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Market research analysts at Technavio predict that the global aluminum FRP market will grow steadily at a CAGR of around 4% by 2021. Owing to the replacement of steel with aluminium FRPs the market witnessed a significant demand from the automotive and transportation segment in the recent years. This substitution is mainly due to the weight advantage that aluminum offers over steel. In addition to boosting the fuel economy, reducing emissions, and increasing the overall performance of the vehicle, aluminum FRPs also help the automotive manufacturers improve the durability and safety of their products. This will increase the preference of aluminum FRP for manufacturing luxury cars as well, since they help automakers improve the dent resistance by making thicker body panels at an overall reduced vehicle weight. According to this market research and analysis, this demand for aluminum FRP from the automobile industry is identified as one of the primary growth factors for this market.
The emergence of alternative energy generation is one of the latest trends that will gain traction in the aluminum FRP market during the next four years. Owing to their energy-efficient, eco-friendly, and sustainable benefits, aluminum FRPs will be widely used in the production of solar panels. This will in turn, assist several renewable energy sectors to overcome environmental challenges. Aluminum sheets can also sustain in harsh outdoor environments and can be applied for light concentration or reflection. Additionally, the use of aluminum FRPs is also increasing in photovoltaic panels for power enhancement.