NEW YORK, May 03, 2018 (GLOBE NEWSWIRE) -- The global fiberglass market is projected to witness a CAGR of 5.7% over the forecast period. The market is likely to expand from USD 14.2 billion in 2017 to USD 21.2 billion by 2024. The growth can be majorly attributed to the increased use of fiberglass in the automotive industry not only due to its lightweight but also to enhance performance. The growing number of passenger cars across the globe has further propelled the market demand over time. Moreover, the expanding application for the product in the construction sector has promoted market growth over the years to come.
Additionally, there has been a global surge in the demand for renewable energy owing to the growing environmental concerns. Increasing application of fiberglass in wind as well as other power generation activities is likely to fuel market growth over the next seven years. Furthermore, the technological advancements in the industry have led to the evolution of fiberglass cutting robots that offer precision cutting. These robotic fiberglass cutters eliminate human exposure to harmful fiberglass shards and particles produced during the process, while providing better results.
Composites are likely to actuate at the fastest CAGR due to its extensive use across various end-use industries.
Fiberglass has multiple applications on account of its inherent insulation properties and is highly preferred among industry users. However, the composite segment is expected to emerge as the fastest growing application in light of its extensive use across varied industries. Its lightweight as well as high strength to weight ratio has expanded its use in the manufacturing of automobile parts. In addition, there has been a significant growth in the use of fiberglass composite products in homes and offices as it is aesthetically appealing. Moreover, use of fiberglass composites in consumer durables as well as wind turbine blades has led to market expansion over the years to come.
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Fiberglass Market - Regional insight
Asia Pacific is anticipated to be the leading regional market on account of rapid industrialization along with growing construction activities in the region, particularly in China and India. Rise in the income level has in turn increased the demand for personal cars as well as tourism. These factors have fostered market growth over the next seven years. Additionally, North America is likely to be the second largest region on account of growing application of fiberglass across various industries and rising automotive sales in the region.
Key findings from the report:
- The global fiberglass market is likely to reach USD 21.2 billion by 2024
- Glass wool segment accounted for the major share of the market in 2017, and the trend is expected to continue over the forecast period
- Composites are expected to emerge as the fastest growing application segment over the forecast period.
- Automotive emerged as the largest end use segment, depicting significant growth from 2018 to 2024.
- Asia Pacific is anticipated to witness the highest CAGR over the forecasted period, while North America is likely to ascend at a considerable growth rate.
- Some of the key companies operating in the industry include Owens Corning, Taishan Fiberglass Inc., Chongqing Polycomp International Corp. (CPIC), Nippon Electric Glass Co., Ltd., 3B-the fibreglass company, Johns Manville Corp., Taiwan Glass Industry Corp., Asahi Fiberglass Co. Ltd., Saint-Gobain Vetrotex, Knauf Insulation, among others.
- As of April 2018, Owens Corning entered into a technology licensing and manufacturing supply agreement with Taiwan Glass Ind. Corp, based in Taipei, Taiwan. The above agreement is expected to aid Owen Corning’s growth in Asia Pacific region as well as to expand operations in Europe and North America.
The report segments fiberglass market on the basis of glass type, type, application, end use and region.
By Glass Type
- E-glass
- ECR-glass
- A-glass
- Others
By Type
- Glass Wool
- Yarn
- Chopped Strand
- Roving
- Others
By Application
- Composites
- Insulation
By End-use
- Automotive
- Construction
- Power
- Aerospace
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the world (RoW)
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