Global Pultrusion Market Size By Product (Glass Fiber, Carbon Fiber), By Resin Type (Polyester, Epoxy, Vinyl Ester, Polyurethane), By Application (Industrial, Construction, Electrical, Automotive), By Geographic Scope And Forecast

Pultrusion Market Size And Forecast

With the increasing budgets on research and development by the manufacturers for developing innovative technologies for the applications that range from construction, aerospace, electrical power, and automotive industries, the Pultrusion technology is advancing at a rapid rate and driving the growth for the global market. The Global Pultrusion Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market.

Global Pultrusion Market Definition

The pultrusion technique was developed by Brandt Goldsworthy, a celebrated innovator in the plastics and composites industries. He also had a significant role in the creation and advancement of composite material technology. In the Second World War, while working for an aircraft manufacturer that provided supplies to the US Army, Brandt developed the concept of fusing different materials to create stronger polymers. His inventions were so popular that he eventually took the decision to start his own business, where he produced various composites advancements and developed certain plastics that were usually stronger than anything seen before.

In the manufacturing procedure termed as pultrusion, fiberglass reinforced polymers are manufactured in continuous lengths with a fixed cross-section. In order to create FRP composite products, this method often involves pulling reinforced fibers, liquid pultrusion resins, pigments, and other raw materials through a heated die. The pultrusion process produces composite products that have the following advantages

• High strength
• Lightweight
• Excellent corrosion and rot resistance
• Non-conductive of electricity
• Greater homogeneity of goods of the same kind
• Extremely low manufacturing failure rates

In general, when compared to other types of production processes now on the market, the pultrusion manufacturing process is more convenient, affordable, and efficient.

Since the 1944 invention of pultrusion technology, there has been a tremendous advancement in the materials and production methods used to manufacture composite materials. This can be attributed to the proactive investment made by different firms in R&D operations to create cutting-edge technology for the automotive, electrical power, tourism & sports, and construction industries. Both the pultrusion and extrusion procedures enable the manufacture of a continuous length of the material and a constant profile, which makes them comparable.

Global Pultrusion Market Overview

Heavy weight metal components are being shunned by the majority of industry participants in the manufacturing sector in order to enhance the performance qualities of finished goods. Plastics and pultruded composites have been gaining popularity among manufacturers over the past several years as a result of their willingness to experiment with novel materials in an effort to investigate ways to improve the material properties of the product. To meet the changing needs of end users, the market’s leading competitors are introducing pultruded composites with exceptional physical qualities like heat resistance, corrosion resistance, flexibility, dielectric properties, and high strength-to-weight ratios. As a result, the market for pultrusion is expanding because to the rising need for flexible plastic materials with superior performance characteristics that can survive extreme conditions.

The use of lightweight fiber composite materials is growing rapidly across the globe. With an increasing demand for fiber composite materials, the awareness concerning waste management treatment and collection is rising. However, composites such as glass and fiber-reinforced polymer composites can be difficult to recycle. Once they reached the end of their life cycle, the vast majority of these composites end up in landfills. For instance, according to the data published in Elsevier B.V., by 2050 nearly half a million tons of Carbon Fiber Reinforced Polymers (CFRP) waste will be generated in total, and most of the waste will be located in North America and Europe with about 162,000 t and 145,000 t respectively.

The development of compact pultrusion machines is one of the industry’s most revolutionary breakthroughs. For instance, pullCUBE, a first-of-its-kind compact pultrusion system intended to reduce lead time, has been introduced by Thomas Technik & Innovation (TTI), a specialist in the design and production of customised fiber reinforced profiles. The Pultrusion Market is expanding thanks to such developments. The market environment is seeing a sharp increase in the demand for shorter pultrusion machines. When TTI introduces pullCUBE, the shortest pultrusion machine in the world, at JEC World 2020 in March, there was undoubtedly be a flurry of curiosity in Paris. PullCUBE machines can be installed without the need to construct new production halls because they are only 3.5m long, almost 75% shorter than current pultrusion machines. The pullCUBE machines can even be positioned at the job site itself, delivering pultruded profiles with no length constraints at all, as they are so simple to carry and quickly set up.

Global Pultrusion Market Segmentation Analysis

The Global Pultrusion Market is Segmented on the basis of Product, Resin Type, Application, And Geography.

Pultrusion Market, By Product

• Glass Fiber
• Carbon Fiber
• Other Fibers

Pultrusion Market, By Resin Type

• Polyester
• Polyurethane
• Vinyl Ester
• Epoxy
• Other Resins

By Resin Type, Pultrusion are classified as Polyester, Epoxy, Vinyl Ester, Polyurethane, Others. Polyester accounted for the largest market share of 51.21% in 2021, with a market value of USD 1,126.31 Million and is projected to grow at a CAGR of 5.27% during the forecast period. Epoxy was the second-largest market in 2021, valued at USD 323.03 Million in 2021; it is projected to grow at a CAGR of 3.86%. However, Polyurethane is projected to grow at the highest CAGR of 6.09%. Epoxy resin was the most valuable because to its high yield and excellent processing capabilities.

Pultrusion Market, By Application

• Industrial
• Construction
• Electrical
• Automotive
• Other

By Application, Pultrusion are classified as Industrial, Construction, Electrical, Automotive, Others. Industrial accounted for the largest market share of 34.56% in 2021, with a market value of USD 760.06 Million and is projected to grow at a CAGR of 5.18% during the forecast period. Construction was the second-largest market in 2021, valued at USD 456.23 Million in 2021; it is projected to grow at the highest CAGR of 6.01%.

Pultrusion Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

To Get Summarized Market Report By Geography-

On the basis of regional analysis, the Global Pultrusion Market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia-Pacific accounted for the largest market share of 45.63% in 2021, with a market value of USD 1,003.48 Million and is projected to grow at the highest CAGR of 6.20% during the forecast period. North America was the second-largest market in 2021, valued at USD 513.01 Million in 2021; it is projected to grow at a CAGR of 4.03%.

Demand is projected to increase due to the region’s strong auto manufacturing industries and the region’s wide distribution of electrical and electronic component makers. Asia Pacific is expected to experience significant growth as a result of an increase in renovation initiatives on functionally deficient structures. Electrical and thermal insulation in the building industry, along with designers’ preferences for lightweight, non-corrosive, durable structural composites, drove product demand in the region. Product penetration will be aided by technological advancements in structural composite design and material over the forecast period. In recent years, the demand for pultruded products has grown significantly, primarily in the construction, automotive, aerospace, and wind energy industries.

Key Players

The “Global Pultrusion Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Excel Composites, Bedford Reinforced Plastics, Jiangsu Amer New Material Co Ltd, Strong well corporation, Creative Composites Group, Fibrolux GmbH Inc, JAMCO Corporation, Fibergrate Composite Structure, and others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• Exel Composites announced to sign a joint venture agreement with Kineco Group which is a leading advanced composite manufacturer in India.
• Strongwell Corporation has announced the release of new product named Strongirt for the commercial construction industry.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Global Pultrusion Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.