- Extensive Utilization in Making Wind Turbines Spur Demand for Glass Fibers; Hence, Drive for Sustainable Energy Solutions Offers Strong Undercurrent to Glass Fibers Market Expansion
- Most Prominent Growth Rate to come from Asia Pacific, where Plethora of Demand in Region Underpin Prospects; Building & Construction Sector to Garner CAGR of 7.9% During 2019 - 2027
ALBANY, N.Y., Aug. 3, 2020 /PRNewswire/ -- Use of glass fibers in making plethora of materials and composites for building and construction and automotive industries is key to the demand in the glass fibers market. These applications utilize the combination of characteristics of glass fibers such as excellent resistance, high strength, and low weight.
The global glass fibers market is projected to clock CAGR of 7.8% between 2019 and 2027. The versatility of glass fiber has spurred the demand in various end-use industries. The market stood at US$ 11.35 bn in 2018, and researchers at TMR estimate the market to reach US$ 22.32 bn by 2027-end.
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Building and construction industry to provide robust undercurrent to expansion of the glass fibers market. The valuation of the segment will clock 7.9% CAGR during 2019 – 2027.
Key Findings of Glass Fibers Market Report
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Glass Fibers Market: Key Driving Factors and Promising Avenues
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Key Impediments for Glass Fibers Market Stakeholders
Advent of materials with better performance characteristics, such as mechanical features, has caused end users prefer these over glass fibers in almost all application areas. Nevertheless, the rise in use of glass fibers in architecture in various commercial and residential construction is likely to sustain the growth momentum of the glass fibers market.
Some of the players expected to disrupt the glass fibers market with innovation are PPG Industries, Inc., Owens Corning, Taishan Fiberglass, Inc., Jiangsu Jiuding New Material Co. Ltd., Nippon Electric Glass Co., Ltd., Saint-Gobain Vetrotex. Prominent fiber glass manufacturers are trying new compositions to meet the specific performance requirements of end-use industries.
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Glass Fibers Market: Regional Assessment
Geographically, Asia Pacific has been a remarkable promising market in recent years, The lucrativeness of this regional market is underpinned by the widespread use of glass fibers in construction and building sector. Also, wide-ranging use of glass fiber-reinforced materials in the automotive industry, notably in India and China, has helped the regional market to retain its dominance till 2018.
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The Glass Fibers Market can be segmented as follows:
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Acoustics Market - The acoustics market is primarily driven by government regulations in place in several parts of the world to curb noise pollution. This has necessitated buildings to be insulated with acoustic materials that can prevent noise to spread. While these regulations are already in place in developed countries, the relatively new implementation of these regulations in developing regions is leading to an uptake of acoustic material and products. For instance, in India in Andhra Pradesh, the Energy Conservation Building Code (ECBC) puts forth the requirement for commercial and public buildings to reduce energy consumption and to reduce noise pollution.
Quartz Glass Market - The global quartz glass market is primarily driven by the increase in usage of quartz glass in semiconductor applications. Furthermore, demand for quartz glasses has been rising across the globe, owing to significant research & development in the medical and IT sectors. Quartz glass is used in outer surfaces of photovoltaic cell production. It is also used as a component in the production of silicon wafers, solar cells, and thin films. Quartz glass is primarily employed in manufacture of solar cells, owing to its potential of improving efficiency of solar powered devices.
Liquid Packaging Market - The global Liquid packaging market is projected to grow at a CAGR of nearly 5% between 2019 and 2027. Expansion of the global liquid packaging market is driven by the increase in consumption of beverage, along with an increase in focus on brand image through innovative packaging. The food & beverage industry has been a key driver of the global liquid packaging market. Expansion of the packaged food industry is anticipated to boost the demand for liquid packaging during the forecast period. Additionally, rise in consumption of aerated drinks is likely to drive the liquid packaging market in the near future.
Glass Coatings Market - The global glass coatings market can be segmented based on type and technology. In terms of type, the global glass coatings market can be divided into low-E coatings, solar control coatings, and self-cleaning coatings. Low-E coatings are highly popular glass coatings available in the market. These coatings are virtually invisible, microscopically thin, and deposited as a metal or metallic oxide layers on glazing surfaces in order to increase the energy efficiency by suppressing radiative heat flow. Rise in demand for energy efficient buildings in order to reduce overall energy consumption is propelling the global glass coatings market.
Glass-fiber-reinforced (GFR) Plastic Pipes Market – The global glass-fiber-reinforced (GFR) plastic pipes market can be segmented based on resin, end-user industry, and region. Three types of resins are used for the manufacture of pipes: polyester, vinyl ester, and epoxy. The choice of resin type is highly dependent on the purpose of using the pipe and environmental factors it may be exposed to. For example, epoxy resin is highly recommended due to its corrosion resistance.
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