Global Fiberglass Roving Market to Generate a Revenue of USD 8262.59 Million by 2030; Increasing Utilization of Fiberglass Roving to Manufacture Rotor Blades and Nacelles of Wind Turbines to Create Opportunities for Market Growth
Key Companies Covered in the Fiberglass Roving Market Research Report Are Owens Corning, China Jushi Co., Ltd., Chongqing Polycomp International Corporation, Johns Manville, Saint-Gobain Vetrotex, Nippon Electric Glass Co., Ltd., CTG Group (Taishan Fiberglass), AGY Holding Corporation, China Beihai Fiberglass Co., Ltd., Taiwan Glass Industry Corporation, and other key market players.
New York, Jan. 28, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the International Energy Agency (IEA), the share of gross electricity produced worldwide from wind energy sources in the year 2019 registered to 5.3% of total electricity production. Moreover, according to the statistics by the International Renewable Energy Agency (IRENA), the capacity of wind energy globally increased from 220120 MW in the year 2011 to 732410 MW in the year 2020. The statistics also stated that out of all the regions, Asia registered with the highest capacity of 332253 MW in the year 2020, followed by Europe with 207560 MW in the same year.
A report titled “Fiberglass Roving Market: Global Demand Analysis & Opportunity Outlook 2030” has recently been released by Research Nester, which is studied for the forecast period, i.e., 2021-2030. The report focuses on the key market parameters, including the growth drivers, opportunities, and the latest market trends that are associated with the growth of the market during the forecast period.
Over the past few years, the demand for different types of aircrafts is growing massively, backed by the surge in need for air travel amongst individuals. According to the statistics by the General Aviation Manufacturers Association (GAMA), the total shipments of piston airplanes, turboprop airplanes, and business jets increased from 889 units, 368 units, and 763 units in the year 2010 to 1324 units, 525 units and 809 units respectively in the year 2019. One of the important parts of an aircraft body is the nacelle, which is usually made using fiberglass roving.
On the other hand, backed by the shift in preferences for renewable energy sources, and the growing adoption of wind energy, the demand for equipment parts, such as rotor blades and nacelles, are growing at skyrocketing speed. As these equipment parts are made using fiberglass roving, the demand for the product is expected to rise significantly, and in turn, drive the growth of the global fiberglass roving market during the forecast period. The global fiberglass roving market was valued at USD 4837.18 Million in the year 2020 and is further expected to cross USD 8262.59 Million by the end of 2030 by growing with a CAGR of 5.50% during the forecast period. The growth of the market can also be attributed to the rising demand for fiberglass roving across the end-user industries, and the increasing trade of the product around the world. According to the statistics by the International Trade Center (ITC), the value of exports of fiberglass roving worldwide increased from USD 1193371 Thousand in the year 2013 to USD 1401344 Thousand in the year 2018.
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Moreover, growing sales of automobiles worldwide and the increasing use of fiberglass roving for making different vehicle parts, such as flooring, air ducts, insulating applications, and others, are also expected to drive the market growth. Between the period of January and March 2021, the production of vehicles around the world, according to the statistics by the International Organization of Motor Vehicle Manufacturers, touched 21084417 units.
The global fiberglass roving market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in the Asia Pacific registered a revenue of USD 2010.21 Million in the year 2020 and is further expected to reach USD 3817.32 Million by the end of 2030. The growing focus of the government of nations of the region to invest in developing public infrastructures, such as transportation, energy, and others, is expected to create numerous opportunities for the growth of the market in the region. The infrastructure investment rate in the public sector (% of GDP), in the People’s Republic of China, Bhutan, Vietnam, Fiji, Sri Lanka, and India, according to the statistics by the Asian Development Bank, registered to 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 APAC. By the end of 2030, the market in China is anticipated to generate the largest revenue of USD 1809.41 Million by the end of 2030, and further grow with the highest CAGR of 7.92% during the forecast period. Alternatively, the market in India is expected to garner the second-largest revenue of USD 874.17 Million by the end of 2030, up from a revenue of USD 455.87 Million in the year 2020.
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On the other hand, the market in North America is expected to hold the second-largest revenue of USD 1900.40 Million by the end of 2030, and further grow with the second-highest CAGR of 5.00% during the forecast period. The market in the region is segmented by countries into the United States and Canada, out of which, the market in the United States registered the largest market revenue in the year 2020, and is further expected to grow with the highest CAGR of 5.33% during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, 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 and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global fiberglass roving market is segmented by product type into single-end roving, multi-end roving, and chopped roving, out of which, the single-end roving segment is projected to garner the largest revenue of USD 5081.50 Million by the end of 2030, up from a revenue of USD 2776.68 Million in the year 2020. The segment is also anticipated to grow with the highest CAGR of 6.23% during the forecast period. In the Asia Pacific, the segment is projected to grow with the highest CAGR of 7.36% during the forecast period, and further touch revenue of USD 2347.65 Million by the end of 2030, while in North America, the segment garnered the largest revenue of USD 669.56 Million in the year 2020, and is further expected to touch USD 1168.74 Million by the end of 2030.
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The global fiberglass roving market is further segmented by end-use industry into transportation, construction & infrastructure, electrical & electronics, pipes & tanks, marine, aerospace & defense, wind energy, and others. Amongst these segments, the transportation segment is expected to touch the largest revenue of USD 2751.44 Million by the end of 2030 and also grow with the highest CAGR of 6.30% over the forecast period. In the Asia Pacific, the segment registered the largest revenue of USD 620.45 Million in the year 2020 and is further expected to grow with the highest CAGR of 7.44% during the forecast period. On the other hand, in Europe, the wind energy segment is expected to grow with the second-highest CAGR of 5.10% during the forecast period.
The global fiberglass roving market is also segmented on the basis of glass type.
Global Fiberglass Roving Market, Segmentation by Glass Type
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Some of the prominent industry leaders in the global fiberglass roving market that are 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., CTG Group (Taishan Fiberglass), AGY Holding Corporation, China Beihai Fiberglass Co., Ltd., Taiwan Glass Industry Corporation, and others.
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