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Global Fiber Glass Market Expected to reach USD $13.24 billion by 2023, Key Players - Binani 3B, Owen Corning, Saint-Gobain, Nippon Electric Glass Co. Ltd
Global Fiber Glass Market
Fiber glass is a rapidly growing market due to the presence of stringent emission regulations set by authorities. This factor is compelling automobile manufacturers to choose fiberglass material in the production of vehicles. The global fiberglass market size was estimated at USD 11.73 billion in 2017 and is projected to register a market size of about USD 13.24 billion by 2023, with a CAGR of around 5.46% between 2018 and 2023. The appeal of fiberglass is the key factor responsible for increased use of fiberglass composite products in homes and offices. Moreover, the use of fiberglass composites in consumer durable and other new end-use sectors is expected to drive the market over the forecast period. Fiber glass is extensively used in residential, commercial, and industrial buildings for thermal and electrical insulation.
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Global Fiber Glass Market - Drivers and Restraints:
Fiberglass market is expected to grow on account of increased construction spending in both developed and developing countries. In addition, new end use of fiberglass owing to its intrinsic properties of lightweight and high strength allow its applications in consumer durable products and electronics products is expected to drive the market over the forecast period. Moreover, fiberglass composites are used in many building applications such as roofs, walls, panels, windows, and ladders. The availability of substitutes, such as aluminum and carbon fiber, are, however, likely to be one of the restraints to the market globally. Carbon fiber is lighter, stronger, and costlier in comparison to fiberglass. On the other hand, aluminum is of low cost and available in abundance. This element is, however, heavier in comparison to fiberglass.
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Global Fiber Glass Market - Geographic Segmentation:
The Fiber Glass Market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific is likely to be the leading region in the next eight years. The key players in Asia Pacific is likely to drive the regional market over the forecast period. North America is the second-fastest growing regional market that can be attributed to the extensive use of fiberglass insulation in buildings and growing automotive sales in the region.
List of key Players in Global Fiber Glass Market:
Some of the major players in the industry include Binani 3B, Owen Corning, Saint-Gobain, Nippon Electric Glass Co. Ltd., and China Jushi among others. Market players are focusing on developing high-quality and high-performance products by using advanced technologies.
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