Pre & Post COVID-19 Market Estimates-Global Aluminum FRP Market 2020-2024| Rising Demand from the Automobile Industry to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--The global aluminum FRP (flat-rolled products) market is expected to grow by 4,764.02 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report

Aluminum FRP has emerged as an ideal replacement for steel in the automobile and transportation segments. This is due to the weight advantage that aluminum offers over steel. The application of lightweight aluminum FRPs leads to a substantial reduction in the consumption of fuel and consequently, the emission of greenhouse gases. In addition, aluminum demonstrates other suitable properties such as corrosion resistance and easy recyclability, thereby ensuring the durability and sustainability of vehicles. The demand for aluminum in the transportation sector is expected to increase at a rate of 10% during the forecast period. These factors are expected to drive the aluminum FRPs market growth during the forecast period.

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As per Technavio, the emergence of alternative energy generation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This aluminum FRP market research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Global Aluminum FRP Market: Emergence of Alternative Energy Generation

The global market is witnessing a shift toward renewable and economic sources of energy, owing to the increasing demand for energy and rising power prices. Aluminum FRPs are widely being used in the production of solar panels. Aluminum offers good heat conductivity and, is thus appropriate for heat exchangers and other heat transfer applications. In addition, aluminum FRPs are energy-efficient and eco-friendly. They also offer sustainable benefits which enables renewable energy sectors to address environmental challenges. Further, aluminum sheets can withstand harsh outdoor environments and can be applied wherever light concentration or reflection is required. Consequently, the use of aluminum FRPs is also increasing in photovoltaic panels for power enhancement, thereby contributing to the market growth.

“Factors such as the increase in demand for electronics, and the growth in mass transportation will have a significant impact on the growth of the aluminum FRP market value during the forecast period,” says a senior analyst at Technavio.

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Global Aluminum FRP Market: Segmentation Analysis

This market research report segments the global aluminum FRP market by geographic landscape (APAC, Europe, North America, South America, and MEA) and type (plates and sheets and foil).

The APAC region led the global aluminum FRP market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the presence of strong production and consumption base of FRPs.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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