The scope of our recent 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)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. The study also encompasses the identification of significant market players and their key developments.
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.
Composite materials are made by combining two different materials having unique properties to achieve the best properties suitable for various applications. Polymer matrix composite is one of the various types of composite materials. As composite material is made by adding two phases-matrix and reinforcement fibers-in polymer matrix composites, polymers are included in a matrix phase and the other suitable materials are taken in the form of small fiber particles. Thermoset resins are the most widely used polymers in polymer matrix composites (PMCs).
The plastics for composites market is segmented into five main regions-North America, Europe, Asia-Pacific (APAC), the Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the overall plastics for composites market and is expected to register the highest CAGR during the forecast period. The plastics for composites market growth in Asia Pacific is attributed to the proliferation of the construction, wind power, electronics, and automotive industries in the region.
Increasing Demand in Automotive Industry Boosts Plastics for Composites Market
The demand for lightweight materials is increasing as consumers demand cars with superior fuel efficiencies, resulting in low fuel consumption. Advanced materials are crucial for boosting the fuel economy of modern automobiles while ensuring safety and performance. Plastic is used in large quantities to produce composites used in automotive applications. Polymer composites have excellent acoustic and thermal properties compared to composites of nonrenewable origin, which makes them ideal for vehicle interior parts. Moreover, they are suitable for the manufacturing of nonstructural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Due to all these benefits conferred by composites, their use in the automotive industry is increasing.
Plastics for Composites Market Size: Segment Overview
Based on technology, the global plastics for composites market is segmented into injection molding, compression molding, pultrusion, resin infusion, and others. In 2021, the compression molding segment accounted for the largest revenue share and is expected to register the highest CAGR during the forecast period. The manufacture of various parts of electronic and automotive products has increased due to the increased demand for automotive and electrical products, particularly vehicles, mobile phones and tablets. The compression molding process is primarily used in the fabrication of these parts. This led to the increased demand for the compression molding segment in 2021.
Impact of COVID-19 Pandemic on Plastics for Composites Market
The COVID-19 pandemic adversely affected the plastics for composites market growth in 2020 due to the shutdown of manufacturing facilities, and restrictions imposed on transportation and logistics. Disruptions in supply chains also hampered the supply of plastics for composites. To comply with national and regional guidelines, manufacturers introduced extensive modifications to their processes to protect their employees from the SARS-CoV-2 infection. The pandemic wreaked havoc on the historically stable plastic resin industry. The shortage of manpower resulted in the deceleration of plastic production and distribution operations. Disruptions in the global supply chain, increased demand for plastic packaging materials, and shutdown of plastic production facilities, synergistically, led to a severe spike in the prices of plastic goods. Lockdowns imposed by different countries in 2020 hampered the ability of industries to maintain inventory levels. Moreover, sanitary measures and other COVID-19 precautions reduced production capacity significantly, creating a shortage of polyethylene (PE) and polypropylene (PP) inventory.
Despite these ill effects on end-use industries, the plastic for composites market began reviving in late 2020 due to relaxations introduced by countries in social restrictions and significant measures taken, e.g., well-coordinated vaccination drives, to fight back. The recovery of various end-use industries is driving the plastics for composites market growth in the post-pandemic recovery period.
Plastics for Composites Market: Competitive Landscape and Key Developments
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. Leading market players implement new product launches, and mergers and acquisitions as key business strategies to expand their geographic presence and consumer base worldwide. For instance, in June 2022, Lanxess AG launched a composite with polyamide 6 matrix based on "green" cyclohexane.
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