Views: 4 Author: Site Editor Publish Time: 2021-04-02 Origin: Site
Global Fiberglass Market: Key Highlights
The global demand for Fiberglass stood nearly US$ 7.86 Bn in 2018 and is projected to reach over US$ 11.92 Bn by 2027. High demand from fiberglass from automotive segment as it acts as a lightweight material and enhances the fuel efficiency is likely to boost fiberglass market during the forecast period.
In terms of volume, global Fiberglass market is anticipated to reach more than 7,800 Kilo Tons by 2027. Carbon fiber is competent substitute to the fiberglass market is projected to impact the growth of fiberglass market in the coming years.
Globally, automotive application dominated the consumption of fiberglass with more than 25% among other applications such as construction, wind energy, aerospace & defense, sports & leisure, marine, pipes & tanks, etc.
Global Fiberglass Market: Key Trends
Growth in renewable energy, especially wind energy, is the major driving factor for fiberglass as it is widely used wind turbine blades. Carbon fiber is a major threat as it is a very good substitute of fiberglass. Carbon fiber is lighter in weight compared to fiberglass, however, it is far more expensive.
Fiberglass has ample applications in automotive industry mainly into components such as exhaust systems, fenders, floor panels, headliners, etc., in interior, external, power train segments
In the construction industry, fiberglass is used in mesh fabrics that prevent cracks in interior walls, in floor covering, wall covering, in self-adhesive dry wall tapes, waterproofing frit, etc. There has been a significant rise in modern architecture in recent years, leading to the development of modern materials, which complement the art without compromising on the stability and strength of the structures formed.
The International Building Code (IBC) has defined fiber-reinforced polymer (FRP) materials as a part of the prescriptive. Therefore, apart from interior and specific exterior applications, FRP can be utilized above the fourth floor as a construction and architectural material. This is estimated to drive the fiberglass market.