The global Glass Fiber Market is expected to grow at a compound annual growth rate (CAGR) of 4%.
Glass fiber is a material made from extremely thin fibers of glass, which is also known as fiberglass. It is a lightweight material and is used to produce printed circuit boards, structural composites, and a wide range of special-purpose products. Glass fiber is generally used in plastic materials reinforcement to increase tensile strength, dimensional stability, flex modulus, creep resistance, impact resistance, chemical resistance, and heat resistance.
The growing construction and automotive industry across the globe is the major factor driving the global glass fiber market. The construction activities in developing countries such as China, India, Brazil, and South Africa are further projected to escalate the consumption of glass fibers. Glass fibers are widely used in polymeric resins for bathtubs and shower stalls, paneling, doors, and windows. Moreover, the automotive sector is one of the largest consumers of glass fibers. In the automotive industry, glass fiber is used with polymer matrix composites to produce bumper beams, external body panels, pultruded body panels, and air ducts, and engine components among others. Therefore, these factors are expected to boost the market growth in the upcoming years. The rising application of glass fibers in the production of light-weight cars and aircraft is further anticipated to offer growth opportunities to the global glass fiber market.
Post time: Apr-22-2021