Transparency Market Research has released a new market report titled "Reinforced Plastics (Carbon Fiber Reinforced Plastics, Glass Fiber Reinforced Plastics, Aramid Fiber Reinforced Plastics and Others) Market for Automotive, Building & Construction, Aerospace & Aviation, Wind Energy, Marine, Electrical & Electronics and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," which observes that the global reinforced plastics market demand was worth USD 8.42 billion in 2012 and is expected to reach USD 15.82 billion by 2019, expanding at a CAGR of 7.6% from 2013 to 2019.
Rising demand for automotives in Asia Pacific due to changing lifestyle and increasing disposable income is one of the major drivers for growth in the reinforced plastics market. Additionally, growing demand for reinforced plastics from the building & construction industry is boosting the reinforced plastics market. However, stringent government regulations in the U.S. and Europe regarding exposure limits for raw materials are anticipated to hamper market growth.
The global reinforced plastics market was dominated by North America due to high demand from the building & construction industry. North America accounted for 35.0% of the global reinforced plastics market in 2012. Stringent regulations in Europe to reduce CO2 emissions in vehicles are driving the market for reinforced plastics. Usage of reinforced plastics reduces the weight of the vehicle by up to 50%. This, in turn, would lead to less consumption of fuel, thereby lowering CO2 emissions. The market in Asia Pacific is projected to reach USD 4.73 billion by 2019.
Automotive emerged as the largest application of the reinforced plastics market in 2012. Rising demand for reinforced plastics in automobiles is due to its usage in the manufacture of various parts of vehicles. The building & construction application segment is estimated to grow at a CAGR of 6.9% from 2013 to 2019. Usage of reinforced plastics in printed circuit boards forms the major part of the electrical & electronics application. Among all the applications, the marine application is likely to expand at the lowest CAGR between 2013 and 2019.
Glass fiber reinforced plastics (GFRP) was the largest product segment in the global reinforced plastics market in 2012. Due to low cost and easy availability, GFRP is the most widely used among the applications. Carbon fiber reinforced plastics is gaining demand from wind energy application and is expected to grow at a CAGR of 9.5% from 2013 to 2019. Other fiber-reinforced plastics include metal, graphite and natural fibers. These accounted for 5.5% of the market in 2012.
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