Glass Fibers Market: Key Highlights
A recent
research report published by Transparency Market Research projects the global glass fibers
market to expand at a CAGR of 7.8% during
the period between 2019 and 2027.
The report, titled “Glass Fibers Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 - 2027,”
estimates the global market to reach US$ 22.32 Bn by 2027,
from US$
11.35 bn in 2018.
Rising
Application Scope of Glass Fiber to Provide Lucrative Opportunity
The
potential for the global glass fibers market lies in the expanded application
extent of fiber glass. They are broadly utilized as a part of the automotive
industry in new parts as they prompt lower tooling cost when contrasted with
customary materials, for example, metals. Also, the material is utilized as a
part of an assortment of other application industry, for example, hardware,
aviation, energy and purchaser industry. Different substantial organizations
are reliably enhancing new products which would build the application extent of
glass fibers.
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Furthermore,
the expanded spotlight on energy preservation in the construction industry, has
prompted higher accentuation on usage of glass fibers as they give unrivaled
protection properties at an ostensible cost. These are key factors which could
prompt sellers profiting by the market opportunity, energizing market growth.
Segmental Outlook: Global Glass
Fibers Market
The
application segment of building and construction will largely contribute to the
rise of the global glass fibers market over the forecast period. With a 7.9% CAGR,
this application segment is expected to show unprecedented potential in the
coming years. This could be attributed to the boom in population in emerging
regions, especially Asia Pacific, leading to surge in demand for residential as
well as commercial space.
Asia Pacific Dominated the Global
Glass Fibers Market in 2018
Geographically,
Asia Pacific was evaluated to account for roughly 48% of
the overall market share in 2018. With its
escalating population pool, Asia Pacific is expected to emerge as the swiftest
regional market in the global glass fibers market, with its burgeoning
construction industry.
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Global Glass Fibers Market
Featuring Consolidation
The global
glass fibers market comprises of a number of international as well as regional
vendors. The companies operating in the market are seen focusing on ensuring
product differentiation, leading to heavy investments in research and
development activities. Local vendors are increasingly adopting the latest
technology in their product in order to lure consumer and thrive in the overall
market. The market’s competitive landscape features consolidation currently.
The vendors are seen focusing on improvement of product quality, and
establishment of strong distribution and
export channels, to gain an edge over their competitors.
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Some of the
prominent vendors operating in the global glass fibers market are Jushi
Group, Jiangsu Jiuding New Material Co. Ltd, Owens Corning, Nippon Electric
Glass Co., CHONGQING POLYCOMP INTERNATIONAL CORP, and AGY Holding Corp, among
others.
Global Glass Fibers Market – Key
Developments
· In March 2019, AGY Holding Corp. announced that the launch of the production of a new line of S-2 Glass® rovings designed to reinforce high-performance sheet molding compounds (SMC). These new rovings are designed for specific resin compatibility, as well as for the unique process requirements of commercial SMC production. This customization would permit the production of compounds which can provide full transmission of properties of the high-strength S-2 Glass® reinforcements to the finished SMC laminate.
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