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 of 2021–2026.
Laminated fiber reinforced plastics are lightweight, anti-corrosive, non-conductive and magnetic composites that are versatile for a large number of industrial applications. An increase in demand for non-slip surfaces in the aerospace and defense industry will positively influence product penetration. Government policies to invest in sustainable industrial products to control emission have also opened new avenues for the composites. Economical costing along with less complexity in manufacturing the material products will elongate the market expansion in the coming years.
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.