New Applications to Drive Strong Growth for Fiber Glass
The global fiber glass market is expected to reach $15.57 billion by 2020, growing at a compound annual growth rate (CAGR) of 9%, according to a recent report available from Research and Markets. The global fiber glass market is a relatively nascent, fast-growing, and technologically evolving market as demand from various new application markets continues to increase. New applications in the major end-user industries, such as composites and insulation, are expected to drive the growth of this sector in the next few years.
Asia-Pacific is the global leader in the consumption of fiber glass, and this dominance is expected to continue until 2020. China is the key market in this region, consuming more than half of the demand for fiber glass followed by Japan, where consumption is growing steadily.
On the basis of applications, composites account for more than two-thirds of fiber glass market share. Increasing construction and industrial spending in emerging economies such as China and India are likely to generate more demand for composites. In addition, a shift in trend toward the use of lightweight and strong composite materials in wind energy and automotive will have a positive impact on the market growth
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