The global fiberglass roving market is estimated to garner a revenue of USD 8262.59 Million by the end of 2030, by growing at a CAGR of 5.50% over the forecast period, i.e., 2021 – 2030. Apparently, in the year 2020, the market registered a revenue of USD 4837.18 Million. The growth of the market can be attributed to growing adoption of fiberglass roving for different end-use applications, including wind energy, automotive, construction, and others. Fiberglass roving is used largely for wind generation, especially to make rotor blades and nacelles. These composites allow high strength at a low weight, which makes it one of the most efficient material to be used for such applications.
Owing to the growing demand for electricity worldwide, and the shift in trend towards the adoption of renewable energy sources, such as wind energy, the demand for fiberglass roving in wind energy applications is expected to increase, and in turn drive the market growth. According to the statistics by the International Renewable Energy Agency (IRENA), total onshore installed capacity of wind energy worldwide increased from 177795 MW in the year 2010 to 698043 MW in the year 2020. CLICK TO DOWNLOAD SAMPLE REPORT
Besides this, the growing sales of automobiles worldwide, and the increasing use of fiberglass roving for making flooring, closets, seating, air ducts, and insulating applications are also expected to push forward the market growth in the coming years. Furthermore, the growing use of these composites in aircraft engine nacelles, owing to the properties of high tensile strength, light weight, and others, are also anticipated to drive the growth of the global fiberglass roving market in the coming years.
Regionally, the global fiberglass roving market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific registered a revenue of USD 2010.21 Million in the year 2020, and is further expected to reach USD 3817.32 Million by the end of 2030. The growth of the market in the region can primarily be attributed to the growing investment for infrastructure, especially in countries, such as China, Bhutan, Vietnam, and India among others, and for the growing demand for fiberglass roving across different end-use industries. According to the statistics by the Asian Development Bank, the infrastructure investment rate in the public sector (% of GDP), in People’s Republic of China, Bhutan, Vietnam, Fiji, Sri Lanka, and India registered to 6.76%, 6.56%, 5.12%, 3.53%, and 3.31% respectively. The market in the region is segmented by country into China, Japan, India, South Korea, and the Rest of APAC. Out of these, the market in China is projected to grow with the highest CAGR of 7.92% during the forecast period and further touch a revenue of USD 1809.41 Million by the end of 2030.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global fiberglass roving market is segmented by product type into single-end roving, multi-end roving, and chopped roving. Out of these, the single-end roving segment is projected to garner the largest revenue of USD 5081.50 Million by the end of 2030, up from a revenue of USD 2776.68 Million in the year 2020. By glass type, the market is segmented into E-glass, ECR-glass, H-glass, AR-glass, S-glass, and others. Out of these, the e-glass segment registered the largest revenue of USD 1912.85 Million in the year 2020, and is further projected to reach USD 3313.30 Million by the end of 2030. Further, the market is segmented on the basis of end-use industry into transportation, construction & infrastructure, electrical & electronics, pipes & tanks, marine, aerospace & defense, wind energy, and others. Out of these, the transportation segment is expected to hold the largest revenue of USD 2751.44 Million by the end of 2030.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global fiberglass roving market that are included in our report are Owens Corning, China Jushi Co., Ltd., Chongqing Polycomp International Corporation, Johns Manville, Saint-Gobain Vetrotex, Nippon Electric Glass Co., Ltd., CTG Group (Taishan Fiberglass), AGY Holding Corporation, China Beihai Fiberglass Co., Ltd., Taiwan Glass Industry Corporation, and others.
FREQUENTLY ASKED QUESTIONS
The increasing wind energy capacity worldwide and the growing demand for fiberglass roving from different end-use industries are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 5.50% over the forecast period, i.e., 2021 – 2030.
The difficulties in recycling of glass wool is one of the major factors estimated to hamper the market growth.
The market in the Asia Pacific is expected to reach the largest revenue of USD 3817.32 Million by the end of 2030 and display significant business opportunities.
The major players in the market are Owens Corning, China Jushi Co., Ltd., Chongqing Polycomp International Corporation, Johns Manville, Saint-Gobain Vetrotex, Nippon Electric Glass Co., Ltd., CTG Group (Taishan Fiberglass), and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, glass type, end-use industry, and by region.
The single-end roving segment is projected to garner the largest revenue of USD 5081.50 Million by the end of 2030 and display significant growth opportunities.
Global Fiberglass Roving Market TOC
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