In a recent published report, Kenneth Research has updated the market report for Fiber Glass Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Fiber Glass Market products.
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Further, the market is projected to grow on account of the growing trade in chemicals worldwide. The European Union recorded to be the largest exporter of chemical products around the globe in the year 2019. The region was also the second largest importer of chemical products after the United States in the same year. The exports of chemicals in Europe, according to the statistics by Eurostat, grew from USD 323.49 billion in 2010 to USD 504.83 billion in 2020. Moreover, the imports of chemicals in the region grew from USD 205.64 billion in 2010 to USD 285.91 billion in 2020.
Global Fiber Glass Market was valued at USD 13.5 Billion in the year 2017. Global Fiberglass Market is further estimated to grow at a CAGR of 6.15% from 2018 to reach USD 21.87 Billion by the year 2025. Asia-Pacific region holds the highest Market share in 2017 and it is considered as the fastest growing Market in the forecasted period. At a country level, developed Market like China holds a notable Market share in 2017 and India is projected to grow at a gradual rate in the coming years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The major players in Fiberglass Market are PPG Industries, Inc., Owens Corning, Nippon Electric Glass Co., Ltd., Taiwan Glass Ind. Corp., China Jushi Co. Ltd., CertainTeed Corporation and also 12 more company detailed information is provided in research report. PPG Industries, Inc. holding considerable Market share because of its better global presence both at production and at an operational level. Rising research and development expenses to cater changing demand of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of the top manufacturers in the last 5 years.
SWOT Analysis of Fiberglass Market
Strength
Rising demand from the construction Market
Cost-effective production of fiberglass in developing countries
Weakness
Reutilization of glass wool
Opportunities
Development in the wind energy Market
Threats
Mass production of Fiberglass
Market Segmentation
On the basis of the application includes Construction & Infrastructure, Wind Energy, Aerospace, Electronics, and Industrial of which the Wind Energy segment is expected to hold the highest Market share during the forecast period.
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Fiberglass Market Overview By Glass Fiber
A-Glass
E-Glass
S-Glass
Others
Fiberglass Market Overview By Type
Direct and Assembled Roving
Glass Wool
Yarn
Chopped Strand
Fiberglass Market Overview By Application
Construction & Infrastructure
Wind Energy
Aerospace
Electronics
Industrial
Others
Fiberglass Market Overview By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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