A report was published about the market growth of fiberglass fabric by different research firms. According to GreyViews’ report, it is expected to grow by around 6.5% CAGR till 2030. This looks to be a fine percentage amid tensions and economic crises in the world. If their market worth is analyzed, it is around USD 8 billion and is expected to reach around USD 13.98 billion by 2030 as per the research of GreyViews. The reason behind this is the worldwide consumption of fiberglass fabric in an extensive range of products and their industries.
Applications and Industries
Since fiberglass fabric is among the most consumable materials in various industries, some of the data were shared in this report. This data enlightened those industries, which are about to further boom in upcoming years. Namely, aerospace, automotive, wind energy, marine goods, construction, electronic and electrical industries have the most need for this material. Upon further research, it was mentioned that the construction, automotive, and aerospace industries have the highest collective share with almost 60% in the overall market. While the rest was shared by other industries. The reason behind this is the unparalleled features of fiberglass fabric.
This market of fiberglass fabric was divided into geographical modes to demonstrate better. Earlier, it was about European countries that contributed the most along with American companies. But the global competitors are increasing to make the competition tougher. Since China and India have contributed to low prices, this geographical curve is shifting to the east side.
- Asia-Pacific (China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, Thailand, Vietnam, and Australia).
- North America (Canada, the United States of America, and Mexico).
- Europe (France, Germany, Italy, the UK, and Russia).
- Middle East (Saudi Arabia, Turkey, and UAE).
- Africa (Egypt, Nigeria, and South Africa).
- South America (Argentina, Brazil, and Colombia).
Markets of China, India, South Korea, and Singapore have the highest growth in the construction field of fiberglass fabric. This shows a massive demand for this material in the construction, automotive, and electronic goods industries. These sectors have been growing at a constant speed because of their high applications. If Country wise growth is observed, China is leading with 6.5% CAGR, followed by Germany with 3%, and then India with 2.5%. This shows that China is about to lead with a massive margin in the future because of its new entrants who are good at a high production and low prices. This bulk manufacturing mode is expected to help China have a massive share ahead.
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