Thanks to the increase in application fields, such as for thermoplastics, as well as the expansion and development of the wind energy market, demand of glass fiber is expected to keep growing with a compound annual growth rate of 14.45%.
A recent market report states that demand of global glass fiber market is expected to reach 6.4 million tons by 2016 with total value of USD 16.4 billion.
In addition to the Asian-Pacific regions (especially China), demand of glass fiber in emerging countries is continuously increasing, and countries such as Russia, India, Brazil and those in Eastern Europe, will greatly increase investments in infrastructure.
The application fields of glass fiber are also on the increase, and a sharp increase in market of glass fiber for thermoplastics is expected in the coming years. Thermoplastics has become the preferred material for automotive engineering with regards to the assembling of high impact and structural parts.
With the expansion and development of the wind energy market, demand of glass fiber is expected to keep growing with a compound annual growth rate of 14.45%.