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, Polystyr

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)

The Asia Pacific plastics for composites market is expected to grow from US$ 10,120.73 million in 2022 to US$ 13,525.08 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2022 to 2028 .

Mounting Demand for Lightweight Materials in Aerospace and Automotive Productions is Driving the Asia Pacific plastics for composites market

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 fuel efficiency. A 10% decrease in vehicle weight can result in a 6–8% improvement in fuel economy. Substituting cast iron and traditional steel components with lightweight materials such as high-strength steel, aluminum (Al) alloys, magnesium (Mg) alloys, carbon fiber, and polymer composites can reduce the weight of a vehicle body and chassis by up to 50%, thereby reducing the fuel consumption of a vehicle. The application of composites in the automotive sector is growing at a significant pace. In this sector, plastics are used in large quantities to produce composites. Plastic composites have excellent acoustic and thermal properties compared to composites of nonrenewable origin, which makes them ideal for vehicle interior parts. Moreover, they are suitable for the manufacturing of nonstructural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Therefore, a high demand for composites from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles drives the Asia Pacific plastics for composites market growth. The rising adoption of electric vehicles (EVs) is also driving the 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 Asia Pacific 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. Materials such as composites and polymers are significantly lighter than steel, brass, alloys, iron, etc. The use of these materials allows manufacturers to lower the weight of airplane parts, subsequently facilitating fuel cost reductions. These initiatives focus on creating lightweight materials and parts that will reduce fuel consumption and help adopt hybrid and electric planes in the future. This will help them strengthen the aerospace industry, along with achieving greener operations, as it adapts to more sustainable travel over the next few decades. Such initiatives are driving the demand for plastic-based composites.

Asia Pacific Plastics for Composites Market Overview

Asia Pacific is witnessing urbanization, along with the rising construction of residential and commercial projects. Moreover, the per capita income in the region has increased, coupled with the development of affordable residential buildings. This has resulted in rapid urbanization in Asia Pacific. The beneficial government policies related to residential property developments in several countries of the region propelled urbanization. Moreover, countries such as China and India are amongst the world’s top five countries with installed wind power. Asia Pacific is home to major semiconductor and automobile players across the world. Samsung Electronics Co., Ltd.; Sony Group Corporation; SK Hynix Inc.; Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. are among the major players present in Asia Pacific. These companies are focused on expansion, research and development, and product innovation.

Asia Pacific Plastics for Composites Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Plastics for Composites Market Segmentation

The Asia Pacific plastics for composites market is segmented based on type, technology, and country. Based on type, the Asia Pacific plastics for composites market is bifurcated into thermoset and thermoplastic. The thermoset cylinders segment held a larger market share in 2022. 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 segmented into injection molding, compression molding, pultrusion, resin infusion, and others. The others segment held the largest market share in 2022.

Based on country, the Asia Pacific plastics for composites market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific plastics for composites market share in 2022.

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 are the leading companies operating in the Asia Pacific plastics for composites market.

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