Views: 1 Author: Site Editor Publish Time: 2021-07-19 Origin: Site
The Indian fiberglass market was valued at $779 million in 2018 and is projected to grow at a CAGR of more than 8% to reach $1.2 billion by 2024.
Anticipated growth in the market can be attributed to the extensive use of fiberglass in the construction industry. Fiberglass refers to a strong, lightweight material that consists of thin fibers of glass that can be transformed into a woven layer or used as reinforcement. Fiberglass is less strong and stiffer than carbon fiber-based composites, but less brittle and cheaper.
Increasing use of fiberglass for the manufacturing of automobile and aircraft body parts, owing to its high strength and lightweight properties is anticipated to drive the market growth. Though the fiberglass market in India is witnessing a healthy growth landscape, health related issues and unstable prices of raw materials are likely to hinder the market growth.
In terms of type, the Indian fiberglass market has been categorized into glass wool, direct & assembled roving, yarn, chopped strand and others. Of these categories, the glass wool and chopped strand segments are expected to grow at a healthy rate during the forecast period, backed by growing automobile production in the country. Chopped strands are used to provide reinforcements in the automotive industry.
The Indian fiberglass market is oligopolistic in nature with the presence of both global and local players. A large number of players have embraced new technologies for manufacturing the products as per client prerequisites. The players are investing heavily in the R&D to introduce innovative products in the market.