Pultrusion is a manufacturing process that is used to create strong composite profiles that have a constant cross-section. It involves pulling reinforced fibers or rovings through a die coated with resin. The major advantage of this process is that it can produce conti006Euous lightweight parts of infinite length without joints. Pultrusion is used to manufacture composites for a variety of industrial and infrastructure applications like construction elements, bridge structures, transmission poles, railings, grating, and architectural details. It is also used to make composites for corrosion-resistant industrial equipment, electrical equipment, solar mounting systems, and transportation products like truck bodies and bumpers.
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.). The market is witnessing increasing demand from end-use industries such as transportation, wind energy, construction, electrical, and telecommunications. Pultrusion offers advantages over other composite manufacturing techniques like lower production cost and ability to produce consistent cross-sections of any length.
The global pultrusion market is expanding rapidly due to growing infrastructure development activities around the world. Countries in Asia Pacific and Latin America are investing heavily in developing roads, bridges, buildings, and transportation infrastructure which is fueling the demand for pultruded composites. Moreover, increasing acceptance of green building codes and sustainability mandates are driving the replacement of traditional materials with advanced composites. Pultrusion composites help reduce construction weight and improve durability.
Market Key Trends
One of the gaining traction in the Global Pultrusion Market Trend is the increasing focus on developing bio-based materials. Traditional pultrusion relies on petroleum-derived unsaturated polyester or vinyl ester resin systems. However, bio-based resins sourced from plant oils offer an eco-friendly alternative and help reduce dependence on non-renewable resources. Leading manufacturers are investing in R&D to utilize resins derived from vegetable oils, soy, and bioplastics in the pultrusion process. This is expected to open new growth avenues for sustainable composite applications in the coming years.
Porter's Analysis
Threat of new entrants: New entrants face high set up cost of machineries and tools required for pultrusion process. Established companies have economies of scale and brand loyalty advantages.
Bargaining power of buyers: Buyers have moderate bargaining power as pultruded products have applications in various industries. Buyers can negotiate on price and delivery terms.
Bargaining power of suppliers: Suppliers of raw materials like fibers, resins have moderate bargaining power. Established suppliers have established relations with buyers.
Threat of new substitutes: Composite materials like GRP face competition from traditional materials like steel and aluminum in certain applications. However, pultruded FRP composites have advantages of corrosion resistance and strength-weight ratio.
Competitive rivalry: Industry has presence of large multinational as well as local players. Companies compete on production efficiency, product quality, innovative applications and customer service.
Geographical Regions with Market Concentration:
North America region accounts for the largest share in the global pultrusion market, both in terms of value and volume. High demand from construction, infrastructure and transportation industries drives the market.
Fastest growing region:
Asia Pacific region is expected to witness highest growth during the forecast period. Countries like China, India, and Japan are major markets owing to rapid infrastructural development and industrialization. Increasing offshore wind energy installations also support the regional market growth.
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