Reinforced Plastics Market To Reach $314.95 Billion By 2030

Reinforced Plastics Market Growth & Trends

The global reinforced plastics market size is expected to reach USD 314.95 billion by 2030, registering a CAGR of 2.8% during the forecast period, according to a new report by Grand View Research, Inc. The demand forecast for carbon fiber is expected to dominate the fiber and composites market in automobile industry. Carbon fibers have been further categorized into thermosetting and thermoplastic CFRP. Aerospace & military was the major application segment of CFRP and is expected to witness a significant growth in the forecast period owing to light weight, high durability and improved resistance to temperature & chemicals. The product also finds application in sports & leisure wind turbine, and automotive. Surging automobiles demand and increasing disposable income is expected to drive reinforced plastics market growth over the forecast period. Rapid urbanization and improving infrastructure in emerging nations including India, Vietnam, Indonesia and Brazil are also expected to steer expansion of global production capacities. Reinforced plastics production has witnessed a significant growth in U.S. and Japan owing to the availability of superior technology and abundant availability of resources.

Carbon composites as well as carbon fibers have witnessed a similar market growth in aerospace & defense and wind turbine segments owing to their versatility and high durability. Aerospace & military sectors involve high costs in manufacturing versatile range of products owing to the stringent material inspection and quality standards. Increasing global plastics demand is expected to outmatch the production capacities throughput currently. This provides an opportunity for R&D initiatives to develop cost effective technologies for the production of high performance polymers. Europe reinforced plastics market have witnessed an increased consumption in the automotive, aerospace and wind turbine segment owing to high durability and superior performance of finished products. North America is relatively mature market and is estimated to project significant growth over the forecast period owing to stringent regulatory scenario regarding plastics use and disposal. Increasing population and significant support from regional governments particularly in India, China, Thailand and Malaysia is anticipated to bolster industry expansion in Asia Pacific. Rapid expansion in automotive and construction sectors in Asia Pacific is expected to foster the reinforced plastics demand in the region.

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Reinforced Plastics Market Report Highlights

• In 2023, the carbon fiber segment led the market with the largest revenue share of 34.9%, attributed to the increasing demand for high-performance, lightweight materials in the aerospace and defense sectors.

• Based on type, the glass fiber segment is expected to grow at a significant CAGR over the forecast period. Driven by the increasing use of durable, corrosion-resistant materials in the construction and infrastructure sectors.

• The building & construction segment is poised to grow at the fastest CAGR during the forecast period, attributed to the increasing demand for durable, lightweight, and corrosion-resistant materials in modern infrastructure projects.

Reinforced Plastics Market Segmentation

Grand View Research has segmented the global reinforced plastics market based on type, application, and region:

Reinforced Plastics Type Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Carbon Fiber

• Glass Fiber

• Aramid Fiber

• Others

Reinforced Plastics Application Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Automotive

• Building & Construction

• Aerospace & Aviation

• Wind Energy

• Marine

• Electrical & Electronics

• Others

Reinforced Plastics Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Thailand

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in the Reinforced Plastics Market

• TORAY INDUSTRIES INC

• BASF

• Rezplast Manufacturing Ltd

• BINANI INDUSTRIES

• Taishan Fiberglass Inc.

• Haysite Reinforced Plastics (Constantia Industries AG)

• REINFORCED PLASTIC INDUSTRIES

• SGL Carbon SE

• TEIJIN LIMITED

• Cytec Solvay Group