According to the business intelligence report titled ‘Global Reinforced Plastics Market Size study, by Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber and Others), by Polymer (Thermoset and Thermoplastic), by Application (Automotive, Building & Construction, Aerospace & Aviation, Wind Energy, Marine, Electrical & Electronics and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global reinforced plastics market was assessed at USD 228.4 billion in 2019 and is projected to record a y-o-y growth rate of 4.1% over 2020-2027, amassing USD 295.6 billion by the end of forecast period.
 

Rising end-use applications of fiber composites, growing demand for epoxy composites from wind energy sector, and increasing usage of GFRP composites in automotive vertical are key factors propelling global reinforced plastics market expansion.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2956052/
 

For the unversed, reinforced plastic contains polyester resin matrix which is strengthened with various types of fibers like glass, aramid, metals, carbon, or non-metals like paper and wood. The material reduces cost of production when used in manufacturing processes, and enhance overall strength and stiffness.
 

The report cites that strategic moves by leading companies like product launches, collaborations, alliances etc. are contributing towards worldwide reinforced plastics market valuation. For example, BASF SE launched an engineering plastic polyethersulfone ultrasonar E0510 C2TR in June 2020, especially for automotive parts coming in contact with hot oil. The material has high oil resistance, superior dimensional stability, and is injection molding grade with 10% carbon-fiber reinforcement.
 

Speaking of fiber type, global reinforced plastics market is classified into carbon fiber, glass fiber, aramid fiber, and others. Based on polymer ambit, the industry is bifurcated into thermoplastic, and thermoset. Moving on to application scope, the market is divided into automotive, wind energy, marine, aerospace & aviation, building & construction, and electrical & electronics among others.
 

From the regional frame of reference, Europe accounted for majority of global reinforced plastics industry share in the recent past. Presence of leading automotive, construction, aerospace & defense, and electronics & electrical companies in western Europe nations boosts the demand for reinforced plastics.
 

Key players influencing worldwide reinforced plastics market trends are BASF SE, Toray Industries Inc., SGL Carbon SE, Binani Industries Ltd., Rezplast Manufacturing Ltd., Cytec Industries Incorporated, Taishan Fiberclass Inc., Haysite Reinforced Plastics, Teijin Limited, and Reinforced Plastic Industries (RPI).