The global fiberglass market is set to gain impetus from their increasing usage in the construction of roofs and walls as they are considered to be excellent thermal insulators. According to the statistics of glass fiber manufacturers, it can be used for over 40,000 applications.Out of those, the major application areas are storage tanks, printed circuit boards (PCBs), vehicle body parts, and building insulation.
Rising Demand for Insulated Building Walls and Roofs to Boost Growth
The high demand for insulated building roofs and walls across the globe is one of the most vital factors for the fiberglass market growth. Fiberglass possesses very low dielectric constant, as well as heat transfer coefficient. These properties make it best suited for extensive usage in the construction of walls and roofs that are insulated.
Asia Pacific to Remain at Forefront Stoked by High Demand from Construction Industry
The market is geographically fragmented into South America, Asia Pacific, Europe, the Middle East and Africa, and North America. Amongst these regions, Asia Pacific is anticipated to generate the maximum fiberglass market share and lead throughout the forecast period. This growth is attributable to the increasing consumption of fiberglass in the developing countries, such as India and China. Additionally, the rising demand from the construction industry situated in these countries is set to contribute to the growth.
North America would remain in the second position fueled by the high demand for fiberglass for applications, such as thermal and electrical insulators in the construction of buildings. The emerging countries in the Middle East and Africa and South America are likely to open door to attractive growth opportunities for the stakeholders because of the ongoing developments of the industries. Presence of an established automotive sector is anticipated to propel the market growth in Europe.
Post time: Apr-08-2021