Fibreglass market will grow substantially
The commercially available report “Fiberglass Market” by Markets and Markets Research and by Type (Roving, Yarns), by Application (Composites, Insulations) & by Region – Trends & Forecast to 2020”, defines and segments the Fiberglass market with analysis and forecast of the market size. The global fiberglass market value is projected to reach USD 15.57 billion by 2020
The Global Fibre Glass Market is largely dominated by the developed markets. Asia-Pacific and North America collectively held 78.1% of the global market share in 2015. Despite some production capacities present in developing countries, such as China and India, these capacities have proved to be more export-oriented than in the favour of promoting domestic growth for fibreglass. China has developed significant market share in the global fibreglass market, however, the competition from carbon fibre and rock wool restricts this market’s growth.
Some of the Prominent Players in the Fibre Glass Market are Jushi Group (China); Owens Corning (U.S.); Saint-Gobain Vetrotex (France).
Asia-Pacific is the dominant market for fiberglass, globally. The growth is due to the increasing applicability of fiberglass in various industries such as building and construction sector. The industrial development of this region is pulling up the demand of various composite materials used in this sector
North America is one of the fastest-growing consumers of fibre glass across the globe. This trend is expected to continue in the near future. Asia-pacific is the biggest market for fiberglass and accounted for a share of about 55.0% of the total market size, in terms of volume, in 2015. China is the highest revenue-generating market for fibreglass in Asia-Pacific. It is also estimated to be the fastest-growing market for fibreglass in the region. Continuous product developments by the participant companies are increasing the market applications base for fibreglass, thereby boosting the volume consumption in the region.
Asia-Pacific and North America are at the forefront of the global fibreglass market, while China and Japan are the key markets in Asia-Pacific. China consumed more than half of the demand for fibreglass in Asia-Pacific, followed by Japan where consumption is growing at a steady rate. Increase in the consumption of fibre glass in composites has been observed in Asia -Pacific due to increasing applicability of fiberglass in various industries such as building and construction sector.