Global Pultrusion Market Witnesses High Growth owing to Rising Demand for Composite Materials
The Global pultrusion Market is estimated to be valued at US$ 4.01 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 To 2031.
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The global pultrusion market comprises of reinforced products such as rods, pipes, structural shapes and profiles that are manufactured through an continuous manufacturing process called pultrusion. Pultruded products are known for their superior strength, corrosion resistance and long service life. They find wide applications in industries such as construction, infrastructure, transportation and electrical among others. The rising infrastructure development activities around the world especially in Asia Pacific and Middle East regions are expected to drive demand for pultruded components in the coming years.
The Global pultrusion Market is estimated to be valued at US$ 4.01 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global pultrusion market are Avient, Exel Composites, Bedford reinforced plastics, Faigle Kunstsoffe GmbH, Strongwell Corporation, Creative Pultrusions, Jiangsu Jiuding New Material Co. Ltd., Werner Ladder, Masco, Pultrex, Haysite reinforced plastics, Liberty Pultrusions, Toray Industries Inc, Pultron Composites Limited, Tencom Ltd., Fibergrate Composite Structures Inc, Fiberline Composites A/S, Jamco, Arvind Composites (Arvind Ltd.).
Key opportunities in the market include development of bio-based pultrusion materials and sustainable pultruded composites. The market players are investing in R&D to develop new product variants made from sustainable raw materials like jute, flax and other natural fibers.
The pultrusion market is witnessing rising global expansion primarily driven by infrastructure development in Asia Pacific and Middle East regions. The market players are focusing on these high growth regions by establishing new manufacturing facilities and through partnerships with local players.
Market Drivers
The Global Pultrusion Market Growth is the rising infrastructure development activities around the world especially in developing economies. Pultruded components find wide usage in construction of bridges, electricity transmission towers, railings and other infrastructure elements. Therefore, growing infrastructure budgets of governments is directly driving demand for pultruded products. The other major driver is increasing replacement demand for aging infrastructure in North America and Europe regions which is propelling market growth.
PEST Analysis
Political: Government regulations regarding carbon emissions and environment protection are promoting the use of stronger and lightweight materials like fiber reinforced plastics instead of metals. This is positively impacting the pultrusion market.
Economic: Recovery in construction sector globally along with infrastructural development projects are driving demand for pultruded products. Strong economic growth in Asia Pacific is a key factor for market growth.
Social: Growing awareness about safety and quality standards is increasing acceptability of pultruded composites for applications like railings, ladders and structural members where strength is important.
Technological: Manufacturers are focusing on development of enhanced formulations and production processes to deliver customized pultruded profiles with varied mechanical properties catering to diverse industrialneeds. Computer-aided pultrusion technology is gaining traction.
Geographical Regions of Concentration
The North America region dominates the global pultrusion market in terms of value owing to strong presence of major players and considerable demand from end use industries like construction, infrastructure and transportation. The Asia Pacific region is also an important market driven by economic growth, supporting government policies and rising infrastructure investments in countries like China and India.
Fastest Growing Region
The Asia Pacific region is poised to register fastest growth during the forecast period in the global pultrusion market supported by growing construction and infrastructure development activities in emerging economies. Factors such as rising disposable incomes, rapid urbanization, increasing investments in rail and metro projects are stimulating demand for pultruded composites from the building & construction as well as transportation sector. Furthermore, abundant availability of raw materials and low manufacturing costs are attracting manufacturers to set up production facilities in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
