Glass Fiber Market to Reach Valuation of US$ 22.32 Bn by 2027 Due to Rise in Demand from Building & Construction Sector, Notes TMR Study

ALBANY, N.Y., Jan. 18, 2022 /PRNewswire/ -- Transparency Market Research: The demand for glass fiber is rising in various industries, including automotive and construction sectors, and end users. This unprecedented demand from numerous sectors is expected to offer considerable growth opportunities to the glass fiber market during the forecast period of 2019-2027.

Glass fibers are materials created from fine fiber of glass, which is a non-crystalline material with a short-range network structure. The exceptional properties of glass fiber are expected to lead to substantial growth of the glass fiber market.

Transparency Market Research (TMR) has conducted research on various aspects related to the glass fiber market. The analysts at TMR expect the global market for glass fiber to expand at a CAGR of 7.8% during the forecast period. The glass fiber market was valued at US$ 11.35 Bn in 2018 and anticipated to reach US$ 22.32 Bn by 2027.

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The building & construction sector will prove to be significant growth generator for the glass fiber market. Rising urbanization across various regions and emergence of smart cities are projected to serve as profitable growth prospects for the glass fiber market. The booming population is also the reason for the overall growth of the glass fiber market. Growing investments in R&D activities are likely to drive the glass fiber market.

Key Findings of Report

Rising Demand for E-glass Fiber to Drive Glass Fiber Market

The demand for e-glass fiber has increased extensively over the years. The high tensile strength of materials has attracted exponential demand. It is also used as the reinforcing phase in the material commonly known as fiberglass. Thus, the increasing demand for glass fiber among a considerable share of the populace will prove to be a significant growth generator.

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Building & Construction Segment to Observe Growth Due to Rapid Urbanization

Emergence of smart cities and rapid urbanization in various regions have led to an increase in the construction of residential and commercial buildings. Based on these factors, the building and construction application segment is estimated to expand at a CAGR of 7.9% during the forecast period.

Rising Popularity of Wind Turbines to Invite Profitable Growth

The popularity of wind turbines is expanding at a rapid rate. Wind turbines are used for generating electricity through wind. Government bodies of numerous countries are encouraging the use of renewable energy to generate electricity. The generation of electricity through wind turbines is one of the prominent methods of renewable energy. Thus, these factors prove to be profitable for the glass fiber market. Among the application segments, the wind turbine segment is prognosticated to prosper at a rapid rate during the forecast period.

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Asia Pacific to Emerge as Major Glass Fiber Market

The ever-increasing building &construction sector in developing economies such as India and China coupled with growing urbanization will have a profound impact on the growth of the glass fiber market in Asia Pacific. Asia Pacific held a share of 48% of the glass fiber market in 2018. The region is expected to follow a similar trend during this forecast period as well.

Some well-entrenched players in the glass fiber market are Jiangsu Jiuding New Material Co. Ltd, PPG Industries, Inc., CHONGQING POLYCOMP INTERNATIONAL CORP, Nippon Electric Glass Co., Ltd, Saint-Gobain Vetrotex, and PPG Industries, Inc.

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The Global Glass Fibers Market has been segmented as presented below:

Glass Fibers Market: Product

• E-Class Glass Fiber
• Performance Glass Fiber

Glass Fibers Market: Application

• Building & Construction
• Transportation
• Industrial
• Consumer Goods
• Wind Turbine
• Others (Including Oil & Gas, etc.)

Glass Fibers Market: Regional Analysis 

• North America
• U.S.
• Rest of North America
• Europe
• U.K.
• France
• Germany
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Rest of Latin America

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