Future Market Insights has released a new market report entitled "Glass Fiber Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028", which studies the glass fiber market and proposes important markets for the next decade opinion. According to the market report, it is expected that by the end of 2028, the market for untwisted rovings by product type will account for more than 57% of the total market revenue. It is expected that the compound annual growth rate of the glass fiber market during the forecast period (2018-2028) will reach 4.6%, and will reach 13.146 billion US dollars by the end of 2028.
Global glass fiber market dynamics
With the growing demand for the development of walls, doors, windows and roofing, the demand for fiberglass in the construction industry may remain high. Fiberglass is also used as a composite material in the construction industry. Manufacturers are using GFRC (Glass Fiber Reinforced Concrete) with hydrated cement, fiberglass and sand to build buildings. In addition, manufacturers prefer glass fiber composites with low maintenance costs and corrosion resistance. Taking these factors into consideration, the global glass fiber market is expected to maintain a positive growth trend in the next few years.
Major players in the fiberglass market are working to increase their production capacity and acquisitions to increase their operational efficiency and expand their product portfolio. In addition, strategic cooperation and joint ventures among major market players may improve sales and distribution networks. Because of these factors, the global glass fiber market is expected to grow rapidly during the forecast period.
Global Glass Fiber Market Forecast
By glass type, E glass products are expected to become the main source of revenue for the glass fiber market. This part is estimated to dominate the entire glass fiber market, with sales accounting for nearly 86% in 2017. In addition, this segment is expected to grow at a compound annual growth rate of 4.1% over the forecast period.
By region, China is expected to maintain the strongest growth in the global glass fiber market throughout the forecast period. The Chinese glass fiber market is expected to grow at a compound annual growth rate of 5.0%. In addition, the North American glass fiber market is expected to grow at a CAGR of 4.4% over the forecast period. These regions are expected to become the fastest growing regions in the global fiberglass market during the forecast period.