Plastics for Composites Market Size, Share and Forecast to 2028

Plastics for Composites Market Forecast to 2028 - COVID-19 Impact and Global 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)

Publication Month : Jan 2023

  • Report Code : TIPRE00029802
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 180
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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.

The increasing uptake of composite resins in building & construction activities, and aerospace and military applications is contributing to the plastics for composites market growth. In addition, the demand for lightweight materials in vehicle manufacturing, to improve fuel efficiency, is another factor propelling the expansion of the market. Further, the rising demand for thermoplastic resins is contributing significantly to the overall plastic for composites market growth. Rigid fibers and more heat resistance, crack resistance, high strike resistance, and tough polymer matrix are the major characteristics of polymer composites that drive their popularity. Increasing investments in renewable energy generation are likely to trigger the demand for polymer composites over the coming years.

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Plastics for Composites Market: Strategic Insights

plastics-for-composites-market
Market Size Value inUS$ 23,337.24 Million in 2022
Market Size Value byUS$ 30,490.85 Million by 2028
Growth rateCAGR of 4.6% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Plastics for Composites Market Forecast, by Region, 2021–2028

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Market Insights

Increasing Demand from Automotive and Aerospace Industries Drives Plastics for Composites Market Growth

The composite resin is utilized in various applications, including construction and infrastructure, transportation, electrical & electronics, wind energy, pipelines and tanks, marine, and aerospace & military. Advanced materials are crucial for boosting the fuel economy of modern automobiles while ensuring safety and performance. Since it takes less energy to accelerate lighter objects than heavier ones, lightweight materials offer excellent potential for increasing vehicle efficiency. Therefore, high demand for composites from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles drives the plastics for composites market growth. End-use industries in emerging economies, such as China and India, are the major contributors to the rising demand for plastics for composites. The increasing need for lighter-weight materials to construct aviation components and parts has been another significant factor contributing to the growth of the plastics for composites market. Aircraft manufacturers are making efforts to enlarge primary thermoplastic structures in business jets and commercial aircraft. They have been the early adopters of long fiber-reinforced thermoplastics.

Type Insights

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.

Plastics for Composite Market, by Type – 2021–2028

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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. The leading players adopt strategies such as mergers and acquisitions, and product launches to expand their geographic presence and consumer base. For instance, in June 2022, Lanxess AG launched a composite with polyamide 6 matrix based on “green” cyclohexane.

Report Spotlights

  • Progressive trends in the plastics for composites industry to help players develop effective long-term strategies
  • Business growth strategies adopted by companies to secure growth in developed and developing markets
  • Quantitative analysis of the global plastics for composites market from 2020 to 2028
  • Estimation of the demand for plastics for composites across various industries
  • Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the plastics for the composites industry
  • Recent developments to understand the competitive market scenario and demand for plastics for composites
  • Market trends and outlook, and factors governing the growth of the plastics for composites market
  • Enlightening strategies that underpin commercial interest concerning the market growth, aiding in the decision-making process
  • Plastics for composites market size at various nodes of market
  • Detailed overview and segmentation of the market, as well as its industry dynamics
  • Plastics for composites market size in various regions with promising growth opportunities

The "Plastics for Composites Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry, focusing on the plastics for composites market trend analysis. The report aims to provide an overview of the market with detailed segmentation. The plastics for composites market is segmented on the basis of type, technology, and geography. Based on the type, the market is segmented into thermoset (polyester, vinyl ester, epoxy, polyurethane, and others) and thermoplastic (polypropylene, polyethylene, polyvinyl chloride, polystyrene, polyethylene terephthalate, polycarbonate, and others). Based on technology, the market is segmented into injection molding, compression molding, pultrusion, resin infusion, and others. In terms of geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the plastics for composites market. The region is expected to register the highest CAGR in the market during the forecast period. The automotive and construction industries in Asia Pacific are growing at a rapid pace. It is the most populated region in the world, and the region hosts one of the world's most rapidly developing construction industries. These factors contribute to a high demand for plastics for composites in Asia Pacific.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and Technology

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Can you list some of the major players operating in the global plastics for composites market?

The major players operating in the plastics for composites market are 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.

In 2021, which region held the largest share of the global plastics for composites market?

In 2021, Asia-Pacific accounted for the largest share of the global plastics for composites market. Growing demand from construction, wind power, electronics, and automotive industries led to the dominance of the Asia Pacific region in 2021.

In 2021, which type segment accounted for the largest share in the plastics for composites market?

In 2021, the thermoset segment held the largest market share. Increased use of thermoset plastic in the aerospace and automobile industry due to their lower viscosity at relatively low temperatures (less than 100°C), which better facilitates the resin/fiber wetting process led to the dominance of the thermoset segment in the plastics for composites market.

Which technology segment is expected to register the fastest growth in the plastics for composites market?

During the forecast period, the compression molding segment is expected to be the fastest-growing segment. The manufacture of various parts of electronic and automotive products has increased due to the increased demand for automotive and electrical products, particularly vehicles, mobile phones and tablets. The compression molding process is primarily used in the fabrication of these parts. These factors are expected to accelerate the growth of the compression molding segment of the plastics for composites market.

Which type segment is expected to account for the fastest growth in the global plastics for composites market?

During the forecast period, thermoplastic is expected to be the fastest-growing segment. The growing adoption of thermoplastic within the automotive industry, rising demand for recyclable and fast-curing materials, increasing demand for automobiles, and growing penetration of composite materials by replacing metals are significant factors boosting the growth of the thermoplastic segment in plastics for composites market demand during the forecast period.

What is the key driver for the growth of the global plastics for composites market?

The increasing utilization of plastics for composites in building & construction activity, aerospace, and military applications are some of the key factors that contribute to the growth of the market. In addition, the demand for lightweight materials from transportation, which in response improves the efficiency of fuel, is another factor propelling the expansion of the market. These factors are driving the plastics for composites market growth.

The List of Companies - Plastics for Composites Market

  1. Lanxess AG
  2. Covestro AG
  3. Celanese Corp
  4. INEOS Group Holdings SA
  5. Daicel Corp
  6. BASF SE
  7. Evonik Industries AG
  8. Solvay SA
  9. Saudi Basic Industries Corp
  10. Arkema SA

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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