Reinforced Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021

The market for reinforced plastics is expected to grow at a CAGR of more than 5% during the forecast period. Growing demand from aerospace industry driving the demand of the market studied. However, high recyclability issues likely to hinder the market.

Asia-pacific dominated the market with a significant share and is estimated to continue its dominance during the forecast period.
The energy and power segment is estimated to witness the fastest growth during the forecast period.

Key Market Trends

Automotive Segment Dominated the Market

The automotive industry is the key consumer of reinforced plastics market across the globe. Reinforced plastics are widely used as metal substitutes in various automobiles, trucks, etc.
Additionally, increasing demand for lightweight materials and higher fracture points than the traditional materials is attracting the automotive manufacturers toward reinforced plastics.
Some of the areas of the application include engine components such as manifold, gas and clutch pedals, etc.
The increased production and sales of automotive across the globe primarily in Asia-Pacific in the past has boosted the demand.
However, the recent decline in automotive production since the past two years is hindering the growth of the market studied.

Asia-Pacific to Dominate the Market

Asia-Pacific dominated the market and is expected to witness a significant increase, over the forecast period. With the growing construction, energy sector and aviation sector in countries like China, India, Japan, and South Korea, the consumption of reinforced concrete is increasing in the region.
The aviation industry in China was said to be adding around 6,000 new airplanes between 2016 and 2033. China’s domestic air passenger market experienced the biggest incremental rise, in terms of the number of journeys made by passengers as compared with previous years.
Furthermore, the infrastructure sector is an important pillar of the Indian economy. The government is taking various initiatives to ensure the timely creation of an excellent infrastructure in the country. The government is focusing on railways, road development, housing, and urban development, and airport development.
Such factors in turn ae boosting the demand for the reinforced plastics.

Competitive Landscape

The reinforced plastics market is fragmented in nature. Some of the key players in the market include Solvay, BASF SE, Reliance Industries Ltd., Present Advanced Composites Inc, and Nikkiso Co., Ltd., among others.

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1 INTRODUCTION

1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers
4.1.1 Growing Demand from Aerospace Industry
4.1.2 Rising Demand for Fuel Efficient and Light-weight Vehicles
4.2 Restraints
4.2.1 High Recyclability Issues
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION

5.1 Type
5.1.1 Glass Fiber Reinforced Plastics
5.1.2 Carbon Fiber Reinforced Plastics
5.1.3 Aramid Fiber Reinforced Plastics
5.1.4 Other Types
5.2 End-user Industry
5.2.1 Automotive
5.2.2 Marine
5.2.3 Aerospace and Defense
5.2.4 Energy and Power
5.2.5 Construction
5.2.6 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Celanese Corporation
6.4.3 Formosa Plastics Corporation
6.4.4 Hexcel Corp
6.4.5 Nikkiso Co., Ltd.
6.4.6 PPG Industries Inc.
6.4.7 Present Advanced Composites Inc
6.4.8 Relaince Industries Ltd.
6.4.9 Solvay
6.4.10 Teijin Limited

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

7.1 Increasing Demand from Wind Energy