Glass Fiber Market to Reach US$17.44 bn by 2024; Use in Wind Turbines to Grow at Fastest Pace

2024-03-20 05:29:46 Business

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Transparency Market Research has published a new market report titled ?Glass Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.? According to the report, the global glass fiber market was valued at US$8.50 bn in 2014 and is anticipated to reach US$17.44 bn by 2024, expanding at a CAGR of 7.5% between 2016 and 2024.

Glass fiber is produced from the chemical reaction between various natural minerals and chemicals at high temperatures. Silica sand is the major raw material used in production of glass fiber along with minerals and chemicals such as feldspar, anhydrous borax, sodium sulfate, alumina, calcium oxide, magnesium oxide, and cullet (recycled glass) are also employed as per the end-use requirements of glass fibers.

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Glass fiber has been segmented in terms of product type into e-class glass fiber and performance glass fiber. E-class glass fiber is the most preferred type of product due to factors such as high tensile strength, lower cost, and high stiffness. Glass fiber is employed in the manufacture of reinforced materials in composites owing to its qualities such as low weight, high strength, and impact resistance. It is used in a wide range of applications such as building & construction, transportation, consumer goods, industrial and wind turbine.

Glass fiber is majorly used in the production of reinforced plastics owing to its phenomenal characteristics. These reinforced plastics are widely used in building & construction segment. In 2014, building & construction was the largest application segment of the global glass fiber market. It accounted for more than 30% share in 2014. Quest for renewable energy has boosted the demand for wind turbines. This, in turn, is anticipated to augment the demand for glass fibers in the near future. Wind turbine is estimated to be the fastest growing segment of the glass fiber market during the forecast period owing to the rising need for renewable energy.

Asia Pacific held the largest share in the global glass fiber market in 2014. The region was followed by Europe and North America. Growing economies such as China, India, and Japan have recorded fueling demand for glass fiber in building and construction in past few year, this has contributed Asia Pacific to account for a large percentage in the market share. Asia Pacific is projected to maintain its dominance during the forecast period owing to the growing demand for glass fiber in wind turbine application from countries such as China and India.

Major players operating in the glass fiber market include AGY Holding Corp, CHONGQING POLYCOMP INTERNATIONAL CORP, Jiangsu Jiuding New Material Co. Ltd, Jushi Group, Johns Manville, Nippon Electric Glass Co., Ltd, Owens Corning, PPG Industries, Inc, Saint-Gobain Vetrotex, and Taishan Fiberglass, Inc.

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