The Global Glass Fiber Market is anticipated to grow at a CAGR of 5.8% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Glass fiber, as the name suggests, involves fine fibers of glass. The factors that propel the growth of the Glass Fiber Market include increased usage of in automobiles to decrease weight and CO2 emissions, increased construction activities at the global level, and demand for corrosion resistance applications such as pipes and tanks from oil & gas and water supply sector.
On the other hand, there are factors that may hamper the growth of the market including hunting by manufacturers of automobiles for inexpensive and harmless substitutions, and adverse health effects of fiberglass. The market may be explored by type, manufacturing process, application, and geography. The market could be explored based on product type as Single-End Roving, Multi-End Roving, CSM, Woven Roving, CS, DUCS, CFM, Fabrics, and Others. Glass Fiber Market may be explored by manufacturing process as Hand Lay-Up, Spray Up, Pultrusion, Injection Molding, Prepreg Lay Up, Compression Molding, Resin Infusion, and Others.
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Market may be analyzed by application as Consumer products, Construction, Wind turbines, and Transportation. The “Construction” segment led the Glass Fiber Market in 2016 and is anticipated to maintain its dominance by 2020 owing to rising use of glass fibers as mixtures in building materials and increasing replacement of steel with glass fibers to reduce the maintenance costs and avert erosion.
Asia-Pacific accounted for the major share of the Glass Fiber Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include foremost upcoming construction schemes in the region. Thus, the rising construction industry, particularly in commercial building segment, is driving the demand for glass fiber in this region.
Some of the key players that fuel the growth of the Glass Fiber Market comprise Owens Corning, PPG Industries, Nippon Sheet Glass, Knauf and Advanced Glass fiber Yarns, and China Fiberglass Company, among others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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