The global fiberglass market size was estimated at USD 12.73 billion in 2016. The increasing use of fiberglass for the manufacturing of automobile and aircraft body parts owing to its high strength and lightweight properties is estimated to drive the market growth. In addition, extensive use of fiberglass in the building and construction sector for insulation and composite applications is likely to further propel the market further over the next eight years.
Growing awareness about renewable energy sources among the general public is pushing wind turbine installations globally. Fiberglass is extensively used in the manufacturing of wind turbine blades and other structural components.
The market is expected to grow on account of increased construction spending in both developed and developing countries. New end use of fiberglass owing to its intrinsic properties of lightweight and high strength. The use of fiberglass in consumer durable products and electronics products is expected to drive the market over the forecast period.
The Asia Pacific is the largest consumer and producer of fiberglass owing to the presence of rapidly growing economies in the region such as China and India. Factors, such as the rising population, are likely to be the major drivers for the market in this region.
Post time: May-06-2021