It is expected that the global glass fiber market will grow at a steady rate during the forecast period. The growing demand for clean forms of energy has driven the global glass fiber market. This increases the installation of wind turbines for power generation. Fiberglass is widely used in the manufacture of wind turbine blades. It is expected that by 2025, this will have a positive impact on market growth. In addition, by 2025, the high tensile strength, light weight, corrosion resistance, aesthetic value and other characteristics of glass fiber will also be in demand. These characteristics have increased the use of glass fibers in various end-user industries, such as automotive, aerospace, construction and construction, oil and gas, water and wastewater, etc.
Asia-Pacific is the largest market of ink resins due to demand in various applications such as automotive and electrical industry mainly in China, followed by India and Japan.
Moreover, growing demand in the construction industry in developing countries such as India, Indonesia, and Thailand are expected to further fuel the demand for fiberglass market in the region during the forecast period. The application of fiberglass in electrical and thermal insulation is a major boost for the market in the region coupled with increasing growth in industrialization and the growing government spending in the construction sector. The growth of glass fiber in the Asia-Pacific region is also augmented towards the growth of electric cars in China, coupled with the growth of the overall automotive industry in the region. Owing to these factors, the market in Asia-Pacific is expected to grow in terms of both value and volume during the review period.
North America is the second-largest market in the global fiberglass market after the Asia Pacific. The US is leading the market in this region, which 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 due to sluggish growth of end users and economic slowdown. Latin America is estimated to register a significant CAGR owing 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.
Post time: May-17-2021