Asia-Pacific Continues to Dominate Glass Fiber Market
The major driver for market growth is the rise in demand for glass composite-made products.
The global glass fiber market is expected to reach an estimated $9.4 billion by 2022 and grow at a compound annual growth rate (CAGR) of 4.8% from 2017 to 2022, according to a recent report available from Research and Markets. The major driver for market growth is the rise in demand for glass composite-made products, including bathtubs, pipes, tanks, printed circuit boards, wind blades, and automotive parts.
Emerging trends having a direct impact on the dynamics of the glass fiber industry include cost optimization and performance enhancement. Other trends include the increased presence of Chinese companies in Europe and in the Middle East through increasing plant capacity, mergers, and acquisitions.
Within the global glass fiber market, transportation is expected to remain the largest market by value and volume consumption. Government regulations, such as CAFE Standards in the U.S. and carbon emission targets in Europe, are putting pressure on OEMs to incorporate lightweight materials to curb the overall vehicle weight; this is the key driver for glass fiber in the transportation industry.
Asia-Pacific is expected to remain the largest region by value and volume. The region is also expected to experience the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. Growing economy, growth in population, and urbanization are the major forces that drive the construction segment, especially in China and India.
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