Glass Fibers Market: Key Highlights
A recent research report published by Transparency Market Researchprojects the global glass fibers market to expand at a CAGRof 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 globalmarket to reach US$ 22.32 Bn by 2027, from US$11.35 bn in 2018.
Rising Application Scope of Glass Fiber to ProvideLucrative Opportunity
The potential for the global glass fibers market lies in the expandedapplication extent of fiber glass. They are broadly utilized as a part of theautomotive industry in new parts as they prompt lower tooling cost whencontrasted with customary materials, for example, metals. Also, the material isutilized as a part of an assortment of other application industry, for example,hardware, aviation, energy and purchaser industry. Different substantialorganizations are reliably enhancing new products which would build theapplication extent of glass fibers.
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Furthermore, the expanded spotlight on energy preservation in the constructionindustry, has prompted higher accentuation on usage of glass fibers as theygive unrivaled protection properties at an ostensible cost. These are keyfactors 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 largelycontribute to the rise of the global glass fibers market over the forecastperiod. With a 7.9% CAGR, this application segment is expectedto show unprecedented potential in the coming years. This could be attributedto the boom in population in emerging regions, especially Asia Pacific, leadingto surge in demand for residential as well as commercial space.
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Asia Pacific Dominated the Global Glass FibersMarket in 2018
Geographically, Asia Pacific was evaluated to account for roughly 48% ofthe overall market share in 2018. With its escalating populationpool, Asia Pacific is expected to emerge as the swiftest regional market in theglobal glass fibers market, with its burgeoning construction industry.
Global Glass Fibers Market Featuring Consolidation
The global glass fibers market comprises of a number of international aswell as regional vendors. The companies operating in the market are seenfocusing on ensuring product differentiation, leading to heavy investments inresearch and development activities. Local vendors are increasingly adoptingthe latest technology in their product in order to lure consumer and thrive inthe overall market. The market’s competitive landscape features consolidationcurrently. The vendors are seen focusing on improvement of product quality, andestablishment of strong distribution and export channels, to gain an edge overtheir competitors.
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Some of the prominent vendors operating in the global glass fibersmarket are Jushi Group, Jiangsu Jiuding New Material Co. Ltd, OwensCorning, Nippon Electric Glass Co., CHONGQING POLYCOMP INTERNATIONAL CORP, andAGY Holding Corp, among others.
Global Glass Fibers Market – Key Developments
· In March2019, AGY Holding Corp. announced that the launch of the production ofa new line of S-2 Glass® rovings designed to reinforce high-performance sheetmolding compounds (SMC). These new rovings are designed for specific resincompatibility, as well as for the unique process requirements of commercial SMCproduction. This customization would permit the production of compounds whichcan provide full transmission of properties of the high-strength S-2 Glass®reinforcements to the finished SMC laminate.
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