North American Is Important For Fiberglass Suppliers
Time of Release : 2023-05-15
It is predicted that the demand for glass fiber will rise at a CAGR of 4.3% during 2022-2028, reaching a valuation of US$13.1 billion by 2028, compared to the current market size of US$10.2 billion.
The global fiberglass market has grown over the past few years with an expanding range of applications, especially in the automotive, transportation, and construction sectors. Over the past few years, the use of composite and synthetic materials in many industries has increased significantly.
|
Global Glass Fiber Market Demand（2022） |
US$10.2 billion |
|
Sales Forecast（2028） |
US$13.1 billion |
|
Forecast growth rate（2022-2028） |
4.3%CAGR |
|
North American market share |
32.3% |
In 2013, the global glass fiber sales revenue was 7.3 billion US dollars, and the demand grew at an annual growth rate of 3.7%. By 2021, the global glass fiber market value will reach 9.8 billion US dollars.
It is estimated that by 2028, the total sales of global glass fiber will reach 13.1 billion US dollars, and the demand will rise at an annual growth rate of 4.3% from 2022 to 2028.
Which regions are profitable for fiberglass suppliers?
North America and Western Europe will remain the regional markets for fiberglass.
The glass fiber market is mainly distributed in North America, Latin America, Europe, East Asia, South Asia and the Pacific, and the Middle East and Africa (MEA).
In 2022, the demand for glass fiber in North America will still be the largest in the world, accounting for 32.3%, and it is expected that North America will maintain this position by 2028. Rising investments in the construction industry are expected to drive the consumption of fiberglass in North America.
At the same time, the increasing popularity of smart devices and smart home technology in Europe has driven the demand for composite materials such as glass fiber in the European market. At present, glass fiber consumption in Western Europe and Eastern Europe accounted for 28.8% and 9.2% share respectively.
Overall, fiberglass sales in East Asia, South Asia, and the Pacific are expected to be primarily driven by high demand from the construction industry. Countries such as India, China, Indonesia, and Thailand are expected to have high demand for fiberglass concrete.
TFcomposite will also focus on the North American and Western European markets, striving to serve more customers.