Fiberglass Market to Propel Growth Based on Increasing Number of Wind Turbine Installations Till 2025 | Million Insights
The factors that drive the growth of the fiberglass industry include an increasing number of wind turbine installations, use of fiberglass composites by the automotive industry for enhanced performance, and extensive use of fiberglass in the construction industry.
FELTON, California, August 9, 2018 /PRNewswire/ --
Global Fiberglass Market is anticipated to reach USD 21.27 billion by 2025. Fiberglass implies fiber-reinforced plastic where reinforcement fiber is mainly glass fiber. It is developed by pouring molten glass via superfine holes. The factors that drive the growth of the fiberglass industry include an increasing number of wind turbine installations, use of fiberglass composites by the automotive industry for enhanced performance, and extensive use of fiberglass in the construction industry. On the other hand, there are factors that may hamper the growth of the market including high manufacture cost of fiberglass. Fiberglass Market is anticipated to grow at a significant CAGR of 5.9% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market may be explored by type, application, end user, and geography. The key applications that could be explored in the market include Composites, and Insulation. The "Composites" segment led the Fiberglass industry in 2016 and is anticipated to maintain its dominance by 2025. The market could be explored based on Type as Yarn, Glass Wool, Chopped Strands, and Roving. The "Wool" segment led the Fiberglass Market in 2016 and is anticipated to maintain its dominance by 2025 owing to increasing use of glass wool in construction sector for insulation. The rising construction expenditure in emerging countries is an important factor expected to drive the demand for glass wool in the forecast period. "Wool" segment is followed by "Chopped" segment.
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Fiberglass industry may be analyzed by end user as Building and Construction, Automobiles, Wind Energy, and Aerospace. The "Automotive" segment led the market in 2016 and is anticipated to maintain its dominance by 2025 due to the fact that fiberglass is mainly used in manufacturing of automobile parts such as body panels, decks, load floors, wheelhouse assemblies, dash panel assemblies, battery boxes, and front fascia.
Asia-Pacific accounted for the major share of the Fiberglass Market and will continue to lead in the forecast period. The increasing disposable revenue in Asia Pacific is expected to propel the regional market over the forthcoming period. Furthermore, the rising automobile and construction segments in the region, particularly in India and China is estimated to drive the market.
Some of the key players that fuel the growth of the Fiberglass industry comprise Jushi Group Co. Ltd., Corning, Taishan Fiberglass Inc., Zibo Zhuoyi Fiberglass Material Co. Ltd., Chongqing Polycomp International Corp., Johns Manville, Shandong Fiberglass Group Co. Ltd., XingtaiJinniu Fiberglass Co. Ltd., CPIC Abahsain Fiberglass M.E., W.L.L., and Glasstex Fiberglass Materials Corp. The leading companies are taking up mergers, and acquisitions, partnerships, and joint ventures in order to boost the inorganic growth of the industry.
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Application Outlook (Volume, Kilotons; Revenue, USD Billion; 2014 - 2025)
• Insulation
• Composites
Type Outlook (Volume, Kilotons; Revenue, USD Billion; 2014 - 2025)
• Glass Wool
• Yarn
• Roving
• Chopped Strands
End-use Outlook (Volume, Kilotons; Revenue, USD Billion; 2014 - 2025)
• Automobiles
• Building and Construction
• Aerospace
• Wind Energy
Regional Outlook (Volume, Kilotons; Revenue, USD Billion; 2014 - 2025)
• North America
• U.S.
• Europe
• Germany
• UK
• France
• Asia Pacific
• China
• Japan
• India
• South Korea
• Central & South America
• Middle East & Africa
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