Press release
Global Glass Fiber Market to be worth of US$17.44 Bn by 2024 | TMR
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According to TMR, the global glass fiber market is expected to swell with a CAGR of 7.5% during the forecast period from 2016 to 2024 and is expected to touch the valuation of US$17.44 bn by the end of 2024 from the value of US$8.50 bn in 2014. Based on the application, the global glass fiber market dominated by the building and construction segment with a CAGR of 7.6%. This growth is attributable to the higher adoption from the developing region such as Asia Pacific. Based on the region, in 2014, the global glass fiber market dominated by the Asia Pacific by accounting for 48% of the overall market. This growth is attributable to emerging and sudden growth in the construction industry.
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Burgeoning Construction Industry to Propel Growth
In the construction industry, the glass fibers are extensively used in roofs, windows, and walls. Moreover, the construction industry is increasingly using glass fiber reinforced concrete (GFRC) contains sand, glass fiber, and hydrated cement. Higher adoption of glass fibers in the construction sectors is a key factor fuelling growth of the global glass fiber market. Furthermore, growing construction activities globally and especially in the developing countries of Asia Pacific are fuelling growth of the global glass fiber market.
Increasing preferences for lightweight material in numerous end-use application such as automotive and wind energy generation is expected to continue over the forecast period. This is another important factor fuelling growth of the glass fibers market. Additionally, some of the properties such as flexural, high tensile strength, lightweight, anti-corrosive nature along with higher durability. Owing to these factors, the glass fibers are replacing the materials such as aluminum and steel in many end-user industries in addition, thanks to these properties of the glass fiber, application of glass fiber has widened in the numerous other industries such as wind turbine and oil & gas sector which is likely to fuel growth of the global glass fiber market.
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Growing Adoption in Wind Turbine to Offer Lucrative Opportunities
Despite these growth prospects, the market is facing challenges such as increasing penetration of carbon fiber due to its excellent mechanical properties is restraining the growth of the glass fiber market. Nonetheless, due to growing awareness about global warming coupled with the growing need for energy, the employment of wind turbines is growing. These wind turbines are boosting demand for glass fibers which in turn is fuelling growth of the market. Additionally, growing employment and reliance on the wind turbines are offering lucrative growth opportunities to key players operating in the glass fibers market.
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This information is based on the new report by TMR, titled “Glass Fiber Market (Product: E-Class Glass Fiber, and Performance Glass Fiber; Application: Building and Construction, Transportation, Industrial, Consumer Goods, Wind Turbine, and Oil and Gas, and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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