Business

Glass Fibers Market By 7.5% CAGR to Surge in Demand In Construction Industry 2024

Press Release

The global glass fibers market is predicted to exhibit a healthy growth in the forthcoming years, as indicated by a Transparency Market Research (TMR) report. The global glass fibers market comprises of a number of international as well as regional vendors. The companies operating in the market are seen focusing on ensuring product differentiation, leading to heavy investments in research and development activities. Local vendors are increasingly adopting the latest technology in their product in order to lure consumer and thrive in the overall market. The market’s competitive landscape features consolidation currently. The vendors are seen focusing on improvement of product quality, and establishment of strong distribution and export channels, to gain an edge over their competitors.

Some of the prominent vendors operating in the global glass fibers market are Jushi Group, Jiangsu Jiuding New Material Co. Ltd, Owens Corning, Nippon Electric Glass Co., CHONGQING POLYCOMP INTERNATIONAL CORP, and AGY Holding Corp, among others.

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According to our analysts at TMR, the value of the global glass fibers market was envisaged to be at US$8.50 bn in 2014. Over the duration of forecast, from 2016 to 2024, the market is anticipated to rise at a 7.5% CAGR. By 2024, the global market is expected to reach a valuation of US$17.44 bn.The application segment of building and construction will largely contribute to the rise of the global glass fibers market over the forecast period. With a 7.6% CAGR, this application segment is expected to show unprecedented potential in the coming years. This could be attributed to the boom in population in emerging regions, especially Asia Pacific, leading to surge in demand for residential as well as commercial space.Geographically, Asia Pacific was evaluated to account for roughly 48% of the overall market share in 2014. With its escalating population pool, Asia Pacific is expected to emerge as the swiftest regional market in the global glass fibers market, with its burgeoning construction industry.

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Rising Application Scope of Glass Fiber to Provide Lucrative Opportunity

The potential for the global glass fibers market lies in the expanded application extent of fiber glass. They are broadly utilized as a part of the automotive industry in new parts as they prompt lower tooling cost when contrasted with customary materials, for example, metals. Also, the material is utilized as a part of an assortment of other application industry, for example, hardware, aviation, energy and purchaser industry. Different substantial organizations are reliably enhancing new products which would build the application extent of glass fibers.Furthermore, the expanded spotlight on energy preservation in the construction industry, has prompted higher accentuation on usage of glass fibers as they give unrivaled protection properties at an ostensible cost. These are key factors which could prompt sellers profiting by the market opportunity, energizing market growth.

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