PUNE, India, August 11, 2017 /PRNewswire/ --
According to a new market research report "Fiberglass Market by Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Glass Wool Insulation), and Region (Asia Pacific, Europe, North America, Middle East and Africa) - Global Forecast to 2022", published by MarketsandMarkets™, the market was estimated at USD 13.95 Billion in 2017 and is projected to reach USD 18.75 Billion by 2022, at a CAGR of 6.1% between 2017 and 2022.
Browse 244 Market Data Tables and 59 Figures spread through 278 Pages and in-depth TOC on "Fiberglass Market"
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The fiberglass market is growing due to the extensive use of fiberglass in the construction industry, use of fiberglass composites by the automotive industry for enhanced performance, and an increasing number of wind turbine installations.
Chopped strand is projected to be the fastest-growing type segment in the global fiberglass market during the forecast period.
Chopped strands are fiberglass strands used to provide reinforcements in the automotive and construction applications. These can be mixed with resin to produce reinforcing gap fillers in construction activities. Chopped strands used along with polyester resin produce strong, stiff, and tough laminates used in water tanks, boats, and other industrial applications. These are suitable for the hand lay-up process using thermoset resin systems in automobile, re-creation, and chemical industries. Rising automotive production in the Asia Pacific and Europe is expected to drive the demand in the chopped strand type segment market.
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Composites are projected to be the fastest-growing application segment in the global fiberglass market during the forecast period.
A composite is projected to be the fastest-growing application during the forecast period. The strength-to-weight ratio of fiberglass is higher than steel and aluminum. The reduction in weight for a given level of strength makes the use of fiberglass vital in the automotive industry. The fiberglass applications market for the automotive industry is in a nascent stage, with the key drivers being low processing time and cost. A number of car manufacturers, along with glass fiber producers, are venturing into the mass production of glass fiber rich automotive parts. Trends such as weight reduction, increased processing speed, and lower VOC emissions are driving the fiberglass market in automotive applications. Fiberglass enables automotive manufacturers produce structural components that substitute conventional metal components. Automotive applications include bumper beams, under hood applications, exterior panels, and interiors of cars and trains.
The Asia Pacific region is estimated to be the largest market for fiberglass in 2017
The Asia Pacific is estimated to be the largest market for fiberglass in 2017. The increasing demand for fiberglass composites for the manufacture of lightweight vehicles is expected to drive the Asia Pacific fiberglass market. Europe is estimated to be the second largest market of fiberglass in 2017. The European fiberglass market is majorly driven by the growing demand from the fast-growing transportation, marine, aerospace and defense, and wind energy applications. The increasing demand for fiberglass composites to manufacture lightweight vehicles is expected to drive the fiberglass market.
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Key players in the Fiberglass Market include China Jushi Co. Ltd (China), Owens Corning (US), PPG Industries, Inc. (US), Taishan Fiberglass Inc. (China), Chongqing Polycomp International Corp. (China), Nippon Electric Glass Co., Ltd. (Japan), Binani 3B-The Fibreglass Company (India), and Johns Manville Corp. (US), among others.
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