The global fiberglass roving market is projected to grow from USD 8.24 billion in 2018 to USD 11.02 billion by 2023, at a CAGR of 6.0% during the forecast period.
The fiberglass roving market is growing due to the high demand from the wind energy, electrical & electronics, pipes & tanks, construction & infrastructure, and transportation industries. Fiberglass roving products are preferred as they can reduce the weight of the product and are stronger than metallic parts. The fiberglass roving market witnessed strong growth in the past few years due to the growing use in the US, Germany, China, Brazil, and Japan.
The fiberglass roving market is segmented on the basis of glass fiber type into E-glass, ECR-glass, H-glass, AR-glass, S-glass, and others. The S-glass fiber segment is the fastest-growing glass fiber type. The E-glass fiber segment accounted for a major share in the global fiberglass roving market, in terms of value. Fiberglass roving made with E-glass are cost-efficient and offer a wide range of properties such as corrosion resistance, lightweight, high electrical insulation, and moderate strength. The growing demand from the electrical & electronics and transportation industries is expected to drive the market during the forecast period.
The fiberglass roving market is segmented on the basis of product type into single-end roving, multi-end roving, and chopped roving. The single-end roving product type dominates the fiberglass roving market, in terms of volume. The increasing demand from the filament winding and pultrusion applications is expected to drive the single-end fiberglass roving market during the forecast period.
The fiberglass roving market is segmented on the basis of end-use industry into wind energy, transportation, pipes & tanks, marine, construction & infrastructure, electrical & electronics, aerospace & defense, and others. The transportation end-use industry segment accounted for the largest share of the fiberglass roving market, in terms of value and volume. The high demand for fiberglass roving in the transportation industry is attributed to its lightweight and increased fuel efficiency.
Currently, APAC is the largest consumer of fiberglass roving. China, Japan, and India are the major fiberglass roving markets in APAC due to the growing wind energy, construction & infrastructure, pipes & tanks, and electrical & electronics industries. The fiberglass roving market in APAC is also projected to register the highest CAGR during the forecast period. The growing demand for environmentally-friendly products as well as stringent emission control policies has made APAC the largest fiberglass roving market.
Post time: Apr-14-2021