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Strength in Fiberglass: Roving the Future of Lightweight Materials
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According to The Business Research Company's, 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 growth in the historic period can be attributed to construction and infrastructure development, automotive industry demand, widespread use in wind energy, boat and marine manufacturing, growth in aerospace applications.
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%. The growth in the forecast period can be attributed to renewable energy expansion, lightweighting trends in transportation, infrastructure rehabilitation projects, advancements in composites manufacturing, growing demand for high-performance materials. Major trends in the forecast period include marine industry applications, infrastructure rehabilitation projects, key players' collaborations, market penetration in asia-pacific, customization for specific end-use.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Fiberglass Roving Market 2024 Key Insights:
• 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%.
• Wind Energy Sector Surge Propels Fiberglass Roving Market Growth
• Breakthrough Product Innovation Leads Fiberglass Roving Market
• Asia-Pacific was the largest region in the fiberglass roving market in 2023
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