E-glass Demand in Construction Industry to Shape Future Reve
- Extensive Utilization in Making Wind Turbines Spur Demand for Glass Fibers; Hence, Drive for Sustainable Energy Solutions Offers Strong Undercurrent to Glass Fibers Market Expansion
- Most Prominent Growth Rate to come from Asia Pacific, where Plethora of Demand in Region Underpin Prospects; Building & Construction Sector to Garner CAGR of 7.9% During 2019 - 2027
ALBANY, N.Y., Aug. 3, 2020 /PRNewswire/ -- Use of glass fibers in making plethora of materials and composites for building and construction and automotive industries is key to the demand in the glass fibers market. These applications utilize the combination of characteristics of glass fibers such as excellent resistance, high strength, and low weight.
The global glass fibers market is projected to clock CAGR of 7.8% between 2019 and 2027. The versatility of glass fiber has spurred the demand in various end-use industries. The market stood at US$ 11.35 bn in 2018, and researchers at TMR estimate the market to reach US$ 22.32 bn by 2027-end.
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Building and construction industry to provide robust undercurrent to expansion of the glass fibers market. The valuation of the segment will clock 7.9% CAGR during 2019 – 2027.
Key Findings of Glass Fibers Market Report
- Of all the application areas, the wind turbine segment is expected to grow at remarkable pace; implementation of sustainable energy norms to support demand
- Meanwhile, building and construction to rise at 7.9% CAGR during 2019 – 2027; rapid uptake in burgeoning residential and commercial constructions drive demand
- Of all the regions, Asia Pacific held the top share in glass fibers market; the regional market held 48% market share in 2018
- Among the various products, e-glass fiber to set the pace for sizable revenues during the assessment period; tensile strength and cost-effectiveness of the material behind its growing popularity
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Glass Fibers Market: Key Driving Factors and Promising Avenues
- Expansion of the global glass fibers market pivots on the plethora of glass fiber products and the demand for their reinforcement materials in numerous applications, such as in automotive, building and construction, and renewable energy.
- A large part of the growth comes from the growing construction of wind turbines for shifting to renewable energy in the overall energy mix. This has spurred the demand for glass fibers in making wind turbines.
- The use of E-glass is proliferating due to its remarkable fiber forming capabilities.
- Extensive research in reinforcement techniques has spurred the prospects of the glass fibers market.
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Key Impediments for Glass Fibers Market Stakeholders
Advent of materials with better performance characteristics, such as mechanical features, has caused end users prefer these over glass fibers in almost all application areas. Nevertheless, the rise in use of glass fibers in architecture in various commercial and residential construction is likely to sustain the growth momentum of the glass fibers market.
Some of the players expected to disrupt the glass fibers market with innovation are PPG Industries, Inc., Owens Corning, Taishan Fiberglass, Inc., Jiangsu Jiuding New Material Co. Ltd., Nippon Electric Glass Co., Ltd., Saint-Gobain Vetrotex. Prominent fiber glass manufacturers are trying new compositions to meet the specific performance requirements of end-use industries.
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Glass Fibers Market: Regional Assessment
Geographically, Asia Pacific has been a remarkable promising market in recent years, The lucrativeness of this regional market is underpinned by the widespread use of glass fibers in construction and building sector. Also, wide-ranging use of glass fiber-reinforced materials in the automotive industry, notably in India and China, has helped the regional market to retain its dominance till 2018.
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The Glass Fibers Market can be segmented as follows:
- E-Class Glass Fiber
- Performance Glass Fiber
- Building & Construction
- Consumer Goods
- Wind Turbine
- Others (Including Oil & Gas, etc.)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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