LONDON–According to the latest market study released by Technavio, the global glass fiber market is expected to grow at a CAGR of more than 7% during the predicted period.
This research report titled ‘Global Glass Fiber Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
In 2016, APAC held the largest market share and will continue to do so during the forecast period as well. The construction industry exhibited the highest demand for glass fibers as these are used as reinforcement concrete in building materials. Glass fibers are widely used in the transportation industry because of their low weight and high strength.
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Technavio’s analysts categorize the global glass fiber market into five major segments by application. They are:
- Consumer products
- Wind turbines
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The top three segments based on application for the global glass fiber market are discussed below:
Global glass fiber market by construction
Glass fibers are increasingly used as composites in building materials. Glass fiber reinforced concrete (GFRC) is produced by embedding short glass fibers to a mixture of sand, cement, water, and other admixtures. It is used as a high strength concrete for construction.
According to Kurva Samba Sivudu, a lead glass and ceramics research analyst from Technavio, “GFRC is highly preferred as it is lightweight, fire resistant, anti-corrosive, and exhibits excellent strength. Cementitious material in GFRC transfers the load to the glass fibers and protect the buildings from environmental damage. Laminated glass fiber reinforced composites are widely used in structural applications.”
Global glass fiber market by transportation
Glass fibers are used in cars, buses, trucks, and modes of water transport. Transportation industries are increasingly using glass fiber reinforced plastics for vehicle lightweighting, thereby maximizing fuel efficiency. Heavy equipment manufacturers in the automotive industry are focusing on the use of glass fibers in vehicles.
“Micro-sized fragments of glass fibers are popularly used as composites in vehicles to increase fuel efficiency and lubrication of engines and hydraulic braking system. Filters made of glass fibers improve thermal stability, porosity, and dimensional stability, thereby making vehicles weather resistant,” says Kurva.
Global glass fiber market by consumer products
The global glass fiber market by consumer products includes electronics, home furniture, leisure, sports goods, and others. Glass fiber composites increase durability and shelf life of products and are thus increasingly used in sports goods such as golf clubs, fishing rods, archery bows, racquets, baseball, and hockey.
Japan accounts for the largest share in the global electrical and electronics market. Glass fibers have been popularly used for making heavy electric apparatus, superconducting or cryogenic devices, electrical home appliances, and computers.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Nippon Electric Glass
- Owens Corning
- PPG Industries
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