NEW YORK, Jan. 28, 2022 (The Globe Newswire) – According to the statistics of the International Energy Agency (IEA), the share of the total electricity produced globally from wind energy sources in 2019 amounted to 5.3% of the total electricity production. Moreover, according to the statistics of the International Renewable Energy Agency (IRENA), the global wind energy capacity has increased from 220,120 MW in 2011 to 732,410 MW in 2020. The statistics also indicated that among all regions, Asia has the highest production capacity of 332,253 MW In 2020, Europe is followed by 207,560 megawatts in the same year.
Report entitled “fiberglass roving marketGlobal Demand Analysis and Opportunity Forecast 2030“Recently released by Research Nester, which has been studied for the forecast period, i.e. 2021-2030. The report focuses on key market parameters, including growth drivers, opportunities, and the latest market trends associated with market growth during the forecast period.
Over the past few years, the demand for different types of aircraft has increased exponentially, fueled by the increase in the need for air travel between individuals. According to statistics from the General Aviation Manufacturers Association (GAMA), total shipments of piston, turboprop and business jets increased from 889 units, 368 units and 763 units in 2010 to 1,324 units, 525 units and 809 units. respectively in 2019. One of the important parts of the fuselage is the nacelle, which is usually made using roving fiberglass.
On the other hand, backed by the shift in preferences for renewable energy sources, and the increasing adoption of wind energy, the demand for equipment parts, such as rotary blades and pullovers, is growing at an exponential speed. As these equipment parts are made using fiberglass roving, the demand for the product is expected to rise significantly, thus, driving the growth of global fiberglass roving market during the forecast period. The global Roaming Fiberglass market was valued at US$ 4,837.18 Million in 2020 and is also expected to exceed US$ 8,262.59 Million by the end of 2030 by growing at a CAGR of 5.50% during the forecast period. The market growth can also be attributed to the increased demand for fiberglass roving across the end user industries, and the increase in product trade across the globe. According to the statistics of the International Trade Center (ITC), the value of roving fiberglass exports worldwide increased from 1,193,371 thousand US dollars in 2013 to 1401,344 thousand US dollars in 2018.
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Moreover, increasing worldwide sales of automobiles and increasing use of fiberglass roving to make various parts of vehicles, such as flooring, ductwork, insulation applications, etc., are also expected to drive market growth. Between January and March 2021, car production around the world, according to the statistics of the International Organization of Automobile Manufacturers, amounted to 2,1084,417 units.
The global fiberglass roving market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among the markets in these regions, the Asia Pacific market recorded a revenue of US$ 2010.21 million in 2020 and is also expected to reach US$ 3,817.32 million by the end of 2030. The increasing focus of the government of the countries of the region to invest in the development of public infrastructures, Such as transportation, energy, etc., are expected to create many opportunities for market growth in the region. The rate of investment in infrastructure in the public sector (% of GDP), in the People’s Republic of China, Bhutan, Vietnam, Fiji, Sri Lanka and India, according to ADB statistics, registering 6.76%, 6.56%, 5.12%, 3.53% and 3.31%, respectively. On the basis of country, the market in the region is segmented into China, Japan, India, South Korea, and the rest of Asia Pacific. By the end of 2030, the market in China is expected to generate the largest revenue of $1,809.41 million by the end of 2030, and grow at a higher compound annual growth rate of 7.92% during the forecast period. Instead, the market in India is expected to have the second largest revenue of $874.17 million by the end of 2030, up from $455.87 million in 2020.
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On the other hand, the North American market is expected to retain the second largest revenue of $1900.40 million by the end of 2030, and to grow further with the second highest compound annual growth rate of 5.00% during the forecast period. The market is segmented in region by countries into United States and Canada, with the United States market registering the largest market revenue in 2020, and is also expected to grow with the highest CAGR of 5.33% during the forecast period.
The study also includes annual growth, demand, supply and forecasting of future opportunities in North America (US and Canada) and Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands, Luxembourg and NORDIC). [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East & Africa (Israel, GCC) [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, the rest of the Middle East and Africa).
The global fiberglass roving market is segmented by product type into single-ended roving, multi-limbed and lump roving, and the single-ended roving segment is expected to generate the largest revenue of $5,081.50 million by the end of 2030, up from revenue of $2,776.68 million in 2020. This segment is also expected to grow at the highest compound annual growth rate of 6.23% during the forecast period. In the Asia Pacific region, this segment is expected to grow at the highest compound annual growth rate of 7.36% during the forecast period, and to touch more revenue of $2,347.65 million by the end of 2030, while in North America, this segment had the largest revenue At $669.56 million in 2020, it is also expected to reach $1,168.74 million by the end of 2030.
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The global roving fiberglass market is further segmented by end-use industry into transportation, building and infrastructure, electrical and electronics, pipe and tanks, marine, aerospace and defense, wind energy, and others. Among these segments, the transportation segment is expected to touch the largest revenue of $2,751.44 million by the end of 2030, and also grow at the highest compound annual growth rate of 6.30% during the forecast period. In the Asia Pacific region, the clip was recorded biggest return $620.45 million in 2020 and is expected to grow at a higher compound annual growth rate of 7.44% over the forecast period. On the other hand, in Europe, the wind energy sector is expected to grow with the second highest compound annual growth rate of 5.10% during the forecast period.
The global fiberglass roving market is also segmented on the basis of glass type.
Global Roaming Fiberglass Market, Segmentation by Glass Type
- electronic glass
- S . glass
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Some of the notable industry leaders in the global fiberglass roving market 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. , Ltd. CTG Group (Taishan Fiberglass), AGY Holding Corporation, China Beihai Fiberglass Co., Ltd. , Taiwan Glass Industry Corporation, and others.
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