16th September 2019 – Global Fiberglass
Market is anticipated to reach USD 21.27 billion by 2025. Fiberglass
implies fiber-reinforced plastic where reinforcement fiber is mainly glass
fiber. It is developed by pouring molten glass via superfine holes. The factors
that drive the growth of the fiberglass industry include an increasing number
of wind turbine installations, use of fiberglass composites by the automotive
industry for enhanced performance, and extensive use of fiberglass in the
construction industry. On the other hand, there are factors that may hamper the
growth of the market including high manufacture cost of fiberglass. Fiberglass
Market is anticipated to grow at a significant CAGR of 5.9% in the upcoming
period as the scope, product types, and its applications are increasing across
the globe.
The market may be explored by type,
application, end user, and geography. The key applications that could be
explored in the market include Composites, and Insulation. The “Composites”
segment led the Fiberglass industry in 2016 and is anticipated to maintain its
dominance by 2025. The market could be explored based on Type as Yarn, Glass
Wool, Chopped Strands, and Roving. The “Wool” segment led the Fiberglass Market
in 2016 and is anticipated to maintain its dominance by 2025 owing to
increasing use of glass wool in construction sector for insulation. The rising
construction expenditure in emerging countries is an important factor expected
to drive the demand for glass wool in the forecast period. “Wool” segment is
followed by “Chopped” segment.
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Fiberglass industry may be analyzed by
end user as Building and Construction, Automobiles, Wind Energy, and Aerospace.
The “Automotive” segment led the market in 2016 and is anticipated to maintain
its dominance by 2025 due to the fact that fiberglass is mainly used in
manufacturing of automobile parts such as body panels, decks, load floors,
wheelhouse assemblies, dash panel assemblies, battery boxes, and front fascia.
Asia-Pacific accounted for the major
share of the Fiberglass Market and will continue to lead in the forecast
period. The increasing disposable revenue in Asia Pacific is expected to propel
the regional market over the forthcoming period. Furthermore, the rising
automobile and construction segments in the region, particularly in India and
China is estimated to drive the market.
Some of the key players that fuel the
growth of the Fiberglass industry comprise Jushi Group Co. Ltd., Corning,
Taishan Fiberglass Inc., Zibo Zhuoyi Fiberglass Material Co. Ltd., Chongqing
Polycomp International Corp., Johns Manville, Shandong Fiberglass Group Co.
Ltd., XingtaiJinniu Fiberglass Co. Ltd., CPIC Abahsain Fiberglass M.E., W.L.L.,
and Glasstex Fiberglass Materials Corp. The leading companies are taking up
mergers, and acquisitions, partnerships, and joint ventures in order to boost
the inorganic growth of the industry.
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