The fiberglass roving market is projected to grow from USD 8.24 billion in 2018 to USD 11.02 billion by 2023, at a CAGR of 6.0% between 2018 and 2023.
Browse 78
market data Tables and 47 Figures spread through 133 Pages and
in-depth TOC on "Fiberglass
Roving Market by Fiber Glass Type (E, ECR, H, AR, S),Product Type(Single-end,
Multi-end, Chopped),End-use Industry (Transportation, Construction, Electrical
& Electronics, Pipe & Tank, Wind, Aerospace, Marine),and Region Global
Forecast to 2023"
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Owens Corning focuses on capacity expansions to
meet the growing demand for fiberglass roving used in specialty composites. In
addition, the company focuses on new product launches to maintain a competitive
edge in the market. The company recently has launched roving products under the
brands HydroStand, WindStrand, PipeStrand, PulStrand, and Perfomax. The company
has also acquired the glass business of Ahlstrom (France), which helped to
increase its business in the European region. The company is focused on emerging
markets such as India and continues to provide high-quality products. In 2016,
the company has invested in a fiberglass manufacturing facility in India.
Jushi Group Co., Ltd. is one of the key players in
the fiberglass roving market. The company is expanding its glass fiber roving
business through acquisitions, partnerships, expansions, and new product
launches. In 2016, the company started the operations of its second glass fiber
furnace in Egypt to meet the increasing demand from the Middle East and Europe.
The company, through new product launches and regional expansions, aims to
maintain its leading position in the glass fiber roving market.
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Transportation is the largest end-use industry of
fiberglass roving, in terms of value.
The market in the transportation end-use industry
accounted for the largest share, in terms of value, in 2018. Owing to its
lightweight, fiberglass roving is used as substitutes of aluminum and steel in
the transportation industry. Fiberglass roving composite products are lighter
than traditional metals by 15–20%; and therefore, the weight of a vehicle can
be reduced by 60% with the use of composite components. This increases the fuel
efficiency of the vehicle and reduces its carbon footprint. In addition, stringent
regulations such as CAFE and UNEP in North America and Europe have been laid
down to reduce greenhouse gas emissions through the use of lightweight and
fuel-efficient materials in structural components of vehicles. This has
encouraged the transportation industry in North America and Europe to adopt
fiberglass roving.
Asia Pacific accounted for a major share of the
fiberglass roving market in 2018
Asia Pacific accounted for the largest share of the
global fiberglass roving market in 2018 owing to its high demand from the wind
energy, electrical & electronics, transportation and construction &
infrastructure end-use industries, accompanied by regulatory norms mandating
the use of eco-friendly materials. The growth of the wind energy industry in
the region has increased the demand for lightweight and strong fiberglass
roving. The greater focus by India and China on the production of electricity
through renewable resources and the increasing wind installations in China,
Japan, India, and other emerging countries are expected to drive the fiberglass
roving market in the region. The construction sector is also driving the
fiberglass roving market, especially in China and Japan.
Some of the key players in the fiberglass roving
market are Owen Corning (US), Jushi Group (China), Nippon Electric Glass
(Japan), and Saint Gobain Vetrotex (France). These players have adopted various
organic and inorganic growth strategies in the past 5 years to maintain their
position in the global fiberglass roving market.
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