Albany, NY -- (SBWIRE) -- 09/24/2020 -- Glass Fibers Market: Key Highlights
A recent research report published by Transparency Market Research projects the global glass fibers market to expand at a CAGR of 7.8% during the period between 2019 and 2027. The report, titled "Glass Fibers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027," estimates the global market to reach US$ 22.32 Bn by 2027, from US$ 11.35 bn in 2018.
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Rising Application Scope of Glass Fiber to Provide Lucrative Opportunity
The potential for the global glass fibers market lies in the expanded application extent of fiber glass. They are broadly utilized as a part of the automotive industry in new parts as they prompt lower tooling cost when contrasted with customary materials, for example, metals.
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Also, the material is utilized as a part of an assortment of other application industry, for example, hardware, aviation, energy and purchaser industry. Different substantial organizations are reliably enhancing new products which would build the application extent of glass fibers.
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Furthermore, the expanded spotlight on energy preservation in the construction industry, has prompted higher accentuation on usage of glass fibers as they give unrivaled protection properties at an ostensible cost. These are key factors which could prompt sellers profiting by the market opportunity, energizing market growth.
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Segmental Outlook: Global Glass Fibers Market
The application segment of building and construction will largely contribute to the rise of the global glass fibers market over the forecast period. With a 7.9% CAGR, this application segment is expected to show unprecedented potential in the coming years. This could be attributed to the boom in population in emerging regions, especially Asia Pacific, leading to surge in demand for residential as well as commercial space.
Asia Pacific Dominated the Global Glass Fibers Market in 2018
Geographically, Asia Pacific was evaluated to account for roughly 48% of the overall market share in 2018. With its escalating population pool, Asia Pacific is expected to emerge as the swiftest regional market in the global glass fibers market, with its burgeoning construction industry.
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Global Glass Fibers Market Featuring Consolidation
The global glass fibers market comprises of a number of international as well as regional vendors. The companies operating in the market are seen focusing on ensuring product differentiation, leading to heavy investments in research and development activities. Local vendors are increasingly adopting the latest technology in their product in order to lure consumer and thrive in the overall market. The market's competitive landscape features consolidation currently. The vendors are seen focusing on improvement of product quality, and establishment of strong distribution and export channels, to gain an edge over their competitors.
Some of the prominent vendors operating in the global glass fibers market are Jushi Group, Jiangsu Jiuding New Material Co. Ltd, Owens Corning, Nippon Electric Glass Co., CHONGQING POLYCOMP INTERNATIONAL CORP, and AGY Holding Corp, among others.
Global Glass Fibers Market – Key Developments
In March 2019, AGY Holding Corp. announced that the launch of the production of a new line of S-2 Glass® rovings designed to reinforce high-performance sheet molding compounds (SMC). These new rovings are designed for specific resin compatibility, as well as for the unique process requirements of commercial SMC production. This customization would permit the production of compounds which can provide full transmission of properties of the high-strength S-2 Glass® reinforcements to the finished SMC laminate.