Transparency Market Research has published a new research report titled “Glass Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024” to their report store.
Albany, NY -- (SBWIRE) -- 12/16/2016 -- With a few companies dominating in the present scenario, the global glass fiber market is highly consolidated, reports Transparency Market Research (TMR) in a market research report. The well-established players who are able to manufacture glass fiber at a comparatively lower cost and have also achieved economies of scale face little threat from the small regional players. As compared to European manufacturers, the Chinese manufacturers enjoy government patronage that allows them to produce at lower costs. The top six players in the market, Owens Corning, Jushi Group, CHONGQING POLYCOMP INTERNATIONAL CORP (CPIC), Taishan Fiberglass, Inc, Nippon Electric Glass Co. Ltd., and PPG Industries, Inc. accounted for a share of approximately 75% in the global glass fiber market in 2014.
The global glass fiber market is likely to register a CAGR of 7.5% from 2016 to 2024. The market was worth US$9,099.9 mn in 2015 and is anticipated to rise to a valuation of US$17,446.3 mn by the end of 2024.
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Building and Construction Industry to Emerge as Key Consumer Segment
Based on end-use industries, the building and construction segment emerged dominant in 2014 and is expected to retain a lead until 2024 accounting for a share of 30.9% in the same year. The growth of the glass fiber market in the building and construction segment can be attributed to the rising construction activities in Asia Pacific and North America. The building and construction segment was closely trailed by the transportation segment with the second largest share in 2014. According to a TMR analyst, "The factors driving the demand for glass fiber in the transportation sector are economic incentives of glass fiber reinforced plastics and the growing need for lightweight alternatives over traditional materials from automotive manufacturers."
Geographically, the global glass fiber market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific dominated the market in 2014 and is likely to retain a leading position until 2024 with a share of 52.0% in the same year. China emerged as the primary consumer of glass fiber in Asia Pacific, thus pushing it towards the leading edge. The growth of the glass fiber market in the region can be attributed to the increasing consumption in the building and construction industry. The glass fiber market in Asia Pacific is also to be driven by the rising production of natural and renewable energy and the growing adoption of wind turbine energy.
Proliferating Demand from Marine and Automotive Industries for Plastics Composites to Drive Market Growth
Marine and automotive industries are among the key consumers of glass fibers owing to the need for impact resistance and lightweight materials. As glass fibers are lightweight and impact resistance in nature, they are being incessantly employed in the automotive and marine industries. They are the primary reinforcement materials in the marine composited. Glass fibers such as e-glass fibers are employed in the manufacturing of glass fiber reinforced plastics (GFRPs). Glass fiber reinforced plastics have features such as durability, high strength to weight ratio, and weather resistance, which are necessary for materials being used in the manufacturing of marine and automobile components.
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However, the growth global glass fiber market is expected to be threatened by the growing demand for carbon fibers. The business of European manufacturers of high-end glass fibers is expected to be challenged by Chinese manufacturers as they continue to enjoy government subsidies. Manufacturers can expect growth opportunities from the surge in the adoption of wind turbines for producing energy.
This review is based on a Transparency Market Research report titled, "Glass Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024."
This report segments the global glass fiber market as follows:
Glass Fiber Market – Product Analysis
-E-Class Glass Fiber
-Performance Glass Fiber
Glass Fiber Market – Application Analysis
-Building & Construction
-Others (Including Oil & Gas, etc.)
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