Press release
Fiberglass Roving Market Size, Scope | Key Trends
Fiberglass Roving Market Size
As per the report, the fiberglass roving market size has grown strongly in recent years. It will grow from $8.8 billion in 2023 to $9.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The fiberglass roving market size is expected to see strong growth in the next few years. It will grow to $13.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
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Wind Energy Sector Surge Propels Fiberglass Roving Market Growth
The growing demand from the wind energy sector is expected to propel the growth of the fiberglass roving market going forward. The wind energy sector refers to an industry engaged in developing, producing, constructing, and maintaining wind turbines and other ejaculatory power devices. In the wind energy sector, fiberglass roving allows to produce larger wind turbine blades, which helps to enhance the energy output of turbines. It is a material that the wind energy industry uses to make nacelles and wind turbine blades. For instance, in September 2022, according to the International Energy Agency, a France-based independent intergovernmental organization, the amount of energy produced by wind increased by 273 TWh in 2021 (up 17%), a growth rate that was 55% more than that of any other power generation technology. With 1,870 TWh of energy generated by wind in 2021, it will continue to be the leading non-hydro renewable technology. Therefore, the growing demand from the wind energy sector is driving the fiberglass roving market.
Breakthrough Product Innovation Leads Fiberglass Roving Market
Product innovations are the key trend gaining popularity in the fiberglass roving market. Major companies operating in the fiberglass roving market are focused on developing innovative products to strengthen their position in the market. For instance, in March 2023, Johns Manville, a US-based manufacturer of insulation, roofing materials, and engineered products, launched StarRovLFTplus Fiberglass Roving, a fiberglass direct roving explicitly designed for long fiber-reinforced thermoplastic (LFRT) applications. It is created to offer a solid and dependable solution for structural automotive applications. In addition to the launch of StarRovLFTplus, Johns Manville has announced a cooperation with Zhongbao Ruiheng Technology Co. Ltd., a China-based manufacturer of composite materials. The partnership with Zhongbao Ruiheng Technology Co. Ltd. is anticipated to increase Johns Manville's market share in China by giving it access to a new clientele and more knowledge in composite materials. The target market for this product is the automotive sector, specifically structural uses such as bumper beams and front-end carriers.
The fiberglass roving market covered in this report is segmented -
1) By Product Type: Single-End Roving, Multi-End Roving, Chopped Roving
2) By Fiberglass Type: E-glass, ECR-glass, H-glass, AR-glass, S-glass
3) By Application: Electrical And Electronics, Transportation, Construction And Infrastructure, Pipes And Tanks, Energy, Other Applications
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Major companies operating in the fiberglass roving market report are Saertex GmbH, Saint-Gobain S.A., PPG Industries Inc., Owens Corning, China Jushi Co. Ltd., Nippon Electric Glass Co. Ltd., Taiwan Glass Ind. Corp., Taiwan Glass Industry Corporation, Johns Manville, Knauf Insulation, Nitto Boseki Co. Ltd., Chongqing Polycomp International Corporation, Jiangsu Jiuding New Material Co. Ltd., AGY Holding Corp., Chomarat Group, AGY Holdings Corp., 3B - the fiber glass company, Fiberlay Inc., Nittobo America Inc., Saint-Gobain Vetrotex, Taishan Fiberglass Inc., China Beihai Fiberglass Co. Ltd., PFG Fiberglass Corporation,P-D Glasseiden GmbH, PFG Fiberglass Corporation, Glass Fiber Technology Co. Ltd.
Contents of the report:
1. Executive Summary
2. Fiberglass Roving Market Report Structure
3. Fiberglass Roving Market Trends And Strategies
4. Fiberglass Roving Market - Macro Economic Scenario
5. Fiberglass Roving Market Size And Growth
…..
27. Fiberglass Roving Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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