Glass Fiber Market- An Overview
Glass fiber is a material comprising several thin glass particles. These glass particles are made from a non-crystalline material.
A TMR report projects the global glass fiber market to grow at a compound annual growth rate (CAGR) of 7.8% during the forecast period between 2019 and 2027. The valuation of the market in 2019 stood at US $ 11.35 Bn and is anticipated to grow to US $ 23.32 by 2027.
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A few key characteristics of products in the glass fiber market include high tensile strength and stiffness, low weight, high temperature tolerance, and superb corrosion resistance. The glass fiber market products also have physical and mechanical characteristics, which are similar to carbon fibers and polymers.
Building and Construction Industry Emerges as Prominent End-use Segment for Glass Fibers
A few prominent end-use industries for glass fiber products are aerospace and defense, building and construction, industrial, automation, consumer goods, and alternative energy.
The eco-friendly and lightweight nature of glass fibers have made them a suitable option in the building and construction industry. It is projected that the building and construction application segment will grow at a CAGR of 7.9% during the forecast period. In the building and construction industry, some of the application areas for glass fiber are in doors, windows, bathrooms, and shower stalls.
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The increasing demand from the building and construction industry is expected to fuel the growth in the glass fiber market worldwide, in future. In addition to this, rising demand for fresh commercial and residential construction, as well as growing urbanization, have had a positive impact on the global glass fiber market.
Glass fibers are also used in wind turbines and it is predicted that this application segment will witness strong growth in future. Glass fibers are also present in products such as glass yarn, glass wool, and glass roving, which are widely used in insulation purposes.
The emergence of E-glass fiber has become crucial to the success of the global glass fiber market. E-glass fiber is now a preferred option because of its excellent tensile strength and low cost attributes.
Researchers have shown a keen interest in further understanding the properties of E-glass fiber because of its widespread applications. It is estimated that E-glass fibers will be used significantly in manufacturing processes in future.
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