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Share this article Share this article ResearchAndMarkets.com s offering. 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

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