11 September 2018: Fiberglass is a lightweight, fiber-reinforced plastic composite material. It is highly resistant to corrosion and UV damage. Fiberglass serves as a lightweight, less expensive, and more flexible alternative to the carbon fiber composites and thus has huge demand in a variety of industry verticals including automobile, wind energy, building & construction, aerospace, and so on. It, in particular, finds tremendous demand and applications in the automotive industry. Yarn, chopped strands, roving, and glass wool are some of the major types of fiberglass.
Automotive Sector to Generate the Maximum Business for Fiberglass
The automotive segment led the application segment and accounted for 34.4 % of the overall share. It is expected to grow further even during the forecast period (2017–2025). Fiberglass is used for the automotive body part production. Strict regulation regarding emissions has forced automotive manufacturers to reduce the weight of their products thereby fueling the usage of fiberglass in manufacturing process, as these materials are lightweight.
Moreover, increasing global automotive sector due to rising demand for luxury and passenger vehicles is also expected to have a positive impact on the overall demand for fiberglass over the coming years. many manufacturers aim at novel product and technological developments. For instance, Airstream Inc. recently launched a new travel trailer called Nest. Designed by an automobile designer, the new travel trailer is a fiberglass model and features six windows and a skylight.
The building and construction application sector is another major consumer. Fiberglass finds numerous applications in this sector such as roofs, panels, walls, windows, and so on. Increasing demand for residential, as well as commercial, buildings across the globe as a result of growing population is anticipated to be the key contributor toward the segment’s development.
Market Overview
The findings of a report by Grand View Research, Inc. suggest that the fiberglass market would grow at a CAGR of 5.9 % from 2017 to 2025. This growth mainly due to the growing awareness levels among people abou the environmental advantages of using fiberglass. Plus, wide product usage in automobile body parts manufacturing is also anticipated to boost the market demand. Furthermore, high demand from the building and construction sector is also likely to propel the market growth. Some of the pioneers in the global market include Saint-Gobain SA.; Owens Corning; and China Jushi Co., Ltd.
In-Depth Research Report On Fiberglass Market:
https://www.grandviewresearch.com/industry-analysis/fiberglass-market
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