Specialty synthetic fibers and glass fiber market poised to cross US$20 bln by 2018

17-Jul-14

Specialty synthetic fibers & glass fiber market poised to reach US$20.1 bln at a CAGR of 5.2% by 2018. The highest revenue is forecasted to be for glass fiber, owing to the low pricing as compared to other specialty synthetic fibers, as per MarketsandMarkets. Specialty synthetic fibers and glass fiber are largely used for the high performing premium applications such as aerospace, high end automotive, etc. The advantage offered by these materials are far more bigger than the traditional materials in terms of strength, heat and chemical resistance, durability, strength to weight ratio, etc. Speciality synthetic fibers such as aramids and UHMW polyethylene are increasingly used for body and vehicle armor. Rising military conflicts and civilian security concerns are driving the demand for greater ballistic protection which in turn is fueling the demand for specialty synthetic fibers and glass fiber. Aerospace industry is increasingly using carbon fiber and carbon fiber reinforced materials to cut back on weight, thereby saving millions of dollars spent on the fuel. Growing demand from transportation industry especially from automotive market is expected to drive demand for specialty synthetic fibers and glass fiber in the coming future. The major companies in this market are focusing on new product development and expansions. The growth in the specialty synthetic fiber market demands new and improved products and technologies that meet the requirements. This has led to research by industry players to both bring new products as well as decrease the cost of production by implementation of new technologies. The report forecasts revenue of the global Specialty synthetic fibers and glass fiber market and its various submarkets with respect to four main regions such as North America, Europe, Asia-Pacific, and rest of the world (ROW).