The composites application segment is likely to be the fastest-growing over the forecast period. This can be attributed to the growing use of composites in a wide array of end-use industries. Fiberglass composite is used in the manufacturing of automotive parts owing to its lightweight and high strength-to-weight ratio. Moreover, the use of fiberglass composites in consumer durables and other new end-use sectors is expected to drive the market over the forecast period.Fiberglass insulation is extensively used in residential, commercial, and industrial buildings for thermal and electrical insulation.
Chopped strand is known to provide ideal material for vehicle manufacturing and reinforcement in the construction sector. Chopped strand is the fastest-growing fiberglass type segment due to the rapid adoption of fiberglass composites in various industries such as automobile, wind energy, aerospace, and consumer durables. The growing automotive industry in the Asia Pacific and Europe is expected to drive the segment in the market.
Automotive is the largest end-use segment. Fiberglass is used to manufacture automobile parts such as decks, body panels, load floors, dash panel assemblies, wheelhouse assemblies, front fascia, and battery boxes. The increasing automotive sale in the Asia Pacific is anticipated to drive the fiberglass market.Building & construction is one of the largest consumers of fiberglass products. Fiberglass finds application in the sector for thermal and electrical insulation. Moreover, fiberglass composites are used in many building applications such as roofs, walls, panels, windows, and ladders.
The Asia Pacific is likely to be the leading region in over the next eight years. The huge consumption in the region can be attributed to increased industrialization and a large population. The rising disposable income coupled with the presence of key players in the Asia Pacific is likely to drive the regional market over the forecast period. Additionally, the growing construction and automobile sectors in the region, especially in China and India is anticipated to drive the market further.North America is the second-fastest growing regional market. This can be attributed to the extensive use of fiberglass insulation in buildings and growing automotive sales in the region.
Post time: May-07-2021