The Plastics For Composites 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.
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.
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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 operating in the plastics for composites market. These companies are adopting strategies such as mergers & acquisitions, and product launches to expand their geographic presence and clientele. They collectively hold a majority of the global plastics for composites market.
Based on geography, the plastics for composites market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the overall market and is expected to register the highest CAGR in the market during the forecast period. The plastics for composites market growth in Asia Pacific is attributed to the proliferating construction, wind power, electronics, and automotive industries in the region. Governments of countries in this region have been supporting the progress of these industries. Moreover, increasing investments in renewable energy generation are benefiting the plastics for composites market growth in Asia Pacific.
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.
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.
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TABLE OF CONTENTS
- Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 by Type
1.3.2 by Technology
1.3.3 by Geography
- Key Takeaways
- Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
- Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
- Key Market Dynamics
Continued…
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