Fiberglass Market – Increased International Trade Opening New Opportunities in Coming years
Global Fiberglass Market: Overview
Fiberglass is kind of the fiber-reinforced plastic where reinforcement fiber is particularly glass fiber. They are formed by pouring molten glass via superfine holes. They may be woven into a fabric or compressed into a sheet and randomly arranged. Plastic matrix may be thermosetting plastic such as vinyl ester, epoxy, and polyester resin. They are employed in major applications such as piping, composites, storage tanks, insulations, filament winding, and house building. Fiberglass is lightweight and strong in nature; hence, it is used to develop various products. Broadly used fiberglass available in the market are yarns and roving fiberglass. Fiberglass is used to form the essential material that is needed to build fiberglass seats for Kart racing and racecar body.
Global Fiberglass Market: Growth Factors
Rising demand for fiberglass in lightweight automobiles and aircraft is expected to drive the global fiberglass market growth. Increasing trend of replacing heavier metal components by lighter weight fiberglass has created immense growth opportunities, stirring up the demand in the potential markets. In addition, plentiful use of fiberglass in wind turbines makes the wind energy sector a valuable revenue generator for the fiberglass. Many manufacturers engaged in manufacturing low-cost fiberglass may drive the global fiberglass market growth. The global market shows augmenting results due to increasing adoption in insulations and composites. The advantages it offers from roofing to external door skins and aircraft to septic tanks is anticipated to contribute to the growth in future.
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Global Fiberglass Market: Segmentation
The global fiberglass market if divided based on type as yarns and roving. Based on the application, the global market is classified as insulation, composites, and others. Of these, composites accounted for the largest market share globally. Geographically, the global fiberglass market is segmented as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Fiberglass Market: Regional Analysis
North America contributed for the largest market share in the global fiberglass market. It may continue a similar trend in the near future. The rapid expansion of the fiberglass industry and increasing demand for composites and insulations in North America is projected to propel the growth in the global market. Europe is following the same trend owing to high demand for fiberglass. This region shows a considerable growth due to the presence of large number manufacturers. Huge capital investment in composites segment may drive the global market in Europe. Asia Pacific shows significant growth in the near future owing to escalating growth in the fiberglass manufacturing activities. China is a major consumer of fiberglass. The presence of major end-user industries such as wind energy, consumer electronics, construction, and others contributed for the largest market share in China. Asia Pacific and North America are directly impacted by the exponential growth in population, which enhances the overall demand for general engineering and automobiles industries.
Global Fiberglass Market: Competitive Players
Major players in the global fiberglass market are Owens Corning, Jushi Group, and Saint-Gobain Vetrotex.
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Global Fiberglass Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa