Factors Influencing the Global Fiberglass (Glass Fiber) Market Growth
Construction of the water supply systems and increase in the oil and gas exploration activities have led to a surge in demand for various fiberglass (glass fiber) products such as pipes & tanks, bathtubs and FRP panels during the forecast period in the MEA region. Fiberglass (Glass Fiber) is corrosion resistant and can withstand high temperatures and adverse conditions, due to which manufacturers prefer opting for fiberglass as an important manufacturing component. Also, the development and increasing applications of high performance compsites such as glass fiber reinforced plastic is also a key emerging trend.
Attributed to these factors, demand for fiberglass continues to remain high in countries with high humidity level, extreme temperature conditions, and high soil salinity. Bound to the corrosion resistant and robust features, manufacturers are focusing on utilizing the fiberglass (glass fiber) in for pipes & tanks, and in water supply and storage applications. Growing demand for flexible water tanks is projected to positively impact the market. Also, the increasing traction in the market for coated fabrics is an area where manufacturers catering to the fabric segment can focus in the future.
Major players involved in the fiberglass (glass fiber) market are focusing on acquisition and expansion of their production capacities to enhance their operational efficiency and product portfolio. Also, strategic collaborations and joint venture will improve sales & distribution network of the fiberglass (glass fiber), which in turn is expected to boost growth of the global market during the forecast period.
Global Fiberglass (Glass Fiber) Market Analysis, by Region
From a regional perspective, the fiberglass (glass fiber) market in China is projected to witness the fasted growth over the forecast period. China is estimated to account for a revenue share of more than 32% in overall fiberglass (glass fiber) by 2028-end. However, the fiberglass (glass fiber) market in North America is expected to register a CAGR of 4.0 % in terms of volume over the forecast period. Fiberglass (glass fiber) market in North America is expected to reach US$ 2,687.3 Mn by the end of 2028, recording a CAGR of 8.7 % over the forecast period. Whereas the fiberglass (glass fiber) market growth rate in MEA and APAC excluding China & Japan is expected to remain relatively lower as compared to the global Fiberglass (Glass Fiber) Market average between 2018 and 2028.
Post time: Apr-09-2021