Albany, NY -- (SBWIRE) -- 04/17/2019 -- According to the report of Transparency Market Research, the global glass fiber market has consolidative vendor landscape. Some of the key players operating in the glass fiber market are Jushi Group, Owens Corning, Jiangsu Jiuding New Material Co. Ltd, Nippon Electric Glass Co., and CHONGQING POLYCOMP INTERNATIONAL CORP. These companies are increasingly focusing on product differentiation by investing higher in research and development (R&D). Additionally, local players are trying to offer products with new technology in order to fulfill a demand for the consumer in the overall market. These key players are trying to improve their export channel for accounting higher share in the overall market.
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According to TMR, the global glass fiber market is expected to swell with a CAGR of 7.5% during the forecast period from 2016 to 2024 and is expected to touch the valuation of US$17.44 bn by the end of 2024 from the value of US$8.50 bn in 2014. Based on the application, the global glass fiber market dominated by the building and construction segment with a CAGR of 7.6%. This growth is attributable to the higher adoption from the developing region such as Asia Pacific. Based on the region, in 2014, the global glass fiber market dominated by the Asia Pacific by accounting for 48% of the overall market. This growth is attributable to emerging and sudden growth in the construction industry.
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Burgeoning Construction Industry to Propel Growth
In the construction industry, the glass fibers are extensively used in roofs, windows, and walls. Moreover, the construction industry is increasingly using glass fiber reinforced concrete (GFRC) contains sand, glass fiber, and hydrated cement. Higher adoption of glass fibers in the construction sectors is a key factor fuelling growth of the global glass fiber market. Furthermore, growing construction activities globally and especially in the developing countries of Asia Pacific are fuelling growth of the global glass fiber market.
Increasing preferences for lightweight material in numerous end-use application such as automotive and wind energy generation is expected to continue over the forecast period. This is another important factor fuelling growth of the glass fibers market. Additionally, some of the properties such as flexural, high tensile strength, lightweight, anti-corrosive nature along with higher durability. Owing to these factors, the glass fibers are replacing the materials such as aluminum and steel in many end-user industries in addition, thanks to these properties of the glass fiber, application of glass fiber has widened in the numerous other industries such as wind turbine and oil & gas sector which is likely to fuel growth of the global glass fiber market.
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Growing Adoption in Wind Turbine to Offer Lucrative Opportunities
Despite these growth prospects, the market is facing challenges such as increasing penetration of carbon fiber due to its excellent mechanical properties is restraining the growth of the glass fiber market. Nonetheless, due to growing awareness about global warming coupled with the growing need for energy, the employment of wind turbines is growing. These wind turbines are boosting demand for glass fibers which in turn is fuelling growth of the market. Additionally, growing employment and reliance on the wind turbines are offering lucrative growth opportunities to key players operating in the glass fibers market.
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This information is based on the new report by TMR, titled "Glass Fiber Market (Product: E-Class Glass Fiber, and Performance Glass Fiber; Application: Building and Construction, Transportation, Industrial, Consumer Goods, Wind Turbine, and Oil and Gas, and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024."
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