GLOBAL PULTRUSION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Pultrusion Market Size and Trends

Global pultrusion market is estimated to be valued at USD 4.01 Bn in 2024 and is expected to reach USD 5.18 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.

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Global pultrusion market is expected to witness significant growth over the forecast period. Pultruded Fiber Reinforced Plastic (FRP) materials are lightweight, durable, non-corrosive and versatile which makes them ideal for various industries including construction, infrastructure and transportation. The growth of the construction industry especially in emerging economies and the infrastructure development projects underway globally are expected to boost demand for pultruded FRP materials. Growing emphasis on lightweight and eco-friendly materials to enhance fuel efficiency in the automotive and transportation sectors will further support the pultrusion market growth during the forecast years.

Rising Demand from Construction Industry

Global construction industry has been growing steadily over the past few years, and this growth is expected to continue. There has been a significant rise in infrastructure development activities across both developed and developing economies. Governments around the world are investing heavily in projects such as roads, bridges, commercial buildings, power transmission lines and others. Pultrusion products are widely used in building these structures and assets as these offer attributes such as durability, corrosion resistance, strength and versatility. Fiber reinforced pultruded composites are a preferred choice for applications that require structural elements to withstand all weather conditions and have long lifecycle. With the ongoing construction boom, demand for such premium quality materials from this industry has risen substantially, therefore, growing construction industry is expected to drive the market growth. For instance, according to the data published by Invest India in 2022, the construction Industry in India is expected to reach US$ 1.4 Tn by 2025.

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With world moving rapidly towards adoption of cleaner and greener sources of energy, the renewable energy sector has become one of the primary growth engines of the global economy For instance, The International Renewable Energy Agency (IRENA) estimates that renewable power capacity additions increased by 45% year-on-year in 2021. Both solar and wind power industries have seen exponential capacity additions over the past decade due to supportive government policies and aggressive business investments. Pultruded composites are increasingly used across various applications in these industries due to their lightweight and corrosion resistance properties. In solar PV systems, pultrusions are ideal for mounting structures, racking systems and other structural components that need to withstand tough weather conditions for decades. Similarly, in wind turbines, these materials are a preferred choice for blades, nacelles and support towers. Standard fiberglass is now being replaced by advanced Pultruded FRP materials in many such applications due to their superior mechanical properties and attractive performance-cost ratio.