Fiber material

Fiberglass Market to Reach a Valuation of $22.32 Billion by 2027 Driven by Rising Demand from Building and Construction Industry, TMR Study Notes

– 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.

Transparency Market Research

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.

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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

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SOURCE Transparency Market Research