Report : Asia Pacific Plastics for Composites Market Forecast to 2028 - COVID-19 Impact and Regional 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)
At 5.0% CAGR, the Asia Pacific Plastics for Composites Market is speculated to be worth US$ 13,525.08 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific plastics for composites market was valued at US$ 10,120.73 million in 2022 and is expected to reach US$ 13,525.08 million by 2028, registering a CAGR of 5.0% from 2022 to 2028. Mounting demand for lightweight materials in aerospace and automotive industries and flourishment of creation industry are the critical factors attributed to the Asia Pacific plastics for composites market expansion.
The demand for construction composites is increasing with a rise in the use of technologically advanced processes in construction activities. Composite materials, particularly fiber-reinforced polymer (FRP) composites, contribute to a lower construction cost, as much less material can be used without sacrificing structural stability. FRP composites are created by the reinforcement of plastic polymer resins with the integration of fibers with high mechanical strength. The resin matrix in composite mainly distributes loads among the fibers, thus aiding protection along with providing strength and stiffness to the composite materials. Composites are widely used in the production of building products such as windows, doors, siding, fencing, roofing, and decks. Thus, the continuous proliferation of the construction industry is creating demand for plastic-based composites, subsequently bolstering the Asia Pacific plastics for composites market growth. This is expected to drive the market during the forecast period.
On the contrary, issues associated to recycling of thermoset plastics hurdles the growth of Asia Pacific plastics for composites market.
Based on type, the Asia Pacific plastics for composites market is bifurcated into thermoset, and thermoplastic. The thermoset segment held 62.7% market share in 2022, amassing US$ 6,341.35 million. It is projected to garner US$ 8,317.79 million by 2028 to expand at 4.6% CAGR during 2022–2028. Further, thermoset is segmented into polyester, vinyl ester, epoxy, polyurethane, and others. Further, thermoplastic is segmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others.
Based on technology, the Asia Pacific plastics for composites market is categorized into injection molding, compression molding, pultrusion, resin infusion, and others. The others segment held 60.6% market share in 2022, amassing US$ 6,134.47 million. It is projected to garner US$ 8,237.65 million by 2028 to expand at 5.0% CAGR during 2022–2028.
Based on country, the Asia Pacific plastics for composites market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 37.7% market share in 2022. It was assessed at US$ 3,812.64 million in 2022 and is likely to hit US$ 5,261.95 million by 2028, exhibiting a CAGR of 5.5% during the forecast period.
Key players dominating the Asia Pacific plastics for composites market are Lanxess AG; Convestro AG; Celanese Corp; INEOS Group Holdings SA; Daicel Corp; Basf SE; Evonik Industries AG; Solvay SA; Saudi Basic Industries Corp; and Arkema SA, among others.
- In Sep 2021, Solvay SA completed the installation of its new thermoplastic composites (TPC) manufacturing facility.
- In Sep 2019, INEOS Group Holdings SA acquired composites business from Ashland Global Holdings Inc.
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