"The Global Fiberglass Market, by application was valued at $9.26 Billion in 2014, and is projected to reach $14.27 Billion by 2019, at a CAGR of 9.0% during 2014 to 2019"
Fiberglass is derived from pouring molten glass through superfine holes. It is considered to be a type of fiber-reinforced plastic, wherein the reinforced fiber is specifically glass fiber. Fiberglass is a strong, lightweight material that is majorly utilized to develop varied products. The global fiberglass market is experiencing a strong growth due to its increasing applicability in composites and insulations. Composites are the largest end-user application for fiberglass.
The rising demand for fiberglass from end-use industries such as composites insulations and others are contributing to the overall growth of the fiberglass market. Based on application, the global fiberglass market is segmented into composites, insulations, and others. The composites segment accounted for 65.2% share of the global fiberglass market in 2014.
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Fiberglass is made by combining a group of extremely thin glass fibers. The glass fibers may be randomly arranged. These glasses commonly comprise of silica or silicate, with varying amounts of oxides of calcium, magnesium, and boron. Fiberglass is a strong lightweight material, and is utilized for many products. Although, it is not as strong and stiff as composites based on carbon fiber, it is less brittle and its raw materials are much cheaper.
The demand for composites and insulations are experiencing high growth, due to an increase in the number of manufacturers and the rapid expansion of the fiberglass industry. The future growth of the industry would be augmented by investments made in the composites segment, especially in regions such as Asia-Pacific, North America, and Europe. In Asia-Pacific and North America, increase in population has directly impacted the overall demand for automobiles and general engineering industries. As fiberglass forms an essential material required to produce race car body and fiberglass seats for CART racing, its increasing applicability in the automobile sector has resulted in the growth of the global fiberglass market.
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The report covers the global fiberglass market that is segmented on the basis of application and geography. Some of the major companies operating in the fiberglass market are Owens Corning (U.S.), China Fiberglass Company (Jushi Group) (China), AGY Holding Corp. (U.S.), Saint-Gobain Vetrotex (France), and PPG Industries Inc. (U.S.) among others.
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