Albany, NY -- (SBWIRE) -- 01/04/2018 -- The global glass fibers market is moderately consolidated and dominated by players such as Nippon Electric Glass Co. Ltd., Johns Manville, Owens Corning, PPG Industries Inc., Jiangsu Jiuding New Material Co., Saint-Gobain Vetrotex, Taishan Fiberglass Inc., Jushi Group, Chongqing Polycomp International Corp., and AGY Holding Corp. Establishing secure distribution mechanisms and export channels is a key tactic for players in the global glass fibers market and is likely to determine the direction of the market in the coming years. The diversity of application sectors of glass fibers has also become a key asset for the market, as it has enhanced the lucrative appeal of the market and enabled steady entry of new glass fiber producers.
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According to Transparency Market Research (TMR), the global glass fibers market is expected to exhibit a robust CAGR of 7.5% between 2016 and 2024. The market's valuation is expected to rise to US$17.4 bn by the end of the forecast period.
Application in Building and Construction, Wind Turbines Vital for Glass Fibers Market
The key application segments of the global glass fibers market studied in the report are wind turbines, transportation, building and construction, consumer goods, and industrial applications. Of these, the building and construction sector accounted for close to a third of the global glass fibers market in 2016 and is likely to remain the leading contributor to the glass fibers market in the coming years. The diversity of application of glass fibers has been the prime driver for the global glass fibers market in the construction sector, and the widening disparity between the different kinds of construction projects required in today's urban landscapes is likely to remain a key driver for the global glass fiber market in the coming years.
The wind energy sector is expected to make a notable contribution to the global glass fibers market in the coming years. Wind turbines make use of glass fibers on a large scale and their rising demand is likely to remain a key driver for the global glass fibers market in the coming years. The support being provided by developed as well as developing economies to the wind energy sector is likely to remain a key driver for the global glass fibers market in the coming year.
Rising Construction Activities in Emerging Regions Drive Glass Fibers Market
The booming construction industry in emerging regions such as Asia Pacific is a leading contributor to the global glass fibers market. The sustained support for urbanization seen in numerous countries in the region has led to rising demand for new residential, commercial, as well as infrastructure construction, all of which account for significant demand from the global glass fibers market.
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Asia Pacific accounted for close to half of the global glass fibers market in 2014 and is likely to remain similarly dominant over the forecast period. The rising production of glass fibers in China and India is also a vital factor for the global glass fibers market, as these two countries are likely to emerge as leading exporters of glass fibers in the coming years.
The rising disposable income of consumers in emerging regions is also set to benefit the global glass fibers market in other ways, as glass fibers are used in a wide variety of consumer goods due to their favorable physical properties. The booming consumer goods industry in dynamic economies such as China and India is thus likely to remain a key contributor to the global glass fibers market, further aided by the rising role of these two countries as exporters of glass fibers.