A new report by Transparency Market Research predicts the global fiberglass market is likely to expand at a rate of 4.7 percent CAGR from 2017 to 2025. By the end of 2025, the market is likely to be worth $10.8 billion. The prospective growth of the market is attributed to wide applications in the aerospace, defense, construction, automotive, electrical and pharmaceutical industries.
The report notes that companies are adopting advanced technologies to cater to customers’ needs for high-performance products. For example, STI announced a product line of lockable enclosures, designed to protect against vandalism, weather, tampering and theft, that use a fiberglass and polycarbonate material.
North America is expected to continue to lead the global market as a key consumer and will dominate demand and revenue, the report predicts.
The Asia-Pacific region is expected to grow due to the highest expansion of the automotive and construction industries. Also, rising electricity generation from solar and wind energy in the region is benefiting the market. This factor is expected to offer the most lucrative opportunities in the global fiberglass market, especially in developing countries such as India and China.
Transparency Market Research is a market intelligence provider, offering fact-based solutions to business leaders, consultants and strategy professionals.