December 1, 2021 10:05 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, December 1, 2021 (GLOBE NEWSWIRE) - According to Fortune Business Insights™, by 2028, the global glass fiber market is expected to reach USD 25,525.9 million, with a compound annual growth rate during the forecast period. 4.9%. During the forecast period, more and more applications of glass fiber composite materials in the automotive industry will accelerate market growth. The market size in 2020 is 17.316.8 billion U.S. dollars.
The report lists the main players in the glass fiber market:
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Electronic glass will occupy the largest share of the global market
According to the product, the market is divided into non-alkali glass and special glass. It is expected that during the forecast period, E-glass will account for the major share. E-glass provides excellent performance quality. Increasing use of environmentally friendly boron-free and alkali-free glass fibers is expected to promote the healthy growth of the sector. According to the product, the market is divided into glass wool, yarn, roving, chopped strand and so on. It is expected that glass wool will occupy a large share.
According to the application, the market is divided into transportation, building and construction, electrical and electronic, pipeline and tank, consumer goods, wind energy, etc. Due to government regulations, such as US CAFE standards and European carbon emission targets, transportation is expected to account for a high share. On the other hand, the global share of the building and construction sector in 2020 is 20.2%.
The glass fiber market report covers:
The booming transportation industry boosts market growth
The government's strict regulation to reduce carbon emissions will generate demand for low-emission light-duty vehicles, which will in turn promote the rapid expansion of the market. Composite glass fiber is widely used in the production of light-duty automobiles as a substitute for aluminum and steel in the automotive industry. For example, Weber Aircraft, a leader in the design and manufacture of aircraft seat systems, California and Strongwell produced glass fiber pultrusion, marking the first use of glass fiber pultrusion in commercial aircraft applications.
The parts of the aircraft are extremely complex and have geometric shapes. The 18 different shapes are door frames, and panel connectors are deployed on commercial Boeing 737 aircraft for modular toilets. Both E glass and S-2 glass fiber provide special reinforcement properties that are important in these high-performance aerospace applications, including a combination of weight, fiber strength, tensile and compression modulus, and impact resistance. Similarly, Moi Composites, a technology start-up company that uses innovative composite materials to 3D print personalized products, launched a 3D printed fiberglass boat MAMBO (Motor Additive Manufacturing Boat) at the Genoa Boat Show in 2020.
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Strengthen industrialization to strengthen market growth in the Asia-Pacific region
Due to the booming construction industry in developing countries such as India, Indonesia and Thailand, the Asia-Pacific region is expected to occupy a higher share of the glass fiber market during the forecast period. The region's revenue in 2020 is 11.150.7 billion U.S. dollars. The increasing use of fiberglass in electrical and thermal insulation is expected to enable rapid market expansion in the region. In addition, China's growing demand for electric vehicles will make a positive contribution to market growth in the Asia-Pacific region.
The growing demand for more housing units in the United States and Canada will help the development of North America. Continued investment in infrastructure and smart city programs will further create opportunities for North America. The construction industry's demand for fiberglass for insulation, cladding, surface coating and roofing raw materials will drive growth in the region.
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January 2021: Johns Manville introduced a waste glass fiber heat recovery device at the engineered materials plant in Trnava, Slovakia.
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