Albany, NY -- (SBWire) -- 06/17/2015 --TMR, a market intelligence company based in the U.S., states that the global glass fibers market was estimated at US$8 billion in 2013 and, growing at an 8.4% CAGR from 2014 to 2020, is predicted to reach US$14.07 billion by 2020.The TMR report states that glass fibers are the most broadly utilized reinforcement materials in plastics globally. They represent more than 90% of the worldwide demand for fiber reinforced plastics (FRPs). Useful characteristics of glass fibers that boost demand for them include low weight, great strength, and high impact resistance. Glass fibers facilitate better reinforcing properties in various applications. Glass fiber reinforced plastics are utilized in a broad range of applications including transportation, building and construction, wind turbines, sports and leisure, and consumer goods.
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Glass fibers are majorly classified as S-class, E-class, C-class, and D-class glass fibers, established on the basis of their characteristics. The most common type is E-class glass fibers, which accounted for more than 85% of the worldwide market, due to their low cost and high tensile strength. Other varieties of glass fibers cost relatively more and are utilized for technical applications. According to this TMR report, key application segments of glass fiber include transportation, building and construction, consumer goods, industrial applications, wind turbines, and others. Building and construction is the biggest application of glass fibers. Utilization of glass fibers is also conspicuous in non-residential and residential insulation. Transportation is the second largest application of glass fibers, which are also utilized as a substitute to steel, timber, concrete, and aluminum in construction activities.
Glass fiber reinforced plastics (GFRPs) are utilized to manufacture sinks, bath enclosures, spas, and troughs in building interiors. GFRPs help decrease the curb weight of vehicles and enhance their fuel efficiency. They are also used in the manufacture of fuel tanks, pultruded driveshafts, valve guides, clutch plates, automotive racing brakes, as well as various assembly units and body components. In marine vehicles, they are used to manufacture hand rails, life rails, gear cases, stacks, masts, and foundations, among others. Glass fiber application in wind turbines is a highly attractive market. The rising rate of wind turbine installation worldwide in search of sustainable renewable energy has elevated the global glass fibers market.
The report states that based on geography, the global glass fibers market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2013, Asia Pacific registered the biggest market share of over 45% in the glass fibers market. APAC was trailed by North America and Europe in the global glass fiber market's regional hierarchy. Asia Pacific is anticipated to display the most rapid growth in the market for glass fiber during the forecast horizon. China leads manufacturing figures for glass fibers worldwide. The support provided by the country's government helps manufacturers produce low-cost products that are exported to North America and Europe.
Browse the full Glass Fibers (E-class Glass Fibers and Performance Glass Fibers) Market for Building & Construction, Transportation, Industrial, Consumer Goods, Wind Turbine, and Other Applications - Global Industry Analysis, Size, Share, Growth, and Trends and Forecast 2014 - 2020 report at http://www.transparencymarketresearch.com/glass-fibers-market.html
The major manufacturers across the world in the market for glass fibers include Jushi Group Co., Ltd., Owens Corning Corporation, Chongqing Polycomp International Corporation, Taishan Fiberglass, Inc., and PPG Industries, Inc.
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Glass Fibers Market to Grow at 8.4% CAGR from 2014 to 2020 Due to Rising Rate of Wind Turbine Installation
A new report has been published by Transparency Market Research, titled “Glass Fibers Market - Global Industry Analysis, Size, Share, Growth, and Trends and Forecast 2014 - 2020”.