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.
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.
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.
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.
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.
The overall plastics for composites market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical market insights. Participants in this process include VPs; business development managers; market intelligence managers; national sales managers; and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the plastics for composites market.