Reinforced Plastics Market Size (2024 - 2029)

The reinforced plastics market is projected to experience growth over the forecast period, driven by increasing demand from sectors such as automotive, aerospace, defense, and construction. Despite challenges posed by the non-degradable nature of reinforced plastics, the market is expected to benefit from opportunities in the wind energy sector. The Asia-Pacific region is anticipated to lead the market due to its rising demand from construction, defense, and transportation industries. The market's recovery post-COVID-19 is attributed to the resurgence in manufacturing and the need for fuel-efficient, lightweight vehicles.

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Market Size of Reinforced Plastics Industry

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Reinforced Plastics Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 5.36 Million
Market Size (2029) USD 6.81 Million
CAGR (2024 - 2029) 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Reinforced Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Reinforced Plastics Market Analysis

The Reinforced Plastics Market size is estimated at USD 5.36 million in 2024, and is expected to reach USD 6.81 million by 2029, growing at a CAGR of less than 5% during the forecast period (2024-2029).

The COVID-19 pandemic negatively affected the market for reinforced plastics. The nationwide lockdowns in several countries and the labour shortage due to social distancing measures had negatively resulted in the closure of manufacturing facilities of automotive vehicles, thereby affecting the market for reinforced plastics. However, post-COVID pandemic, the market recovered well due to increasing demand from the automotive, aerospace, defense, and construction industries.

  • The growing demand from the aerospace industry and the rising demand for fuel-efficient and lightweight vehicles are expected to drive the market for reinforced plastics.
  • The non-degradable nature of reinforced plastic is hindering market growth.
  • The increasing demand for wind energy is expected to create opportunities for the market during the forecast period.
  • The Asia-Pacific region is expected to dominate the market due to the rising demand for reinforced plastics from the construction, defense, and transportation industries.

Reinforced Plastics Industry Segmentation

Reinforced plastics are composite materials made by reinforcing plastics with different types of fibers. The fiber materials used in reinforcing plastics include carbon, metal, and non-metallic fiber. The reinforced plastic is widely used in the automotive and aerospace industries due to its unique properties, such as low weight.

The reinforced plastics market is segmented by type, end-user industry, and geography. By type, the market is segmented into glass fiber-reinforced plastics, carbon fiber-reinforced plastics, aramid fiber-reinforced plastics, and other types (wood fiber-reinforced plastics, asbestos fiber-reinforced plastics). By end-user Industries, the market is segmented into automotive, marine, aerospace and defense, energy and power, building and construction, and other end-user industries (electrical, chemicals, etc.). The report also covers the market size and forecasts for reinforced plastics in 15 countries across major regions. Each segment's market sizing and forecasts are based on value (USD).

Type
Glass Fiber Reinforced Plastics
Carbon Fiber Reinforced Plastics
Aramid Fiber Reinforced Plastics
Other Types (Wood Fiber Reinforced Plastics, Asbestos Fiber Reinforced Plastics)
End-user Industry
Automotive
Marine
Aerospace and Defence
Energy and Power
Building and Construction
Other End-user Industries (Electrical, Chemicals, etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Reinforced Plastics Market Size Summary

The reinforced plastics market is poised for growth, driven by increasing demand from key industries such as automotive, aerospace, defense, and construction. The market experienced a setback during the COVID-19 pandemic due to manufacturing disruptions, but has since rebounded. The automotive sector, in particular, is a significant consumer of reinforced plastics, utilizing them as metal substitutes to enhance vehicle efficiency and reduce weight. This trend is supported by the rising production of vehicles globally, including in major markets like China, the United States, and Germany. The expansion of the electric vehicle market further bolsters the demand for reinforced plastics, as these materials offer advantages in terms of weight reduction and durability.

The Asia-Pacific region is expected to dominate the reinforced plastics market, fueled by robust growth in the automotive, construction, energy, and aviation sectors in countries such as China, India, Japan, and South Korea. China's position as a leading automotive manufacturer and its substantial construction investments contribute significantly to the market's expansion. Additionally, the region's aerospace industry is poised for growth, with increased aircraft production capacity in China and substantial investments in India's aviation sector. Despite challenges such as the non-degradable nature of reinforced plastics, the market is anticipated to benefit from opportunities in wind energy and other emerging sectors, with major players like BASF SE, Celanese Corporation, and Solvay driving innovation and production capacity.

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Reinforced Plastics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from Aerospace Industry

      2. 1.1.2 Rising Demand for Fuel Efficient and Light-weight Vehicles

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Non-Degradable Nature of Reinforced Plastic

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Glass Fiber Reinforced Plastics

      2. 2.1.2 Carbon Fiber Reinforced Plastics

      3. 2.1.3 Aramid Fiber Reinforced Plastics

      4. 2.1.4 Other Types (Wood Fiber Reinforced Plastics, Asbestos Fiber Reinforced Plastics)

    2. 2.2 End-user Industry

      1. 2.2.1 Automotive

      2. 2.2.2 Marine

      3. 2.2.3 Aerospace and Defence

      4. 2.2.4 Energy and Power

      5. 2.2.5 Building and Construction

      6. 2.2.6 Other End-user Industries (Electrical, Chemicals, etc.)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle East and Africa

Reinforced Plastics Market Size FAQs

The Reinforced Plastics Market size is expected to reach USD 5.36 million in 2024 and grow at a CAGR of less than 5% to reach USD 6.81 million by 2029.

In 2024, the Reinforced Plastics Market size is expected to reach USD 5.36 million.

Reinforced Plastics Market Report Snapshots

Reinforced Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)