The growing demand for the product in the construction and automotive industry is expected to lead the fiberglass market growth majorly. The market further drives demand for use in insulator application that will increase the demand of E- glass. Increasing the renewable source of energy is the opportunity for the market over the assessment year. The trend of developing advanced glass fibers for the wind energy market is expected to produce a new chance for the manufacturers. Fiberglass is majorly driven by its corrosion- resistant property, that helps them to withstand high temperature and adverse conditions, because of that manufacturers prefer opting for fiberglass as an essential manufacturing component. for example, the development of the waste material treatment plants and increase in the oil and gas exploration activities have led to a surge in demand for various fiberglass (glass fiber) products which includes bathtubs FRP panels, and pipes & tanks during the forecast period. The growing demand for light-weight aircraft and automobiles are expected to further augment the growth of the fiberglass market during the forecast period. The increasing trend of substituting heavier metal components by lighter-weight fiberglass has in the automotive, aerospace, and marine sector is expected to create a huge growth opportunity, stirring up the demand in the fiberglass markets. Moreover, stringent emission regulations have more obligated the automotive manufacturers to opt for fiberglass over other materials. Furthermore, the increasing awareness of renewable energy is further expected to enhance the expansion of fiberglass in the review period because of its large- scale application in wind turbines, which makes them lighter and lowers the manufacturing cost. Thus, owing to these factors, the fiberglass market is expected to propel significantly during the forecast period.
Post time: Apr-24-2021