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Global Reinforced Plastics Market to Reach 7.9 Million Tons by 2017
Reinforced plastics are proving to be an indispensable aspect of modern day life. With applications ranging from simple household appliances to complex industrial, aerospace and defense applications, reinforced plastics are the material of choice for various applications, owing to their superior performance characteristics and design technologies, over their traditional metal counterparts. Housing a wide range of metal suppliers (e.g. Fiber and resin manufacturers, compound suppliers), fabricators, major OEMs and end-users, the global reinforced plastics industry embodies an extremely scattered and dispersed nature.
The field of reinforced plastics is constantly being researched to generate innovative products in sports, recreation, and medical care sectors. Renewable energy markets such as wind energy are emerging as the most promising markets for reinforced plastics. Within the reinforced plastics market, glass, carbon and natural reinforcing fibers constantly compete with each other. Due to the high performance attributes, carbon fiber plastics (CFRP) are substituting glass reinforced plastic (GRP), despite carbon fibers being priced higher than glass fibers. At the same time natural fibers plastics such as wood plastic composites (WPC) are expanding into newer applications such as automobile interiors and consumer goods. WPCs enjoy a significant presence in the North American market, while the European WPC market is still in the initial stage of development.
The glass-fiber reinforced plastics (GFRP) market is expected to gain the pre-recession production level in the near future. Although the CFRP market remained sluggish in the post-recession phase, the market is expected to gather pace in the near term and witness substantial expansion, with the European market constituting a major chunk of the global demand. CFRP production fell dramatically during the recession period 2008-09 due to the decline in the aviation industry that besieged major players including Boeing and Airbus. The sports and recreation end-use segment is forecast to exhibit steady growth in the near term, driven by demand from China. Demand from the industrial sector has outgrown that in the other major segments, and is forecast to continue to expand rapidly in the near term as the scope of application grows. Carbon composite companies are expected to register short-term growth due to an increase in demand from the applications related to wind turbines, aerospace and CNG tanks especially in advanced economies such as Germany.
Rising consciousness about depleting fossil fuel resources and mounting environmental concerns are driving the demand for wind turbines, which in turn is significantly fueling reinforced plastics demand. The ongoing European renewable energy initiatives are expected to favor the wind turbines market, which signals a bright future for composites/reinforced plastics market. Strongest gains in the wind energy market are anticipated in Germany, Spain, Italy and Denmark. North America seems to be on an environment conservation drive, with the regulatory bodies insisting upon alternate energy sources such as wind power, mainly to combat hazardous emissions from conventional fossil fuels such as oil and coal. The composite industry has a reason to rejoice with market opportunities pouring in due to a burgeoning wind turbine market. Efforts are on cards to equip the wind turbines with innovative components featuring composite materials, which are mainly aimed at enhancing performance and efficiency.
Europe dominates the global market in terms of sheer market size, as stated by the new market research report on Reinforced Plastics. France, Germany, Spain, Italy, and the UK account for the maximum share of GFRP production volume in the region. The production volumes of GFRPs in Europe rose substantially in the recent term, resurging from the recessionary lows, as reflected in the increased uptake of feedstock including resins and glass fibers. In the Asian reinforced plastics market, China holds a pivotal place, and is powered by rapidly increasing demand from major sectors such as construction, automobiles, electrical, and electronics. The Asia-Pacific market is forecast to outpace other global markets at a steady growth rate of over 4.0% through 2017.
Worldwide, reinforced plastics are gaining increasing patronage from the turbo-charged construction industry which constitutes a major chunk of the overall market. Designed to render long-lasting, load-bearing structural performance, reinforced plastics are proving to be the ideal choice in complex structures such as bridges, bridge components and structural framing systems. The transportation sector is one of the largest end-use markets for reinforced plastics. A potential alternative to steel in the manufacture of body panels and structural components, reinforced plastic is the material of choice for cars, truck cabs, buses and tractor-trailers among others. Within the industry, the growing market for electric powered vehicles is expected to drive the demand for CFRP components.
Key players profiled in the report include AZDEL Inc., CPI Binani Inc., Continental Structural Plastics, Core Molding Technologies, CTL Aerospace Inc., Dow Corning Corporation, Fiber Concepts Inc., Fiberset Incorporated, Fibre Reinforced Plastics Ltd, Glasforms Inc., The Composites Group, Hadlock Plastic Corporation, Premix Incorporated, Haysite Reinforced Plastics, Hexcel Corporation, McClarin Plastics Inc., OCV Reinforcement, PolyMedex Discovery Group, and Washington Penn Plastic Co., Inc.
The research report titled “Reinforced Plastics: A Global Strategic Business Report” provides an in-depth perspective of the industry and spotlights noteworthy market trends, recession impact, growth drivers, strategic corporate developments, and competitive landscape in the worldwide industry. Analytics covered include annual sales estimates and projections for the years 2009 through 2017 in volume (metric tons) terms for geographic markets including, US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Middle East, Latin America and Rest of World. Key end-use industries analyzed include, Transportation, Construction, Corrosion Resistant Equipment, Marine, Electrical and Electronics, Consumer Products, Aircraft & Aerospace/Defense and Others. The study also provides historic data for an insight into market evolution over the period 2003 through 2008.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications' website. View the report: Reinforced Plastics: A Global Strategic Business Report.