Selbyville, Delaware, Sept. 20, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the Pultrusion Products Market will be valued at over USD 4 billion by 2030.
Increasing application potential of pultruded products in sectors such as civil engineering, residential construction, and automotive is one of the primary factors driving market growth. Increasing infrastructural development has accelerated the deployment of pultrusion products. According to a Construction Project Momentum Index, the Middle East and North Africa region registered a score of 1.21 due to the rising number of construction projects in the region, propelling industry demand.
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Fluctuations in raw materials costs will hamper industry growth
The process of pultrusion uses raw materials such as epoxy, unsaturated polyester, polyurethane, phenol resins, thermoplastics, and unsaturated vinyl ester. These materials are primarily extracted from petroleum products, which is why these resins are priced based on crude oil prices. Prices for petroleum products and crude oil can be affected by weather conditions and geopolitical scenarios that disrupt supply chains and prevent these products from reaching desirable markets. This demand-supply inflexibility causes volatility in oil prices, which may, in turn, impact market dynamics.
Expansive scope of applicability to augment demand for aramid fibers
Based on fiber, the pultrusion products market from aramid fiber segment is projected to depict a CAGR of more than 3% through 2030. This growth can be credited to the rising adoption of aramid fibers in products such as fire-resistant apparel, military-grade equipment, and helmets. Aramids are high-performance fibers and have relatively rigid polymer chains. The pultrusion process utilizes aramid fibers to develop various products which are used in bulletproof jackets, firefighting gear, military-grade helmets, etc.
Strong physical characteristics of polyurethane to bolster market expansion
In terms of resin, pultrusion products market from polyurethane resin is expected to exhibit a CAGR of 2.5% during the forecast period.
Polyurethane enables high-strength composites to design thin cross-sectional components. Growing demand for complicated structures in addition to cost savings has increased the deployment of pultrusion products based on polyurethane. The resin has high levels of fatigue and impact resistance. Furthermore, polyurethane shrinks far less in comparison to unsaturated polyesters. These profiles are generally used when a structure is required to provide top performance, which is anticipated to stimulate industry statistics.
Browse key industry insights spread across 479 pages with 641 market data tables & 36 figures & charts from the report, “Pultrusion Products Market size by Fiber (Glass, Carbon {End-uses [Civil engineering, Wind Energy, Aerospace]), Aramid), Resin (Polyester, Epoxy, Polyurethane, Vinyl Ester), By End-Use (Industrial, Housing, Power & Energy {Wind Energy, Solar Energy, Hydroelectric Power}, Consumer, Civil Engineering, Automotive, Aerospace), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pultrusion-products-market
Surge in electricity production to increase market size in power & energy application
According to end-use, pultrusion products market from power & energy segment is anticipated to reach 40 Kilo tons by 2030. There has been a surge in the production of electricity using renewable sources such as solar energy and wind energy. Rising government initiatives and expenditure toward renewables have augmented the development of various components necessary to generate electricity, promoting pultrusion products industry expansion.
Growing housing sector in Europe to expedite industry demand
Geographically, the Europe pultrusion products market is expected to depict a 2.5% CAGR through 2030, driven by the robust housing sector in the region. The COVID-19 pandemic, in its early stages, caused the general population to remain indoors to curb viral transmission, which encouraged house renovations using customizable and durable products and materials. This spike in consumer demand has increased the employment of pultrusion products, and in consequence, bolstered the regional market outlook.
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Crucial business deals between companies to transform market landscape
Key industry players involved in the pultrusion products market include Haysite reinforced plastics, Liberty Pultrusions, Toray Industries Inc, Pultron Composites Limited, Tencom Ltd., Fibergrate Composite Structures Inc, Fiberline Composites A/S, Jamco, Avient, Arvind Composites (Arvind Ltd.), Exel Composites, Bedford reinforced plastics, Faigle Kunstsoffe GmbH, Strongwell Corporation, Creative Pultrusions, Jiangsu Jiuding New Material Co. Ltd., Werner Ladder, Masco, Pultrex.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
