Global reinforced plastics market to reach 7.3 million tons by 2015: study

On the heels of weakened sales in 2008 and 2009 following drop in demand in high volume end-use markets such as the automotive and construction industries, the global market for reinforced plastics is projected to rebound to 7.3 million tons by 2015.

According to a new report by San Jose, Calif.-based Global Industry Analysts Inc., the global reinforced plastics market was hit hard by the financial crisis; the industry also witnessed strong competition from stainless steel and other metal markets following a drop in metal prices.  

The automotive market remains the leading sector for reinforced plastics, and the report predicts that the transport sector will witness “reasonable growth” in the next few years due to the resumption of production of motor vehicles. In particular, growth will be driven by the focus on development of lightweight, fuel-efficient vehicles and reducing product lifecycle costs and increasing inclination towards alternative energy sources.

“Also, factors such as durability, cost-effectiveness and non-corrosive feature of reinforced thermoset polyester in products that include pipes, tanks and bathroom components are expected to drive demand for construction applications,” the report said. “In addition, renewable energy markets such as wind energy are emerging as the most promising markets for reinforced plastics.”

For more details from the study – entitled “Reinforced Plastics: A Global Strategic Business Report” – click on this link.