Global Fiberglass Market Continue Growth

One India-based market research firm MarketsandMarkets (M&M) made a report with comprehensive examination of the global fiberglass market—where it’s at and where it’s headed. Fiberglass Market by Type (Roving, Yarns), fiberglass chopped strand mat by Application (Composites, Insulations) & by Region—Trends & Forecasts to 2020 defines and segments the fiberglass market with analysis and forecast of the market size. The report projects the global fiberglass market value to reach $15.57 billion by 2020.

This report says the current market is largely dominated by the developed markets. Asia-Pacific and North America collectively held 78.1% of the global market share in 2015. Asia-Pacific is the dominant market globally. The growth is due to the increasing applicability of fiberglass in various industries such as building & construction. The industrial development of the region is driving upwards the demand of various composite materials used in this market sector.

North America is one of the fastest-growing consumers of fiberglass—a trend that is expected to continue in the near future, Asia-Pacific is the biggest market for fiberglass, accounting for a share of about 55% of the total market size. In terms of volume, China is the highest revenue-generating market for fiberglass in Asia-Pacific. And, it appears to be the faster-growing market for fiberglass in that region. 

Meanwhile, Asia-Pacific and North America are at the forefront of the global fiberglass market, with China and Japan the key markets in Asia-Pacific. China consumed more than half of the demand for fiberglass in that region followed by Japan where consumption is growing at a steady rate. Despite some production capacities present in developing countries, such as China and India, these capacities have proven to be more export-oriented than in the favor of promoting domestic growth for fiber glass. China has developed significant market share in the global fiberglass market, however the competition from carbon fiber and rock wool restricts this market growth.