The Fiberglass Market value is anticipated to reach around US$ 24.64 Bn by 2026, growing at a CAGR of around 6.5% during the forecast period 2019 to 2026.
LOS ANGELES, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Fiberglass Market (By Type: E- Glass, ECR- Glass, H- Glass, AR- Glass, S- Glass; By Product: Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand; By Application: Composites, Insulation, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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The Asia Pacific dominated the global fiberglass market in the year 2018. Different huge purposes behind the predominance of Asia Pacific are the major consumers of fiberglass in this region. The growth of the automotive industry and the increasing construction and industrial activities in the Asia Pacific region has enhanced the demand for fiberglass in this region. China, India, and Japan are key countries contributing to the increased demand for fiberglass in this region. Factors like increasing construction and industrial activities in the Asia Pacific region have increased the demand for fiberglass in this region.
The growth of the automotive business is driving the fiberglass market in this region. The Asia Pacific shows vital growth in the near future because of escalating growth in fiberglass manufacturing activities. China is a major consumer of fiberglass. The presence of major end-user industries like wind energy, consumer electronics, construction, and others contributed for the largest market share in China. In Asia-Pacific and North America, an increase in population has directly impacted the demand for automobiles and general engineering industries. As fiberglass forms an essential material required to produce racing car body and fiberglass seats for CART racing, its increasing applicability in the automobile sector has resulted in the growth of the global fiberglass market.
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North America is expected to register the highest CAGR during the forecast period. The U.S is the leading market in this region that is attributed to massive growth in the construction and automotive industry. Europe is another significant region in the global fiberglass market. Notable contributors to the regional market are the UK, France, Germany, and Switzerland although the region is anticipated to witness moderate growth during the forecast period because of sluggish growth of end users and economic slowdown. Latin America is estimated to register a significant CAGR due to the reviving the economy and high growth potential of Brazil and Mexico. In coming years, the middle East &Africa region is set to grow at considerable CAGR on account of the enormous growth opportunities offered by the construction sector.
Glass wool has dominated the product segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. Glass wool is that the leading section due to increased usage of glass wool in the construction & infrastructure end-use industries and high thermal insulation property is driving this segment. This segment is projected to lead the market in terms of both, value and volume during the forecast period.
Composites and Insulations segment dominated the market in 2018 and is predicted to witness a gradual growth over the forecast amount. The demand for composites and insulations are experiencing high growth, because of a rise in the variety of manufacturers and the rapid expansion of the fiberglass industry. The future growth of the business would be increased by investments made in the composites segment, especially in regions such as Asia-Pacific, North America, and Europe.
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Some of the key manufacturing companies include in the global fiberglass market are China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc. (CTG), Chongqing Polycomp International Corp. (CPIC), Johns Manville Corp., Binani 3B-the Fiberglass Company, Taiwan Glass Ind. Corp., PFG Fiber Glass (Kunshan) Co. Ltd., Asahi Fiberglass Co. Ltd., Knauf Insulation, Saint-Gobain Vetrotex, CertainTeed Corporation, Saint-Gobain ADFORS, and AGY Holding Corp.
Some of the key observations regarding global fiberglass industry include:
- In April 2017, Owens Corning delivered the first and best formaldehyde-free Thermafiber light density mineral wool insulation solution within the North American region. It is proof against hearth and gives high-performance. The product release bolstered its product portfolio for the development industry.
- In October 2016, Nippon Electric Glass Co., Ltd., received the European glass fiber business of PPG Industries, Inc. (US), which helped reinforce its global supply community by using setting up a production base inside the European region. This additionally enabled the enterprise to boom income of its main chopped strand products.
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