Global glass fiber & specialty synthetic fiber market to witness CAGR of over 6% from 2015 and 2020

The global glass fiber market & specialty synthetic fibers market is projected to reach about US$14240.53 million by 2020, with the large share accounted by North America and Europe together, as per ReportBuyer. The global glass fiber & specialty synthetic fiber market by value is projected to witness a CAGR of about 6.46% between 2015 and 2020. The high growth is estimated to be in the North America and Europe due to rising advancements in the end-industries such as protective clothing, reinforcement materials, and ballistic protection in the region. Europe is projected to account for the second-highest growth during the same period. The increase in demand for lightweight and fuel efficient materials or advanced composite materials, rising need for safety and security, and growing demand from the transportation industry is projected to increase the need for specialty synthetic fibers gradually. Protective equipment, safety applications, ballistic protection, and automotive industry have the largest application of specialty synthetic fibers and glass fibers. The commercial, marine, medical, sporting goods, wind energy, pressure vessel, and reinforcement materials industries are the other significant applications for glass fiber and specialty synthetic fiber market. Aramids, UHME polyethylene, and POA are the major types of specialty synthetic fibers. Glass fiber is made from extremely fine fibers of glass. It is a lightweight, extremely strong, and robust material. Although strength properties are somewhat lower than carbon fiber and it is less stiff, the material is typically far less brittle, and the raw materials are much less expensive. Its bulk strength and weight properties are also very favorable when compared to metals, and it can be easily formed using molding processes. Carbon fibers are very thin strands of carbon; however, are super strong material that is extremely lightweight. Aramids are synthetic fibers made from polymer aromatic polyamide are mainly of two types, para aramid and meta aramid. North America is the major region in terms of production and consumption of aramids. The market for aramids is projected to register a significant growth in emerging economies of Asia-Pacific mainly due to growing industrialization and infrastructure development. The glass fiber & specialty synthetic fiber market is anticipated to register a high growth rate in the coming years. The market is innovation driven and investments are expected for new specialty synthetic fiber properties and completely new products. There are large numbers of different sized players in the market; however, it is dominated by few big companies. Currently, the specialty synthetic fiber market is mainly concentrated in the North American and European regions while RoW, especially Latin America is expected to witness a high growth rate in future years. AGY Holding Corp. (U.S.), 3B Fiberglass (Belgium), Cytec Industries Inc. (U.S.) is the important active players in the glass fiber and specialty synthetic fiber market. These companies registered the highest strategy adoptions amongst other players in the global glass fiber market and specialty synthetic fibers market between 2012 and 2015.