector and this segment is expected to expand, owing to rising cross border tensions between numerous countries. Other properties such as resistance to corrosion and chemical attack have also made the product popular in the chemical industry for pipe constructions and fume scrubber production along with chemical storage vessels. Growing reinforced plastics demand in wind turbine industry and of light weight fuel efficient cars & aircrafts are anticipated to provide lucrative opportunities for reinforced plastics market growth. Emergence of new technologies in the sector is expected to provide several opportunities for key market players over coming seven years. These numerous factors are anticipated to propel reinforced plastics market over the forecast period. However, less availability and price fluctuations of raw materials is expected to have a negative impact on the product market over the forecast period.
Reinforced plastics belong to a new class of materials designed to overcome limitations of traditional materials such as low modulus properties and temperature by combining them with fibers. They belong to versatile family of composites and can be utilized in almost in every field. Typical resistant plastics consist of unsaturated polyester resin combined mostly with glass fiber to form rigid material displaying superior qualities such as chemical resistance, light weight, design freedom, high levels of stiffness, good electrical insulating properties and retention of dimensional properties at various temperatures. Major polymers used reinforced plastics manufacturing include phenol formaldehyde, polyester, vinyl ester and epoxy resins along with common fibres such as cellulose, asbestos, metal, carbon & glass. Other engineering plastics and speciality polymers are also being combined with fibres to enhance product durability and improve overall performance. The market can also be segmented on the basis of product that is, the type of plastic and type of fibre reinforcement used.
North American market is expected to witness significant growth, owing to expansion of automobile industry in the region. Asia Pacific region is also project to generate high demand owing to increasing infrastructural activities in the emerging nations such as China and India. These countries have enormous potential for high reinforced plastics demand. European region is also expected to witness enhanced product demand over the forecast period, owing to expansion in automobile industry in this region.
Market participants are carrying out several R&D activities to explore new applications and introduce new developed products into the market. Technological developments in resin technology are believed to bring a more versatile and cost effective product into the market that may act as a substitute to traditional materials such as wood, concrete & metal. They are also adopting various marketing and promotional strategies to penetrate into low penetrated markets such as Middle East and African countries. Market participants are actively involved in numerous activities to manufacture products that comply with strict environmental regulations. These factors are slated to boost reinforced plastics demand over the forecast period.
Major market players operating in reinforced plastics market are Huntsman Corporation, BASF SE, Haysite Reinforced Plastics, Dow Chemical Company, Du Pont, Celanese Corporation, Binani Industries, Solvay, Ahlstrom and PPG Industries
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.