Glass Fibers Market is expected to reach US$ 22.32 Bn by 2027

Posted by mandar on April 1st, 2021

Glass Fibers Market: Key Highlights

A recent research report published by Transparency Market Research projects the global glass fibers market to expand at a CAGR of 7.8% during the period between 2019 and 2027. The report, titled “Glass Fibers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 - 2027,” estimates the global market to reach US$ 22.32 Bn by 2027, from US$ 11.35 bn in 2018.

Rising Application Scope of Glass Fiber to Provide Lucrative Opportunity

The potential for the global glass fibers market lies in the expanded application extent of fiber glass. They are broadly utilized as a part of the automotive industry in new parts as they prompt lower tooling cost when contrasted with customary materials, for example, metals. Also, the material is utilized as a part of an assortment of other application industry, for example, hardware, aviation, energy and purchaser industry. Different substantial organizations are reliably enhancing new products which would build the application extent of glass fibers.

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Furthermore, the expanded spotlight on energy preservation in the construction industry, has prompted higher accentuation on usage of glass fibers as they give unrivaled protection properties at an ostensible cost. These are key factors which could prompt sellers profiting by the market opportunity, energizing market growth.

Segmental Outlook: Global Glass Fibers Market

The application segment of building and construction will largely contribute to the rise of the global glass fibers market over the forecast period. With a 7.9% CAGR, this application segment is expected to show unprecedented potential in the coming years. This could be attributed to the boom in population in emerging regions, especially Asia Pacific, leading to surge in demand for residential as well as commercial space.