Albany, NY -- (SBWire) -- 03/02/2019 --The global fiberglass market features a slightly consolidated vendor landscape on account of the presence of a few players who hold sizeable stakes in the global market, notes Transparency Market Research (TMR). Top vendors in the fiberglass market are focusing on technological expertise to unveil products with an assortment of performance attributes, which can meet wide variety of applications. Development of technologically-advanced products helps them consolidate their customer footprints and gain a better hold over the global fiberglass market. In addition, several players are actively committing substantial funds for research and development, with an aim to strengthen their portfolio over time and gain competitive edge over others.

Top players operating in the global fiberglass market are Owens Corning, Zibo Zhuoyi Fiberglass Material Co., Chongqing Polycomp International Corp., Taishan Fiberglass Inc., and Shandong Fiberglass Group Co. Ltd.

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The global fiberglass market stood at US$7.21 billion. Expanding at a CAGR of 4.7% during 2017 –2025, the market is forecast to reach worth of US$10.8 by the end of 2025.

Among the various application areas, the automotive industry held the leading share and is expected to retain its sway over the assessment period. This is attributed to rising utilization of fiberglass products in fabricating automotive moldings and growing uptake of such structures in the worldwide transportation sector.

On the geographical front, North America held the major share of 30.0% in the global fiberglass market in 2016. The regional market will keep contributing sizeable shares in the next few years as well. A large chunk of the revenues will come from the rising uptake in various end-use industries in the U.S.

Profuse Demand for Fiberglass Products in Automotive Industries bolsters Overall Growth

The global fiberglass market is increasingly driven by the rising demand for fiberglass products in the end-use industries of automotive and construction. The rising demand for automotive fiberglass products across the world is one of the key factors bolstering its uptake in the automotive manufacturing. Substantial demand is on the account of the characteristics of fiberglass to be suitable for high-strength structural shapes, rendering its use increasingly attractive for the transit sector.

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Moreover, the growing use of fiberglass products for structural reinforcements that are used in crash protection systems of vehicles is a crucial factor boosting the fiberglass market. A great deal for the demand comes from the rising need for mechanically strong but light-weight materials in vehicle structures so as to make them fuel-efficient.

Growing Use in Thermal and Electrical Applications accounts for Rising Revenues

The fiberglass market is also witnessing robust impetus from the rising use of fiberglass products in the building and construction applications, notably in fabrication of ladders, roofs, walls, panels, and windows. Growing infrastructural spending in developing and developed economies will catalyze the uptake in the construction industry.