Global Glass Fibers Market to reach US$ 14.07 Bn in 2020

Transparency Market Research has published a new report titled, “Glass Fibers (E-class Glass Fibers and Performance Glass Fibers) Market for Building & Construction, Transportation, Industrial, Consumer Goods, Wind Turbine and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.” According to the report, the global glass fibers market was valued at US$ 8.0 Bn in 2013 and is likely to reach US$ 14.07 Bn in 2020, expanding at a CAGR of 8.4% between 2014 and 2020.

Glass fibers are the most commonly used reinforcement materials in fiber reinforced plastics (FRP), accounting for over 80% of the global market in terms of volume. Apart from low cost, several other desirable properties such as high strength, high modulus, chemical resistance, electrical resistance, impact resistance, and low weight drive the global glass fibers market.

Glass fibers can be segmented into E-class glass fibers and performance glass fibers. E-class glass fibers account for the largest share of the global glass fibers market. Performance glass fibers are used in specialized applications as per their specialties. Performance glass fibers comprise C-class glass fibers, S-class glass fibers, and D-class glass fibers, among others. Major applications of glass fibers include building & construction, transportation, consumer goods, industrial applications, wind turbines, and others. Building & construction and transportation are the leading segments and account for the majority share of the glass fiber reinforced plastics market in terms of volume.

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Asia Pacific accounted for the largest share of the glass fibers market in 2013. The market in the region is estimated to expand at the fastest growth rate during the forecast period. Demand growth in Asia Pacific is led by China, which accounted for the lion’s share of the market in the region. China was also the largest manufacturer of glass fiber in the world, producing over 60% of the global glass fiber output in 2013. The glass fibers industry in China is export oriented, and the country exports more than 40% of its produce to North America and Europe. China-based glass fibers manufacturers enjoy government patronage, which enables them to produce glass fibers at considerably low cost compared to counterparts in Europe. Among other provisions, China-based manufacturers enjoy subsidized lending rates from government-owned commercial and policy banks. Other preferences include export credit subsidies, export guarantees, and preferential insurance. These government policies help manufacturers to increase business profitability and provide an unfair advantage over their counterparts in North America and Europe.

Building & construction was the major application in all regions including North America, Europe, and Asia Pacific. Transportation was the second-largest application in all regions. Wind turbine is estimated to be the fastest growing application segment globally during the forecast period. The wind turbine application segment in Europe is expected to record the fastest growth rate owing to several government initiatives promoting green energy.

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