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An increase in automobile production along with the surging demand from the aerospace industry is expected to drive the growth of the Fiberglass Fabric Market.
HYDERABAD, TELANGANA, INDIA, December 20, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that The Fiberglass Fabric Market size is projected to grow at a CAGR of 5.5% during the forecast period 2022-2027 and reach US$12.4 billion by 2027. Fiberglass is a type of fiber-reinforced plastic made using glass fiber. The plastic matrix used is commonly based on thermosetting polymers which include polyester resin, epoxy and vinyl ester resin or a thermoplastic. Fiberglass can be categorized into various types such as A-Glass, C-Glass, E-Glass, S-Glass and more while fiberglass fabric can be categorized based on woven and non-woven fabric. They are used in various industries, including automotive, aerospace, construction, energy and others. The expansion of fiberglass fabric is primarily driven by its usage in the automotive industry. In 2020, the surge in the COVID-19 pandemic negatively impacted automotive production activities as a result of the country-wide shutdown of automotive sites, shortage of labor and the decline of the supply and demand chain all across the world, thus, temporarily affecting the growth of the fiberglass fabric industry. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
This IndustryARC report on the Fiberglass Fabric Market highlights the following areas -
1. The woven fabric segment in Fiberglass Fabric Market held a significant share in 2021. Its wide range of characteristics and durability made it stand out in comparison to other types of fabrics in the market.
2. Building & construction industry held the largest share in Fiberglass Fabric Market in 2021, owing to the increasing demand for Fiberglass Fabric from the construction sector across the world. For instance, according to recent insights from the World Cement, the global construction industry output increased by 5.7% in 2021.
3. Asia-Pacific dominated the Fiberglass Fabric Market in 2021, owing to its increasing demand from the construction sector of the region.
4. A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Fiberglass Fabric Market Report.
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Segmental Analysis:
1. The woven fabric segment held a significant Fiberglass Fabric Market share of over 18% in 2021, owing to its increasing demand due to the benefits it offers over the non-woven fabric. For instance, woven fabrics are lightweight and offer better durability and reliability in comparison to non-woven fabrics. Woven fabrics are more eco-friendly as their manufacturing process involves the utilization of carbon dioxide while emitting oxygen into the environment.
2. For instance, in October 2021, the MoC (Ministry of Construction) of Vietnam proposed around 266 residential housing projects across the country which are scheduled to be completed over the period of 2022-2025. Moreover, in 2021, the development of a 550,000 square meter mixed-use complex commenced in Minato City, Japan. The development is expected to be completed by the fourth quarter of 2030 and aims at providing better commercial and leisure facilities in the region.
3. The building & construction industry held the largest Fiberglass Fabric Market share of over 25% in 2021, owing to the increase in construction activities across the world. For instance, according to Volvo CE, the construction sector saw an increase in construction activities across multiple regions since the fourth quarter of 2020. South America saw an increase of 12%, while Asia, Europe and China witnessed boosts of 39%, 20% and 28%, respectively, in 2020.
Competitive Landscape:
The top 5 players in the Fiberglass Fabric Industry are -
1. Everlast Composites Pvt. Ltd.
2. Owens Corning
3. Jushi Group Co. Ltd.
4. Magnus Composites Synergies Pvt. Ltd.
5. U P Twiga Fiberglass Ltd.
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