Albany, NY, June 30, 2015 (GLOBE NEWSWIRE) -- The research report states that the global reinforced plastics market stood at US$8.42 billion in 2012 and is expected to reach US$15.82 billion by 2019, expanding at a 7.6% CAGR from 2013 to 2019.
Economic growth and rising disposable income is surging demand for automobiles in Asia Pacific, which is one of the major growth drivers of the reinforced plastics market. Additionally, increasing construction activities due to rapid urbanization in China and India are also boosting the reinforced plastics market.
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Volatile raw material prices and demand-supply gap in the raw material supply chain pose a challenge to the growth of the market. Stringent government regulations pertaining to feedstock in the U.S. and Europe further restrain this market.
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In the energy sector, wind energy is likely to provide momentum to the reinforced plastics market, opening new opportunities for market players. Using reinforced plastics for aerodynamically efficient blades improves the production efficiency of wind turbines, since blades made from reinforced plastics are lighter and are thus easier to propel. Further, R&D activities to develop reinforced plastics based on bio-composites will boost the reinforced plastics market in the coming years.
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By application, the automotive industry emerged as the largest application segment of the reinforced plastics market in 2012. Reinforced plastics are used in the manufacture of various vehicle parts, which is fueling demand from the automotive sector. Using lighter materials in automotive design helps lower the vehicle's environmental impact by increasing its fuel efficiency. In Europe, strict regulations for CO2 emissions from vehicles are driving demand for plastics. Use of reinforced plastics reduces vehicle weight by up to 50%.
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Further, as per TMR's findings, construction and building applications account as the second largest application segment of the market and are expected to grow at a 6.9% CAGR from 2013 to 2019.
Reinforced plastics are used in printed circuit boards, which accounts for a major share of the electrical and electronics application segment. The aerospace and aviation application segment of the reinforced plastics market is expected to expand at a 6.6% CAGR from 2013 to 2019. This is mainly due to rising air travel and government regulations for lowering CO2 emissions per flying hour, which is driving demand for plastics in this application segment.
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Of all the application segments, marine application will exhibit the lowest growth rate between 2013 and 2019.
Amongst all product types, glass fiber reinforced plastics (GFRP) are the most widely used type of reinforced plastic. Cost-effectiveness and easy availability are the major factors aiding the application of GFRP products in automotive, construction and building, and electrical and electronics.
Carbon fiber reinforced plastics (CFRP) are light in weight and allow design flexibility. Such features make it suitable for aircraft parts and wind turbine blades for increased aerodynamic efficiency. Owing to such reasons, the global CFRP market is estimated to be valued at US$2,469.7 million by 2019.
Due to high demand for these plastics from the construction and building and automotive sectors and the established presence of these industries in the region, North America held a dominant 35% of the global reinforced plastics market in 2012.
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This Report Segments the Global Reinforced Plastics Market as follows:
Reinforced Plastics Market - Product Analysis
- Carbon fiber reinforced plastics (CFRP)
- Glass fiber reinforced plastics (GFRP)
- Aramid fiber reinforced plastics
- Other fiber reinforced plastics (Including natural fibers, metal, etc.)
Reinforced Plastics Market - Application Analysis
- Automotive
- Building & construction
- Aerospace & aviation
- Wind energy
- Marine
- Electrical & electronics
- Others (Including pipe, tanks, consumer goods, etc.)
Reinforced Plastics Market - Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.