The global glass fiber market size is poised to grow by USD 5.4 billion during 2020-2024, progressing at a CAGR of almost 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The presence of local and multinational vendors is fragmenting the glass fiber market. The local vendor has an advantage over the multinational ones in terms of raw materials, price, and supply of differentiated products. But, even with these distractions, the factor such as s the rising need for glass fibers in construction activities will help drive this market. Glass fiber reinforced concrete (GFRC) is also increasingly being used for construction purposes as it contains sand, hydrated cement, and glass fibers, which offer advantages such as high tensile, flexural, compressive strength, and lightweight, and anti-corrosive properties. With the increasing number of buildings during the forecast period, this market is expected to grow during this period.
The major glass fiber market growth came from the transportation segment. The glass fibers are highly preferred as it is lightweight, fire-resistant, anti-corrosive, and exhibits excellent strength.
APAC was the largest glass fiber market, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increasing demand for glass fibers in construction, transportation, electronics, and electrical industries in this region over the forecast period
The demand for lightweight materials that can provide high strength and durability is increasing across the construction, automotive, and wind energy industries. Such lightweight products can also be easily substituted in place of steel and aluminum in automobiles. This trend is expected to increase during the forecast period and will help the growth of the glass fiber market.
Post time: Apr-01-2021