The global fiberglass market, by application was valued at US$9.26 bln in 2014, and is projected to reach US$14.27 bln by 2019, at a CAGR of 9% during 2014 to 2019, as per Micro Market Monitor. Asia-Pacific region is the major consumer and it accounts for a share of 58.2%. Asia-Pacific is considered as a hub for composites. Fiberglass is rolled in roving and yarns, which are utilized in wind mill blades, yachts, and aerospace among others. The fiberglass market in this region is projected to grow at a CAGR of 8.3% from 2014 to 2019.
The demand for composites and insulations are experiencing high growth, due to an increase in the number of manufacturers and the rapid expansion of the fiberglass industry. The future growth of the industry would be augmented by investments made in the composites segment, especially in regions such as Asia-Pacific, North America, and Europe. In Asia-Pacific and North America, increase in population has directly impacted the overall demand for automobiles and general engineering industries. As fiberglass forms an essential material required to produce race car body and fiberglass seats for CART racing, its increasing applicability in the automobile sector has resulted in the growth of the global fiberglass market. Fiberglass is derived from pouring molten glass through superfine holes. It is considered to be a type of fiber-reinforced plastic, wherein the reinforced fiber is specifically glass fiber. Fiberglass is a strong, lightweight material that is majorly utilized to develop varied products. The global fiberglass market is experiencing a strong growth due to its increasing applicability in composites and insulations. Composites are the largest end-user application for fiberglass.