The glass fiber reinforced plastic (GFRP) market is expected to grow at a CAGR of 3.3% from 2019 to 2024, according to a report from Research and Markets.
According to the report, the major drivers for growth in this market will be increasing demand for lightweight materials in the transportation industry; corrosion and chemical resistant materials in construction and the pipe and tank industry; and electrically resistant and high flame-retardant materials in the electrical and electronics industry. Transportation will remain the largest market by value and volume and it is also expected to witness in the highest growth over the forecast period, Research and Markets says, adding that Asia Pacific is expected to remain the largest region by value and volume and will experience the highest increase over the forecast period due to growth in construction, transportation, and the electrical and electronics segments.
This story is reprinted from material from Research and Markets, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.