The Reinforced Plastics Market size is estimated at USD 5.36 million in 2024, and is expected to reach USD 6.81 million by 2029, growing at a CAGR of less than 5% during the forecast period (2024-2029).
The COVID-19 pandemic negatively affected the market for reinforced plastics. The nationwide lockdowns in several countries and the labour shortage due to social distancing measures had negatively resulted in the closure of manufacturing facilities of automotive vehicles, thereby affecting the market for reinforced plastics. However, post-COVID pandemic, the market recovered well due to increasing demand from the automotive, aerospace, defense, and construction industries.
The reinforced plastics market is fragmented in nature. Some of the major players in the market (not in any particular order) include BASF SE, Celanese Corporation., Present Advanced Composites Inc., Solvay, and Toray Industries, Inc., among others.
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