NEW YORK, March 17, 2023 (GLOBE NEWSWIRE) -- IndexBox, a leading research firm, has released a new report on the global glass fiber market, providing valuable insights into the industry's size, trends, and growth prospects. The report is now available for purchase on the IndexBox platform, and trial access to market data is also available at https://www.indexbox.io/store/world-glass-fibres-and-glass-wool-market-analysis-forecast-size-trends-and-insights/
According to the report, the global glass fiber market is expected to grow at a CAGR of 4.3% during the forecast period of 2022-2030. The market's growth is attributed to several factors, including the increasing demand for lightweight and high-strength materials in various end-use industries, such as construction, automotive, and aerospace.
The key growth drivers in the glass fiber market include the growing demand for energy-efficient buildings, the increasing adoption of renewable energy sources, and the rising demand for electric vehicles. However, the market faces some challenges, including the fluctuating prices of raw materials, the high cost of production, and the impact of the COVID-19 pandemic on global supply chains.
The demand for glass fibers is affected by various factors, including government regulations, environmental concerns, and consumer preferences. The report provides an overview of the major consuming industries, including construction, automotive, aerospace, wind energy, and others, and their impact on the industry's growth.
The construction industry is the largest consumer of glass fibers, accounting for more than a third of the global market share. Glass fibers are widely used in the construction of energy-efficient buildings, as they provide thermal insulation, soundproofing, and fire resistance. The growing demand for eco-friendly and sustainable construction materials is expected to drive the market's growth in the coming years.
The automotive industry is another major consumer of glass fibers, accounting for nearly a quarter of the global market share. Glass fibers are used in the production of lightweight and high-strength composites, which help to reduce the weight of vehicles and improve fuel efficiency. The increasing demand for electric vehicles is expected to drive the market's growth in the automotive sector.
The aerospace industry is also a significant consumer of glass fibers, accounting for about 15% of the global market share. Glass fibers are used in the production of aircraft components, such as wings, fuselage, and interiors, as they provide high strength, durability, and resistance to heat and corrosion. The growing demand for air travel and the increasing focus on fuel efficiency and safety are expected to drive the market's growth in the aerospace sector.
The wind energy industry is a relatively new consumer of glass fibers, accounting for about 10% of the global market share. Glass fibers are used in the production of wind turbine blades, as they provide high strength and flexibility, and are resistant to fatigue and weathering. The growing demand for renewable energy sources and the increasing investments in wind power projects are expected to drive the market's growth in the wind energy sector.
The Asia-Pacific region is the largest market for glass fibers, accounting for more than half of the global market share. The report provides an overview of the major markets in the region, including China, India, and Japan, and their growth prospects.
Key statistics provided in the report include market size, production volume, export and import trends, and price dynamics. The report also includes a list of the largest manufacturers in the industry, such as Owens Corning, Jushi Group, Saint-Gobain, Nippon Electric Glass, and others.
Aleksandr Romanenko, CEO of IndexBox, commented on the release of the report, stating, "Our new report on the global glass fiber market provides a comprehensive analysis of the industry, highlighting its growth prospects and the challenges it faces. We believe that this report will be a valuable resource for industry participants and investors seeking to understand the market's dynamics and identify opportunities for growth."
For more information about the report and to purchase it, visit IndexBox's website at https://www.indexbox.io/store/world-glass-fibres-and-glass-wool-market-analysis-forecast-size-trends-and-insights/
keywords
- Glass fiber
- Market analysis
- Growth prospects
- End-use industries
- Asia-Pacific
