Asia-Pacific is the Global Leader in the Consumption of Fiber Glass

Date: 2015-08-24

“The global fiberglass market is expected to be worth USD 9.27 billion in 2014 and is expected to reach USD 15.57 billion by 2020, growing at the rate of 9.0% CAGR.

Fiberglass is a strong lightweight material that is used for many products. Although it is not as strong and stiff as composites based on carbon fiber, but it is less brittle, and its raw materials are much cheaper. Its bulk strength and weight are also better than many metals, and it can be more readily molded into complex shapes. The glass fibers are made of various types of glass depending upon the fiberglass use. These glasses contain silica or silicate, with varying amounts of oxides of calcium, magnesium, and boron. Applications of fiber glass include aircraft, boats, automobiles, bath tubs and enclosures, swimming pools, hot tubs, septic tanks, water tanks, roofing, pipes, cladding, casts, surfboards, and external door skins

Asia-Pacific is the global leader in the consumption of fiber glass and this dominance is expected to continue till 2020. China is the key market in this region, consuming more than half of the demand for fiber glass followed by Japan, wherein the consumption is growing steadily. An increase in the consumption of fiber glass in composite applications has been observed in Asia-Pacific due to competition from carbon fiber and rockwool. Production facilities of fiber glass are majorly concentrated in Asia-Pacific. The continuous growth and innovation, along with industry consolidations, are projected to ascertain a bright future for this industry.

The fiber glass market is segmented on the basis of types, such as rovings, yarns, and others. The roving segment dominates the global fiberglass market on the basis of type. The growth is driven by its extensive use in automotive, aerospace and wind energy applications mainly as reinforced composites. Some niche applications of roving include sports equipment and safety gear.

On the basis of applications, composites account for more than two-thirds of the fiberglass market share. Increasing construction and industrial spending in emerging economies, such as China and India is likely to generate more demand of composites. In addition, shift in trend towards use of light weight and strong composite materials in wind energy and automotive will have a positive impact on the market growth

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