Global Glass Fiber Market - Segmented by Resin Type, by Fiber Type, by End-user Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The glass fiber market is expected to register a moderate growth during the forecast period (2018-2023). Asia-Pacific is expected to remain the largest market, by value and volume, and is expected to experience the highest growth rate during the forecast period due to growth in construction, transportation, and the electrical and electronics industry.
Extensive Usage in Construction Industry
Glass fiber is primarily used as a composite in construction industry. It is highly used in building materials owing to the properties, such as lightweight, fire resistant, anti-corrosive, and exhibits excellent strength. It has been widely used in the construction industry for non-structural elements, like facade panels, piping, and channels. This material is very good in making shapes on the front of any building and it is less dense than steel. Therefore, the usage of glass fiber is increasing in construction industry, which is fueling the demand during the forecast period.
Increasing Demand in Wind Energy Sector
In wind energy sector, glass fiber composites are used in blades and nacelles. Blades represent the most important composite based part of a wind turbine. Due to light weight, most of the wind turbines are constructed at least partially from glass fiber composites. In recent times, wind turbines are capable of converting a great amount of energy in the wind into electricity. Thus, the wind industry has become an important glass fiber composite material end-user market and is expected to boost the demand during the forecast period.
Asia-Pacific to Dominate the Market
Asia-Pacific is expected to dominate the market for glass fiber during the forecast period. The electronics industry is expected to witness a major growth in the region, as China is one of the biggest global manufacturers, which is followed by South Korea and Japan. In addition with this, construction sector is also on its growth path in these countries owing to major upcoming construction projects in the region. Thus, the growing construction industry, especially the commercial building sector, is increasing the demand for glass fiber and is expected to drive the market during the forecast period.
Major Players: Jushi Group Corporation, Owens Corning, Saint-Gobain Vetrotex, PPG Industries Inc., and Braj Binani Group (3b-The Fiberglass Company), among others.
Notable Developments in the Market
May 2017: Owens Corning had announced that it has signed an agreement to acquire Pittsburgh Corning, the world’s leading producer of cellular glass insulation systems for commercial and industrial markets
Reason to purchase this Report
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Application that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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