Brooklyn, New York, March 10, 2021 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the Laminated Fiber Reinforced Plastic Market will grow with a high CAGR value during the forecast period [2021 to 2026].
Laminated Fiber Reinforced Plastics are super materials with higher efficiency qualities. These are lightweight, anti-corrosive, and non-conductive & magnetic composites which makes them versatile for a large number of industrial applications. An increase in demand for non-slip surfaces in the aerospace & defence industry will positively influence product penetration. Government policies to invest in sustainable industrial products to control emission has also opened new avenues for these composites. Economical costing along with less complexity in manufacturing these material products will elongate the market expansion in the coming years.
High demand for non-corrosive materials
Rising demand for anti-corrosive materials in various industrial sectors will influence the Laminated FRP market growth. High requirements to prevent equipment from corrosion have put a huge financial burden on engineers. Annually, a high amount is spent on the maintenance of this equipment and machineries. Thus, in order to reduce these fiscal loads, contractors and engineers are developing Laminated FRP-based equipment. Also, these materials are less complex and have higher applicability in diversified fields.
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Polyester resin gaining high demand
Polyester resins are flexible, non-magnetic & conductive, and non-slip in nature. Wider acceptability of these materials in aerospace and automotive will influence the product demand. Increasing adoption of super quality materials to enhance the operational functionality will create huge demand for polyester resin FRP composites demand. Technology advancement, material improvement, and economic gains are major aspects to propel the product demand.
Asia Pacific will be highly influenced by Construction Industry
Asia Pacific will witness the highest gains during the forecast period. Construction industry expansion along with a rising preference for anti-corrosive materials will drive the regional industry growth. Huge expenditures are witnessed in the construction industry which will promote the product demand. Also, growing penetration of sustainable building materials to gain subsidy from the government along with attaining higher profitability will propel the demand.
High potential in material development among industry manufacturers
Glasteel Inc., U.S. Liner Company (Uslco), Crane Composites Inc., Brianza Plastica SPA, Polser Fiberglass Reinforced Plastics Inc., Optiplan GmbH, Panolam Surface Systems, Vetroresina SPA, Dongguang Higoal FRP Corporation, Lamilux Heinrich Strunz Group, Aeron Composite Pvt. Ltd., Kemrock Industries and Exports Limited, Chemposites Inc., and Composites USA are major industry participants.
Other key industry players include Carlson, Fibregrate, PPG Industries, Asahi Glass, Xinyi Automobile Glass, Nippon Sheet Glass, GSC Glass, Saint-Gobain, Hanwha Q CELLS, Borosil Glass Works Ltd., Guardian Industries, and Duratuf Glass Industries.
Market hindrances such as initial capital investment, the presence of low-cost substitutes, and consistent capital requirements may limit the profits of the industry participants. This will also restraint the entry of new market players in the industry.
Browse the Report @ https://www.globalmarketestimates.com/market-report/global-laminated-fiber-reinforced-plastic-market-2825
Material Outlook (Revenue, USD Million, 2019-2026)
- Glass
- Polyester Resin
Application Outlook (Revenue, USD Million, 2019-2026)
- Automotive
- Aerospace
- Energy
- Construction
- Sporting equipment
- Others
Regional Outlook (Revenue, USD Million, 2019-2026)
North America
- U.S.
- Canada
Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of the Middle East & Africa
Website: Global Market Estimates