Fiberglass Industry - Global Industry Analysis, Size, Share, Growth, Trends andPosted by asmita rai on May 11th, 2021 Fiberglass Industry Analysis The global fiberglass market is growing pervasively, mainly due to the varied applications of the product in the bourgeoning automotive industry. The most easily available and cheapest composite fabric, fiberglass, also finds its uses in a diverse range of industrial applications, which is acting as a key tailwind to the growth of the market. Moreover, massive consumption of fiberglass in end-use industries, such as aerospace, electrical, pharmaceutical, and others escalate the market on the global platform. According to Market Research Future (MRFR), the Fiberglass Industry is poised to reach a valuation of approximately USD 20.32 BN by 2023. In its recently published report, MRFR also asserts that the market would register a CAGR over 9.2% throughout the forecast period (2016 – 2023). The growing automotive and electrical industry on account of developing domestic as well as commercial market is boosting the growth of the fiberglass market. Additionally, fiberglass applications in insulation are providing a considerable impetus to the market growth. Besides, the impressive growth in construction activities globally is influencing the growth of the market, creating a substantial demand for higher thermal efficiency, lightweight, strength, durability, and eco-friendly insulation products. Spreading awareness towards energy-saving properties of fiberglass is also driving the market demand notably. Conversely, increasing numbers of environment & health concerns alongside, fluctuating prices and the demand-supply gap in raw materials required for the production of fiberglass are acting as a key headwind, impeding the market growth. Nevertheless, huge spending in the defense sector for fiberglass products to be used in the latest armaments and weaponry systems would support the growth of the market throughout the review period. Top Key Players Players leading the Fiberglass Industry include AGY Holding Corp. (US), Jushi Group Co. Ltd (China), Saint-Gobain Vetrotex (Europe), Owens Corning (US), PPG Industries Inc. (US), Taiwan Glass Industry Corporation (Taiwan), PFG Fiber Glass Corporation (Taiwan), Taishan Fiberglass Inc (China), Fiber Glass Industries Inc (US), and W. L. Gore & Associates, Inc (US), among others.
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