Rising Demand from Construction Industry Drives Plastics for Composites Market Growth
According to our latest market study on "Plastics for Composites Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)]; by Technology (Injection Molding, Compression Molding, Pultrusion, Resin Infusion, and Others)" the market is expected to grow from US$ 23,337.24 million in 2022 to US$ 30,490.85 million by 2028; it is estimated to record a CAGR of 4.6% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players and their key developments in the market.
Composites are materials that consist of two or more chemically and physically different phases separated by a distinct interface. Most commercially produced composites use a polymer matrix material, often called a resin solution. Commonly used polymer matrices include polyester, vinyl ester, epoxy, phenolic, polyimide, polyamide, polypropylene, and polyether ether ketone (PEEK). Low cost, easy processability, good chemical resistance, and low specific gravity are among the major advantages associated with polymer matrices.
Plastics for Composites Market Size, by Region, during 2021–2028
Plastics for Composites Market 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)
Plastics for Composites Market Size, Share and Forecast to 2028
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In 2021, the thermoset segment held the largest share of the plastics for composites market. The thermoset segment held a larger share of the plastics for composites 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.
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 are among the key players that collectively hold the majority of the plastics for composites market share.
Impact of COVID-19 Pandemic on Plastics for Composites Market
Industries such as automobiles, aerospace, construction, electrical and electronics, and energy have been the major contributors to the demand for plastic composites. In 2020, these industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic hampered the key raw material supply chains and disturbed manufacturing processes due to restrictions imposed by government authorities in various countries. However, in 2021, economies gradually resumed their operations, which had a positive effect on the global marketplace. As large percentages of people from many countries were completely vaccinated by the end of 2021, manufacturers were permitted to operate at full capacities, which helped them consolidate their efforts toward closing the gap between demand and supply. These transformations helped them focus on scaling up their production to revive their businesses.
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 plastics for composites market during the forecast period.
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