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Asia Pacific Reinforcement Materials Market Forecast 2019-2028

The Asia Pacific reinforcement materials market is expected to record a CAGR of 6.40% in terms of revenue, and 5.18% in terms of volume, during the forecast period of 2019 to 2028. Increasing investments in industrial activities, the rise in commercial construction projects, and the rapid population growth, are among the major factors attributed to the region's market growth.

China, Thailand, Indonesia, Australia & New Zealand, South Korea, India, Vietnam, Japan, and the rest of the Asia Pacific are assessed for the Asia Pacific reinforcement materials market growth analysis. Australia's massive growth in construction activities is considerably augmenting the aramid fiber market growth. According to the International Trade Administration, the Australian construction sector was evaluated at $112 billion, and accounted for 9% of the country's gross domestic product (GDP), in 2017. Moreover, the government's yearly budget encompassed nearly $56 billion, under a 10-year national infrastructure plan in May, 2018. As a result, commercial construction activities are predicted to account for a 7.8% increase, under the budget allocation.
The Murray Basin and Melbourne Metrorail projects in VIC, the NorthConnex and Bringelly Road upgrade projects in NSW, and the Forrestfield Airport Link in WA, are among the infrastructural projects currently underway across mainland Australia. Although commercial construction projects like retail buildings, offices, industrial facilities, and warehouses were constrained in 2017, they are expected to depict an increasing trend, over the forecast period. Additionally, greater infrastructural projects are likely to offer more support to commercial and construction development and project corridors, while critically assisting the larger construction division. Thus, such factors promote the region's reinforcement materials market growth.

Prominent companies in the market include, Toray Industries Inc, Binani Industries, Hyosung Corporation, Teijin Ltd, BASF, etc.

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Asia Pacific Reinforcement Materials Market Forecast 2019-2028
Published By :Inkwood Research
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