The
competitive landscape in the global glass fiber market is fairly
consolidated, finds TMR in a new study. The leading players in the overall
market are focusing on developing export channels to increase their
international presence and subdue China’s hold in the foreign markets.
TMR’s
findings also indicate that major companies are focusing on aligning their
research and development activities to develop improved product portfolio. For
instance, Jiangsu Jiuding New Material Co. Ltd. invested about US$3.2 mn in
R&D in 2013. This move enabled the company to create 44 technology and
product patents. Similarly, Nippon Electric Glass Co., Ltd. is gunning for
expanding its capacities to improve its market position and cater to the
pharmaceutical sector as well.
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Heightened Marine and Automotive Production Improves
Glass Fiber Demand
Exceptional qualities of glass fiber such as low weight, higher impact
resistance, and superior strength make it a popular choice of material across
the building and construction industry. TMR analyst says, “The growing
population of Asia Pacific, which accounted for 60.5% of the total global
population, has spurred a huge demand for construction of residential projects.
These interlinked factors have created a massive demand for glass fiber that is
largely used for building walls, pipes, and furniture and fixtures amongst
others.”
The rise of the marine and the automotive sector has also contributed
significantly to the demand and usage of glass fiber. Their peculiar
characteristic of being lightweight has won them a special place in these
industries. Over the years, e-glass fibers and performance glass fibers have
played an important role in the design of high-speed vehicles and vessels and
will continue to do so with increasing research and development.
The growing pressure to reduce carbon footprint has prompted several
governments across the globe to investment in renewable energy. This, in turn,
has created a demand for wind turbines, which use glass fiber to a large
extent. Therefore, as the operations to devise sustainable solutions for
renewable energy remain underway, they will boost the glass fiber market by
generating a demand for wind turbines. Strict renewable energy targets are thus
likely to create a lucrative opportunity for the growth of wind turbine market.
Browse the full Glass Fiber Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024 report at:
China Holds the Lion’s Share in Overall Market
In terms of geographical segmentation of the market, Europe and North
America are facing a challenge in the overall glass fiber market due to China’s
stronghold. The dominating nature of China’s glass fiber market, which is exceptionally
export oriented, is creating an insurmountable hurdle. The generous government
subsidies given to China-based manufacturers of glass fiber are preventing
other regional markets from winning bigger shares.
The research report states that the opportunity of the glass fiber
market will be worth US$17.44 bn by 2024 as compared to US$8.50 bn in 2014.
Between the forecast period of 2016 and 2024, this market will expand at an
impressive CAGR of 7.5%.
In terms of volume Asia Pacific accounted for a share of 47.5% in the
overall market in 2014. Research projects demand from China will keep this
region in the forefront in the near future as well.
The review of the global glass fiber market and its products and
applications is based on the observations and inferences of a Transparency
Market Research report. The document, titled “Glass Fiber - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast 2016 – 2024” includes a comprehensive outlook of the elements
shaping the trajectory of this market.
This report segments the global glass fiber market as
follows:
·
Glass
Fiber Market – Product Analysis
o E-Class
Glass Fiber
o Performance
Glass Fiber
·
Glass
Fiber Market – Application Analysis
o Building
& Construction
o Transportation
o Industrial
o Consumer
Goods
o Wind
Turbine
o Others
(Including Oil & Gas, etc.)
About Us
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employs rigorous primary and secondary research techniques to develop
distinctive data sets and research material for business reports.
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