Fiberglass Roving Market Worth $11.02 Billion by 2023
PUNE, India, September 11, 2018 /PRNewswire/ --
According to the new market research report on the "Fiberglass Roving Market by Fiber Glass Type (E, ECR, H, AR, S), Product Type (Single-end, Multi-end, Chopped), End-use Industry (Transportation, Construction, Electrical & Electronics, Pipe & Tank, Wind, Aerospace, Marine), and Region Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 8.24 billion in 2018 to USD 11.02 billion by 2023, at a CAGR of 6.0% between 2018 and 2023. The demand for fiberglass roving is increasing owing to its high strength, excellent creep resistance, electrical insulation, corrosion resistance, and low density. The fiberglass roving market is driven by its increasing use in the transportation, wind energy, pipes & tanks, construction & infrastructure, and other end-use industries.
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The E-glass fiber type segment is expected to lead the fiberglass roving market, in terms of volume, during the forecast period.
The E-glass fiber type segment accounted for a major share in the global fiberglass roving market, in terms of value, in 2018. Fiberglass roving made with E-glass are cost-efficient and offer a wide range of beneficial properties such as corrosion resistance, lightweight, high electrical insulation, and moderate strength. The growing demand from the electrical & electronics and transportation industries is expected to drive the market during the forecast period.
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Transportation is the largest end-use industry of fiberglass roving, in terms of value.
The market in the transportation end-use industry accounted for the largest share, in terms of value, in 2018. Owing to its lightweight, fiberglass roving is used as substitutes of aluminum and steel in the transportation industry. Fiberglass roving composite products are lighter than traditional metals by 15-20%; and therefore, the weight of a vehicle can be reduced by 60% with the use of composite components. This increases the fuel efficiency of the vehicle and reduces its carbon footprint. In addition, stringent regulations such as CAFE and UNEP in North America and Europe have been laid down to reduce greenhouse gas emissions through the use of lightweight and fuel-efficient materials in structural components of vehicles. This has encouraged the transportation industry in North America and Europe to adopt fiberglass roving.
Asia Pacific accounted for a major share of the fiberglass roving market in 2018
Asia Pacific accounted for the largest share of the global fiberglass roving market in 2018 owing to its high demand from the wind energy, electrical & electronics, transportation and construction & infrastructure end-use industries, accompanied by regulatory norms mandating the use of eco-friendly materials. The growth of the wind energy industry in the region has increased the demand for lightweight and strong fiberglass roving. The greater focus by India and China on the production of electricity through renewable resources and the increasing wind installations in China, Japan, India, and other emerging countries are expected to drive the fiberglass roving market in the region. The construction sector is also driving the fiberglass roving market, especially in China and Japan.
Some of the key players in the fiberglass roving market are Owen Corning (US), Jushi Group (China), Nippon Electric Glass (Japan), and Saint Gobain Vetrotex (France). These players have adopted various organic and inorganic growth strategies in the past 5 years to maintain their position in the global fiberglass roving market.
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