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Reinforced Plastics Market to cross USD 295.6 Billion by 2027, Rising demand in automotive sector
tusharJuly 14, 2021 13
Global reinforced plastics market is expected to cross $295.6 billion by 2027 and witnessing a CAGR of 4.1% from 2020 to 2027. Rise in adoption of GFRP composites in the automotive sector, increase in demand for epoxy composite from the wind energy industry, and surge in end-use applications of fiber composites drive the growth of the global reinforced plastics market.
However, concerns regarding recycling hinder the market growth. On the other hand, high demand for GFRP composite pipes from the emerging countries creates new opportunities in the coming years.
By region, Europe held the highest market share, accounting for more than two-fifths of the global reinforced plastics market share in 2019, and will maintain its highest contribution throughout the forecast period. However, Asia-Pacific is expected to grow at the fastest CAGR of 4.8% during the foreca
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The global reinforced plastics market was valued at $228. 4 billion in 2019, and is projected to reach $295. 6 billion by 2027, growing at a CAGR of 4. 1% from 2020 to 2027.
A composite material consists of a polymer matrix reinforced with fibers is fiber-reinforced plastic (FRP), also known as fiber-reinforced polymer, or fiber-reinforced plastic. Typically the fibers are glass (in fiberglass), carbon (in polymer-reinforced carbon fiber), aramid, or basalt. Due to its special properties such as durability and low weight, the improved plastic is commonly used in the automotive industry. In addition, high resistance to corrosion and chemical attacks has increased the market for tubing, chemical storage vessels and fume scrubbers in the chemical industry. The role of reinforced plastics in the automotive segment is growing due to the rising availability in emerging economies which are growing demand for finis