The stringent regulation by governments to reduce carbon emissions will create demand for low-emission lightweight vehicles, which, in turn, will enable speedy expansion of the market. Composite fiberglass is widely used to produce lightweight cars as a substitute for aluminum and steel in the automotive industry. For instance, Weber Aircraft, a leader who designs and manufactures the aircraft seating system, California, and Strongwell produced fiberglass pultrusion, marking the first development of fiberglass pultrusion for commercial aircraft applications.
Asia Pacific is expected to account for a high fiberglass market share during the forecast period due to the flourishing construction industry in developing countries such as India, Indonesia, and Thailand. The region stood at USD 11,150.7 million in terms of revenue in 2020.
The rising use of fiberglass in electrical and thermal insulation is expected to enable the market’s speedy expansion in the region. Moreover, the growing demand for electric vehicles in China will contribute positively to the market growth in Asia Pacific.
The increasing demand for more housing units in the U.S. and Canada will aid development in North America. The ongoing investment in infrastructure and smart city schemes will further create opportunities for North America. The demand for glass fiber for insulation, cladding, surface coating, and roofing raw material in the construction industry will boost the region’s growth.
Post time: May-21-2021