Growing application of reinforced plastics in various industries is expected to grow the global reinforced market in the coming years. The reinforced plastic is widely used in the marine sector to make watercrafts it can substitute wood and steel structures, and gives a wide range of shading choices. The use of reinforced plastic also helps in protecting products during climate change.
The reinforced plastic is also widely used in the automobile industry owing to its unique properties such as malleability and low weight. In addition to that, high resistance to corrosion and chemical attack that has increased its demand in the chemical industry for making pipes, chemical storage vessels, and fume scrubber. The role of reinforced plastic in the automotive segment is rising due to increasing disposable in emerging economies that are growing the demand for finished and highly refined automobiles.
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The global reinforced plastics market is projected to rise at a healthy CAGR of 7.6% during the forecast period between 2013 and 2019. The valuation for the market is projected to attain US$15.82 bn by the end of 2019.
GFRP Dominates Reinforced Plastics Market Due to Rising Significance in Various Industries
The global reinforced plastics market is classified on the basis of application and product segments. The type products include aramid fiber reinforced plastics, carbon fiber reinforced plastics (CFRP), glass fiber reinforced plastics (GFRP), and others including metal, natural, boron, graphite fibers. Out of these segments, the GFRP is dominating the market due to its minimal accessibility and effort. Growing use of GFRP in electrical gadgets, automotive, and construction & infrastructure attributing to the growth of this segment. On the other hand, lightweight and design flexibility by the CFRP is rising in aircraft and wind turbine blades, as it increases aerodynamic efficiency.
On the basis of application, the global reinforced market is categorized into automotive, aerospace and aviation, building and construction, wind energy, electrical and electronics, marine, and others. Out of these, in 2012 the automotive segment dominated the global reinforced plastics market due to rising interest for automobiles in Asia Pacific. In addition to that booming demand for lightweight vehicles in Europe is also responsible for the growth of this segment. The second position was held by building and development segment in the global reinforced plastics market. On the other hand, aerospace and aviation segment is projected to rise at 6.6% of CAGR during the forecast period mainly because of rising preference to travel in flight over different methods of transportation. Application of reinforced plastics is also seen in wind turbines as it provides sharp edges and increases its efficiency.
Rising Automotive Industry in North America to Boost Market Growth
Geographically, North America dominated the global reinforced plastics market due to its high significance in automotive and electrical and electronics segment. Asia Pacific held the second position in this market because of the rising application of reinforced plastics in various industries in the region.
In the competitive landscape section, various leading players in the market are analyzed. Some of the prominent players are BASF SE, Haysite Reinforced Plastics, DuPont, Binani Industries, and Huntsman Corporation.