Glass Fiber Market Size will Observe Substantial Growth by 2024

Explosion of human population has become a boon for the international glass fiber market. It has created phenomenal demand for all of its products across various sectors worldwide. The need for glass fiber stretches from building automotive to construction segment and to various other sectors.

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The international market for glass fiber is reasonably consolidated with the presence of dominant market vendors such as PPG Industries Inc., Saint-Gobain Vetrotex, Jiangsu Jiuding New Material Co., Nippon Electric Glass Co. Ltd., Chongqing Polycomp International Corp., AGY Holding Corp., Jushi Group, Johns Manville, Taishan Fiberglass Inc, and Owens Corning. These market players are strategizing on the establishment of secure and robust export channels and mechanisms of distribution. The same is likely to direct the course of the market in the years to come.

Transparency Market Research mentions in its research report that the market for glass fiber is estimated to be worth around US$17.44 bn towards the end of the forecast timeframe from a previous valuation that stood at US$8.50 bn in the year 2014. The said market is forecasted to rise at a robust CAGR of 7.5% over the period of forecast that extends from 2016 to 2024. A wide array of glass fiber’s application is mainly owing to its special qualities such as excellent resistance, high strength, and low weight.

The product category of E-glass fiber has been at the forefront of the success of the world glass fiber market. This product category is being mostly chosen by many owing to its excellent tensile strength, modulus, and cost effectiveness. The world glass fiber market is prognosticated to be driven mostly by the segment of construction and building following the demand of residential building in some of the highly populated parts of the world such as Asia Pacific. It is further expected that this material will be used in the manufacture of pipes, tanks for water storage, fixtures and furnitures and so on.

Asia Pacific to Offer Lucrative Market Opportunities

From the geographical point of view, this market has been divided into the regions of the regions of North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Out of all of these geographical segments, Asia Pacific is forecasted to be quite significant and promising in the forthcoming years. The region held a lion’s share of the market, accounting for 48% of the total market share in the year 2014. The demand for glass fiber in this region was driven by the presence of huge base of population which triggers the need for construction of more and more buildings. Constant urbanization in this part of the world is fuelling the need for commercial and infrastructure development as well, which in turn is driving the market for glass fiber in Asia Pacific. It is expected that this part of the world will continue to grow over the period of forecast as regional economic giants like India and China are anticipated to become large exporters of fiber glass over the forecast timeframe

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Wind Turbine and Construction Sectors to Fuel Market Growth

The prominent segments of application that has been researched in this report are building and construction, industrial applications, wind turbines, transportation, and consumer goods. Prevailing diversity in the usage of glass fibers has been driving this market in the construction sector. Furthermore, widening and increasing disparity in many different types of construction projects has been the key stimulant for this market in the construction segment and is expected to fuel the market in the years to come.

Apart from the construction segment, the sector of wind energy sector is also anticipated to contribute substantially towards this market in the years the come. Glass fibers are used on a very large scale by the wind turbines and their soaring demand in this segment is, in all likelihood, to remain one of the main market drivers.

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.