Reinforced Plastics - Benefits and Use Cases
Rise in adoption of GFRP composites in the automotive sector, increase in demand for epoxy composite from the wind energy industry, and surge in end-use applications of fiber composites drive the growth of the global reinforced plastics market. However, concerns regarding recycling hinder the market growth. On the other hand, high demand for GFRP composite pipes from the emerging countries creates new opportunities in the coming years. The report offers a detailed segmentation of the global reinforced plastics market based on fiber type, polymer, application, and region.
According to the report published by Allied Market Research, the global reinforced plastics market is expected to cross $295.6 billion by 2027 and witnessing a CAGR of 4.1% from 2020 to 2027.
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By region, Europe held the highest market share, accounting for more than two-fifths of the global reinforced plastics market share in 2019, and will maintain its highest contribution throughout the forecast period. However, Asia-Pacific is expected to grow at the fastest CAGR of 4.8% during the forecast period.
Leading players of the global reinforced plastics market analyzed in the study are BASF SE, Cytec Solvay Group, Binani Industries, Reinforced Plastic Industries, Haysite Reinforced Plastics, SGL Carbon SE, Rezplast Manufacturing Ltd., Teijin Limited, Taishan Fiberglass Inc., and Toray Industries Inc.