Global Glass Fiber Market 2017-2021
About Glass Fiber
Glass fiber comprises many extremely fine fibers of glass and is amorphous in nature. Glass fiber can also be used as a reinforcement material in plastic. Silicon dioxide, calcium dioxide, aluminum dioxide, and boron oxide are the key raw materials used in the production of glass fibers.
Glass fiber is used in mats and fabrics as it offers corrosion resistance and thermal and electrical insulation. It is used in construction, aerospace tooling, automotive, electronics, and wind energy industries because of its excellent mechanical properties such as high tensile strength, stiffness, dimensional stability, thermal conductivity, and chemical resistance. Glass fiber reinforced concrete (GFRC) is a high-performance building material that is used in the construction industry. Owing to its low weight, high strength-to-weight ratio, and excellent durability, it is used in the automotive and wind energy industries.
Technavio’s analysts forecast the global glass fiber market to grow at a CAGR of 7.40% during the period 2017-2021
Covered in this report
The report covers the present scenario and the growth prospects of the global glass fiber market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Glass Fiber market 2017-2021
Technavio recognizes the following companies as the key players in the global glass fiber market: AGY, Nippon Electric Glass, Owens Corning, PPG Industries, and Saint-Gobain
Other Prominent Vendors in the market are: China Beihai Fiberglass, CPIC Abahsain Fiberglass, Fiber-Tech Industries, Jiangsu Jiuding New Material, Johns Manville, Jushi Group, Hubei Huierjie New Material Technology, and Taishan Fiberglass.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rising preference for lightweight materials. Growth in the construction, automotive, and wind energy industries has fueled the demand for lightweight materials that exhibit high strength and excellent durability. Lightweight materials and innovative designs are crucial for manufacturers to increase their market shares. These materials are increasingly used in automobiles and wind turbines. They help reduce greenhouse emissions and improve fuel efficiency.”
According to the report, one of the major drivers for this market is Increasing demand for glass fibers in construction. Increase in developments in emerging nations such as China, India, and Japan have led to a significant growth in the construction industry in these countries. Glass fibers are increasingly used in applications such as roofs, walls, windows, and doors. They are used as composites in building constructions.
Further, the report states that one of the major factors hindering the growth of this market is Availability of substitutes. Availability of substitutes such as carbon fiber, basalt fiber, and natural fiber poses challenges to the global glass fiber market. These substitutes are used in end-user applications such as buildings and construction, automotive, wind turbines, consumer goods, and industries. Compared with glass fiber, carbon fiber is lightweight and exhibits high tensile strength, stiffness, and density and is thus used in a variety of applications. Carbon fiber is mixed with other materials to make composites that are widely used in construction, industrial automation, robotics, marine and aircraft interiors, electronics enclosures, and automotive applications.
AGY, Nippon Electric Glass, Owens Corning, PPG Industries, and Saint-Gobain, China Beihai Fiberglass, CPIC Abahsain Fiberglass, Fiber-Tech Industries, Jiangsu Jiuding New Material, Johns Manville, Jushi Group, Hubei Huierjie New Material Technology, and Taishan Fiberglass.