Reinforcement offers versatility in manufacturing with improved and optimized material properties. Particulate plastic reinforcements are also used in modern manufacturing methods such as injection molding, resulting in overall operating cost reduction. Natural fibers such as flax, jute, kenaf, hemp and sisal provide various benefits, such as weight reduction, cost reduction and recyclability.
The global reinforced plastics market was valued at $228.4 billion in 2019, and is projected to reach $295.6 billion by 2027, growing at a CAGR of 4.1 percent from 2020 to 2027, the report suggested.
Reinforcements are used for enhancing properties such as stiffness and strength in composite materials. Glass fibers are considered the main reinforcements for polymer matrix composites, due to properties such as low moisture resistance, high electrical insulating properties and superior mechanical properties, depending on the alumina-lime-borosilicate composition.
The increasing demand for reinforced plastics in the aerospace & defense and automotive sectors drives the market. Requirement of reinforced plastics in other sectors such as electronics, defense, wind energy and building & constructions contributes to further reinforced plastics market growth. The huge investment in Carbon Fiber Reinforced Plastics (CFRP) R&D led to an increase in the number of patents. Polyacrylonitrile (PAN)-based raw material is majorly used for CFRP production.
On the other hand, new advances in carbon/glass hybrid structures and growth in adoption of carbon fiber reinforced polymers in the medical industry are expected to provide significant opportunities to the market players during the forecast period.
However, the costly and complicated method of carbon fiber processing, problems related to recycling as well as disposal of glass fibers, and the heavy weight of particulate matter in reinforced composites are hampering the growth of the demand for reinforcing materials.
The global reinforced plastics market is segmented based on fiber type, polymer, application, and region. Based on fiber type, the market is divided into glass fiber, carbon fiber, aramid fiber, and others. Based on polymer, the market is segmented into thermoset and thermoplastic. Based on application, the market is divided into automotive, building & construction, aerospace & aviation, wind energy, marine, electrical & electronics, others. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The manufacturers studied and profiled in the global reinforced plastics market are BASF SE, Binani Industries, Cytec Solvay Group, Haysite Reinforced Plastics, Reinforced Plastic Industries, Rezplast Manufacturing Ltd, SGL Carbon SE, Taishan Fiberglass Inc, Teijin Limited and Toray Industries Inc.
Market - By Fiber Type
By fiber type, the glass fiber has emerged as the biggest product segment in the global market for reinforced plastics. Glass fiber is a material that is robust, lightweight and strong. During the study period, carbon fiber is expected to witness the fastest increase. Carbon fiber properties such as low weight and thermal expansion, high stiffness, tolerance to temperature, and high chemical resistance make it very common in industrial and other applications.
Market - By Polymers
By polymers, the thermoplastic has emerged as the biggest product segment in the global market for reinforced plastics. Thermoplastic composites are used to manufacture various automotive components, rail coaches, and heavy vehicles. These materials are lightweight and help reduce the weight of cars, which leads to reduced CO2 emissions.
Market - By Application
By application, the automotive segment accounted for the largest share of revenue. Reinforced plastics are widely used as metal substitutes in various automobiles, trucks, and others. Top suppliers require products that are resistant to corrosion, fire retardant and durable to meet the demand for adhesives, resins, putties, reinforcements and gels in transport applications.
Market - By Region
By region, Europe is a significant contributor to the global demand for reinforced plastics. Demand for fiber reinforced plastics is largely dominated by Western European countries, where the presence of well-established automotive, aerospace & defense, construction, and electrical & electronics industries is expected to continue to witness high demand.
Impact Of Covid-19 On Global Reinforced Plastics Market
The outbreak of Coronavirus took place in November 2019 and soon spread worldwide. It easily turned into a pandemic and has impacted the whole world, affecting human lives economically as well as on personal levels.
For many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. The product’s upcoming demand is hindered, as there is no development.
Reinforced plastics are primarily used in manufacturing, aerospace & defense, automotive, and wind energy; and as a reaction to the national lockdown, these sectors were experiencing a sudden decline in growth rates.
The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement.
During this lockdown, there are some probabilities of an increase in the demand for the fiber reinforced plastics products in aerospace & defense due to India-China border issues.
The above factors have thus impacted growth of the reinforced plastics market owing to the Covid-19 pandemic.
