In comparison with plastic, metal, or other functional materials used in various end-use industries, fiberglass provides superior properties against corrosion and can withstand adverse temperature conditions. It is a common type of fiber-reinforced plastic where glass filaments are either woven into the fabric, flattened into a sheet, or custom-arranged for specific purposes. Due to its flexibility, high strength, and versatility, fiberglass finds diverse applications across a plethora of industries. Additionally, these factors enable fiberglass to witness high demand from countries with extreme temperature conditions and high humidity level.
In a recently released report, Future Market Insights indicates that the global fiberglass market registered a value of over US$ 8 million in 2017, and will possibly represent a moderate CAGR of 4.3% between 2018 and 2028. The growth of fiberglass market is prominently driven by its application in the construction of water supply systems and higher adoption for oil and gas exploration activities. Attributing to its corrosion resistance and other structural and functional peculiarities, fiberglass is also used in building storage tanks and pipes for chemicals.
Cost effective and lightweight properties to boost fiberglass sales
Fiberglass costs lower than other materials in terms of maintenance, storage, and shipment. Manufacturers incorporate fiberglass in the manufacturing of those products that are expensive to create, in combination with other materials. It is a cheaper alternative to insulation in the construction industry. Being lightweight, fiberglass allows easy transportation and installation. The low weight-to-strength ratio of fiberglass makes it ideal for structural designs and construction of architectural elements which demand high weight savings. It also allows easy mounting of equipment in an existing structure. Other benefits of fiberglass include flexibility, non-conductivity, electromagnetic transparency, weatherproof nature, fire resistance, good electrical insulation, and high strength. It also enhances the aesthetics of end products and has significant acoustical properties that help in deadening the sound.
Expanding the application base of fiberglass in the construction sector to create myriad opportunities
Owing to high strength and lightweight properties, fiberglass is widely used to manufacture various components used in both the defense and civilian aerospace industries such as luggage racks, engine cowlings, test equipment, ducting, enclosures, antenna enclosures, and bulkheads. Fiberglass is highly efficient compared to its wooden and metallic counterparts and finds application in various house building components such as roofing laminate, window canopies, door surrounds, over-door canopies, chimneys, and coping system. Growing number of construction projects in various developing countries is likely to offer lucrative opportunities to global fiberglass market. It is also used in the construction of missiles, docks, boats, wind turbines, swimming pools, water rides, Jacuzzi, and others in contemporary infrastructural projects.
Global fiberglass market: China to witness robust growth
During the forecast period between 2018 and 2028, China is expected to dominate the global fiberglass market, witnessing promising expansion at a CAGR of 5%. Growing applicability of fiberglass in the construction and building manufacturing sector is likely to boost the consumption of fiberglass in China. Increasing export of Chinese fiberglass products across the globe is also anticipated to drive the fiberglass market in this region.
Although there are remarkable opportunities favorable for the growth of global fiberglass market, research points at the health issues discovered to be resulted post usage of fiberglass. A few of these issues include irritation in eyes and stomach, and rashes on the skin, which will possibly continue to influence the sales performance of fiberglass in the global market over the next few years.
Further interesting insights into the fiberglass market scenario and estimations over the next decade can be availed at – https://www.futuremarketinsights.com/reports/sample/rep-gb-5440