– The unique characteristics of fiberglass such as excellent strength, low weight and high strength are estimated to provide tremendous growth prospects for the fiberglass market
– Expanding construction industry in many regions is likely to drive the fiberglass market growth
ALBANY, NY, January 18, 2022 /PRNewswire/ — Market research on transparency: The demand for fiberglass is increasing across various industries, including automotive and construction sectors, and end users. This unprecedented demand from many sectors is expected to provide considerable growth opportunities for the fiberglass market during the forecast period 2019-2027.
Glass fibers are materials created from fine glass fibers, which is a non-crystalline material with a short-range lattice structure. The exceptional properties of fiberglass are expected to lead to substantial growth in the fiberglass market.
Transparency Market Research (TMR) has conducted research on various aspects related to the fiberglass market. TMR analysts expect the global fiberglass market to grow at a CAGR of 7.8% during the forecast period. The fiberglass market was valued at $11.35 billion in 2018 and should reach US$22.32 billion by 2027.
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The building and construction sector will prove to be a major growth driver for the fiberglass market. Growing urbanization in various regions and emergence of smart cities are expected to be profitable growth prospects for the fiberglass market. Population boom is also driving the overall growth of the fiberglass market. Growing investments in R&D activities are expected to boost the fiberglass market.
Main findings of the report
Growing demand for E-glass fiber to drive fiberglass market
The demand for electronic fiberglass has increased significantly over the years. The high tensile strength of the materials has attracted exponential demand. It is also used as a reinforcing phase in the material commonly known as fiberglass. Thus, the growing demand for fiberglass from a considerable part of the population will prove to be an important generator of growth.
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Building and construction segment will witness growth due to rapid urbanization
The emergence of smart cities and rapid urbanization in various regions have led to an increase in the construction of residential and commercial buildings. Based on these factors, the building and construction application segment is expected to grow at a CAGR of 7.9% during the forecast period.
Growing Popularity of Wind Turbines to Drive Profitable Growth
The popularity of wind turbines is growing at a rapid pace. Wind turbines are used to generate electricity from the wind. Government agencies in many countries are promoting the use of renewable energy to generate electricity. The generation of electricity by wind turbines is one of the main methods of renewable energy. Thus, these factors prove to be profitable for the fiberglass market. Among the application segments, wind turbine segment is expected to flourish at a rapid rate during the forecast period.
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Asia Pacific to emerge as a major fiberglass market
The ever-expanding building and construction sector in developing economies such as India and China coupled with increasing urbanization will have a profound impact on the growth of the fiberglass market in Asia Pacific. Asia Pacific held a 48% share of the fiberglass market in 2018. The region is also expected to follow a similar trend during this forecast period.
Some well-established players in the fiberglass market are Jiangsu Jiuding New Material Co. Ltd, PPG Industries, Inc., CHONGQING POLYCOMP INTERNATIONAL CORP, Nippon Electric Glass Co., Ltd, Saint-Gobain Vetrotex and PPG Industries, Inc.
Buy an exclusive research report on https://www.transparencymarketresearch.com/checkout.php?rep_id=4049 The global fiberglass market has been segmented as shown below: Glass Fiber Market: Product Class E fiberglass Performance fiberglass Glass fiber market: Application Glass fiber market: regional analysis North America Europe Asia Pacific Middle East & Africa Latin America The chemicals and materials industry struggles with the tangible impact of economic and cultural shifts, explore Transparency Market Research’s award-winning coverage of the world Chemicals and Materials Market: Polyimide Fiber Market – https://www.transparencymarketresearch.com/polyimide-fibers-market.html Spandex Fiber Market – https://www.transparencymarketresearch.com/spandex-fibers-market.html Natural fiber market – https://www.transparencymarketresearch.com/natural-fiber-market.html About Transparency Market Research Transparency Market Research is a global market intelligence company, providing global market intelligence reports and services. Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive datasets and research material for trade reports. For more information on advanced industries research, visit our YouTube channel – https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ Contact Mr. Rohit Bhisey View original content: https://www.prnewswire.com/news-releases/glass-fiber-market-to-reach-valuation-of-us-22-32-bn-by-2027-due-to-rise – in-demand-of-the-building–notes-of-the-construction-sector-study-tmr-301462422.html SOURCE Transparency Market Research
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