Glass fiber market: Highlights
A recent research report published by Transparency Market Research projects the glass fiber market grow at a CAGR of 7.8% during the period between 2019 and 2027. The report, titled “Glass Fiber Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2027“, estimates the global market to reach US$22.32 billion by 2027of US$11.35 billion in 2018.
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Growing scope of fiberglass to provide lucrative opportunity
The potential of the global fiberglass market lies in the expansion of fiberglass applications. They are widely used within the automotive industry in new parts, as they lead to lower tooling costs compared to usual materials, for example metals. Additionally, the material is used in an assortment of other application industries, for example, the hardware, aviation, energy, and purchasing industry. Different prominent organizations are reliably improving new products which would enhance the scope of application of fiberglass.
Additionally, the expanded spotlight on energy conservation in the construction industry has prompted greater emphasis on the use of fiberglass as it offers unparalleled protective properties at an ostensible cost. These are key factors that could attract sellers to take advantage of the market opportunity, thereby boosting market growth.
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Industry Outlook: Global Glass Fiber Market
The building and construction application segment will largely contribute to the boom of the global fiberglass market during the forecast period. With a 7.9% CAGR, this application segment is expected to show unprecedented potential in the coming years. This could be attributed to the population boom in emerging regions, especially in Asia-Pacific, leading to an increase in demand for residential and commercial space.
Asia-Pacific dominated the global fiberglass market in 2018
Geographically, Asia-Pacific has been estimated to represent approximately 48% of the overall market share in 2018. With its growing population base, Asia-Pacific is expected to become the fastest growing regional market in the global fiberglass market with its booming construction industry.
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Global Glass Fiber Market with Consolidation
The global fiberglass market comprises a number of international and regional vendors. Companies operating in the market focus on product differentiation, which leads to heavy investment in research and development activities. Local sellers are increasingly adopting the latest technologies in their product in order to attract consumers and thrive in the global market. The competitive landscape of the market is currently characterized by consolidation. Vendors focus on improving product quality and establishing strong distribution and export channels, to gain advantage over competitors.
Some of the major vendors operating in the global fiberglass market are Jushi Group, Jiangsu Jiuding New Material Co. Ltd, Owens Corning, Nippon Electric Glass Co., CHONGQING POLYCOMP INTERNATIONAL CORP and AGY Holding Corp, among others.
Global Glass Fiber Market – Key Developments
- In march 2019, AGY Holding Corp. announced the start of production of a new line of S-2 Glass® rovings designed to reinforce high performance sheet molding compounds (SMC). These new bits are designed for specific resin compatibility, as well as the unique process requirements of SMC’s commercial production. This customization would allow the production of compounds that can provide full transmission of the properties of high strength S-2 Glass® reinforcements to the finished SMC laminate.
The global fiberglass market has been segmented as shown below:
Glass Fiber Market: Product
- Class E fiberglass
- Performance fiberglass
Glass fiber market: Application
- Building construction
- Consumer goods
- Wind turbine
- Others (including oil and gas, etc.)
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