New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Plastics for Composites Market Size, Share, Demand, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis By Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinylchloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)] and Technology (Injection Molding, Compression Molding, Pultrusion, Resin Infusion, and Others)” A surge in demand for composites from end-use industries such as aerospace, automobile, and construction is propelling the plastics for composites market growth.
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Global Plastics for Composites Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 23.34 Billion in 2022 |
| Market Size Value by | USD 30.49 Billion by 2028 |
| Growth rate | CAGR of 4.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 180 |
| Historical data available | Yes |
| Segments covered | Type, and Technology |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Plastics for Composites Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00029802/ |
Composite materials are made by combining two different materials having unique properties to achieve the best properties suitable for various applications. Polymer matrix composite is one of the various types of composite materials. As composite material is made by adding two phases—matrix and reinforcement fibers—in polymer matrix composites, polymers are included in a matrix phase and the other suitable materials are taken in the form of small fiber particles. Thermoset resins are the most widely used polymers in polymer matrix composites (PMCs).
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Plastics for Composites: Competitive Landscape and Key Developments
The key players operating in the global plastics for composites market include Lanxess AG, Covestro AG, Celanese Corp, INEOS Group Holdings SA, Daicel Corp, BASF SE, Evonik Industries AG, Solvay SA, Saudi Basic Industries Corp, and Arkema SA. Players operating in the Plastics for Composites market are focusing on providing high-quality products to fulfill customer demand. Also, players are focusing on strategies such as new product launches, partnerships, mergers & acquisitions, and expansion to remain competitive in the market.
Impact of COVID-19 Pandemic on Plastics for Composites Market
The COVID-19 pandemic adversely affected the plastics for composites market growth in 2020 due to the shutdown of manufacturing facilities, and restrictions imposed on transportation and logistics. Disruptions in supply chains also hampered the supply of plastics for composites. To comply with national and regional guidelines, manufacturers introduced extensive modifications to their operations to protect their employees from the SARS-CoV-2 infection. The pandemic wreaked havoc on the historically stable plastic resin industry. The shortage of manpower resulted in the deceleration of plastic production and distribution operations. Disruptions in the global supply chain, increased demand for plastic packaging materials, and shutdown of plastic production facilities, synergistically, led to a severe spike in the prices of plastic goods. Lockdowns imposed by different countries in 2020 hampered the ability of industries to maintain inventory levels. Moreover, sanitary measures and other COVID-19 precautions reduced production capacity significantly, creating a shortage of polyethylene (PE) and polypropylene (PP) inventory. Despite these ill effects on end-use industries, the plastic for composites market began reviving in late 2020 due to relaxations introduced by countries in social restrictions and significant measures taken, e.g., well-coordinated vaccination drives, to fight back. The recovery of various end-use industries is driving the plastics for composites market growth in the post-pandemic recovery period.
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Plastics for Composites Market: Segmental Overview
Based on type, the plastics for composites market is segmented into thermoset (polyester, vinyl ester, epoxy, polyurethane, and others) and thermoplastic (polypropylene, polyethylene, polyvinyl chloride, polystyrene, polyethylene terephthalate, polycarbonate, and others). The thermoset segment held a larger share of the market in 2021. Thermoset is a popular polymer matrix material for fiber-reinforced composites. Common examples of thermosets include epoxies and polyesters. They are among the major types of matrix systems, specifically used in the aerospace industry. Thermoset matrix composites are more extensively used than thermoplastic matrix composites due to their lower viscosity at relatively low temperatures (less than 100°C), which better facilitates the resin/fiber wetting process. These factors are expected to drive the growth of the market for thermoset matrix components.
The plastics for composites market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the global market and is expected to register the highest CAGR during the forecast period. The flourishment of construction, wind power, electronics, and automotive industries is creating favorable business opportunities for the plastics for composites market players to grow in this region.
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The "Plastics for Composites Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry, focusing on the plastics for composites market trend analysis. The report aims to provide an overview of the market with detailed segmentation. The plastics for composites market is segmented on the basis of type, technology, and geography. Based on the type, the market is segmented into thermoset (polyester, vinyl ester, epoxy, polyurethane, and others) and thermoplastic (polypropylene, polyethylene, polyvinyl chloride, polystyrene, polyethylene terephthalate, polycarbonate, and others). Based on technology, the market is segmented into injection molding, compression molding, pultrusion, resin infusion, and others. In terms of geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the plastics for composites market. The region is expected to register the highest CAGR in the market during the forecast period.
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