According to a recent market intelligence report released by Transparency Market Research, the global glass fibres market was worth US$8 bn in 2013 and is expected to be worth more than US$14 bn by 2020. This represents expansion of the glass fibres market at an 8.40% CAGR in the given period.
According to the report, the global glass fibres market is driven by their usability in a wide variety of applications, such as wind turbines, building and construction, transportation, and several consumer goods. The dynamic rise of virtually all of the application areas of glass fibres has helped the global glass fibre market massively. Glass fibres are now by far the most dominant fibres used in fibre-reinforced plastics.
With the availability of low-cost labor and readymade manufacturing setups in countries such as China and India, Asia Pacific emerged as the largest regional segment of the global glass fibres market in 2013. The region accounted for 45% of the global glass fibre market in 2013 and is expected to hold a majority share by the end of the forecast period. The cheap glass fibre products manufactured in Asia Pacific are often exported to North America and Europe, the second and third largest regional markets for glass fibres.
The report also profiles major players in the global glass fibre market in order to illustrate the terrain of the market’s competitive landscape. Company profiles of Owens Corning Corporation, PPG Industries, Inc., Jushi Group Co. Ltd., Nippon Electric Glass Co. Ltd., Johns Manville Corporation, AGY Holding Corporation, and others are provided in the report.
More information is available from http://www.transparencymarketresearch.com/glass-fibers-market.html