Global and Europe Pultrusion Market: Introduction
The global and Europe pultrusion market was valued at US$ 2.08 Bn in 2018 and is anticipated to expand at a CAGR of ~11% during the forecast period. Based on fiber type, the glass fiber segment held dominant share of the global and Europe pultrusion market in 2018, primarily due to lower price of glass fiber than that of carbon fiber. In terms of end use, the industrial segment accounted for major share of the global and Europe pultrusion market in 2018. Demand for pultruded products is high in automotive, transportation, and electronics industries. Based on form, the roving strands segment constituted significant share of the global and Europe pultrusion market in 2018, due to better coverage compared to mats and fabrics. In terms of resin type, the unsaturated polyester resin segment constituted significant share of the global and Europe pultrusion market in 2018, due to its effective flame retardancy and high pultrusion speed. The pultrusion market in Germany is likely to expand at a substantial pace during the forecast period, owing to high investments in automotive and transportation industries.
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Key Drivers of Global and Europe Pultrusion Market
According to population forecasts made by the World Bank, the global urban population is expected to surpass the 6 billion mark, accounting for more than 65% of the total global population by 2050. This indicates more than 10% increase in the share of urban population in the total population over that in 2018. Additionally, rise in urbanization in Nordic countries has led to an increase in need for space requirements in order to accommodate migration of the people from rural to urban areas. This is likely to fuel the demand for housing in Europe. Thus, increase in urbanization and growth in residential construction are anticipated to drive the demand for pultruded products in the Nordic countries. Increase in urban population in Europe is boosting the demand for new residential construction, especially in developing countries. Pultruded products are used in various applications in the building & construction industry across the globe. According to the European Pultrusion Technology Association, the popularity of pultrusion has increased among architects, engineers, and builders in Europe due to its various benefits.
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Major properties of pultruded products in the building & construction include strength, corrosion resistance, and durability. Therefore, pultruded products are preferred over traditional materials such as steel, wood, and other metals. Pultruded products are used to manufacture exterior trim, decking, pergolas, roof trims, columns, fencing, windows, and door systems. Pultruded products are not readily combustible and meet extremely rigorous fire safety demands with exceptionally low smoke and toxicity levels. These properties make pultruded products ideal in the manufacture of fire resistant building materials. Stringent building codes in Europe make it mandatory for construction companies to comply with the set fire protection standards. Thus, resistance to high temperature and stringent regulations are anticipated to drive the demand for pultruded products in fire proofing applications in the building & construction industry in Europe.
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Increase in residential construction in Europe is projected to boost the demand for pultruded products in the region. Rise in demand for energy conservation in Europe due to implementation of stringent regulations is also driving the demand for pultruded products in the region. Thus, increase in demand for pultruded products in various applications in the building & construction industry is expected to boost the pultrusion market in Europe during the forecast period.
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Asia Pacific to Lead Pultrusion Market
Asia Pacific is the leading region of the global pultrusion market, led by the rise in investment in infrastructure and other industries in the region. The pultrusion market in Asia Pacific is estimated to be highly attractive during the forecast period, as development of infrastructure related to automobile and transportation is increasing at a rapid pace in the region. In terms of market share, Europe is one of the leading regions of the global pultrusion market. The pultrusion market in the region is closely linked to GDP as well as the development of key industries such as automotive and construction & infrastructure. Germany, Italy, France, and the U.K. are lucrative countries of the pultrusion market in Europe, due to significant investment in automobile and construction & infrastructure industries in these countries. Construction & infrastructure is the one of the leading industries in the region. It contributes more than 9% share of the GDP of Europe. Automotive is also a prominent industry of the pultrusion market. The automobile industry has been experiencing a slowdown of late. However, since 2018, the industry has started to recover and is expected to expand during the forecast period.
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