Chopped strand segment is estimated to grow with the highest CAGR in the fiberglass market
By product type, chopped strand segment is projected to record the highest growth in terms of both value and volume during 2020-2025. Chopped strands are fiberglass strands that are used to provide reinforcement to thermoplastic and thermoset composites. The rise in automobile production in Asia Pacific and Europe has contributed to the growing demand for chopped strands. These factors are driving the demand for chopped strand in fiberglass market.
Composites segment are estimated to lead the fiberglass market, by application during the forecast period
By application, the composites segment is projected to lead the global fiberglass market during 2020-2025. The increasing demand for GFRP composites is supported by its low-cost, lightweight and corrosion resistance properties, high strength, and easy availability. These factors are expected to enhance the demand demand for FRP composites in automotive, aerospace, and wind energy industries.
Asia-Pacific fiberglass market is projected to grow at the highest CAGR during the forecast period
Asia-Pacific is projected to be the fastest-growing market for fiberglass during the forecast period. Growing demand for fiberglass is primarily driven by the increasing focus on emission control policies and the growing demand for ecofriendly products have led to technological advancements in the field of composites. The replacement of traditional materials, such as steel and aluminum, with fiberglass is contributing to the growth of the fiberglass market in Asia-Pacific.
Post time: Apr-27-2021