Global Fiberglass Roving Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
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The global fiberglass roving market is poised for robust expansion, with a projected increase from $8.06 billion in 2022 to $8.8 billion in 2023, boasting a commendable compound annual growth rate (CAGR) of 9.2%. Let’s delve into the driving forces, market players, and innovative trends shaping this dynamic industry.
**1. Riding the Wind: Fueling Growth through Wind Energy
The wind energy sector emerges as a pivotal player propelling the fiberglass roving market’s ascent. This sector encompasses the development, production, construction, and maintenance of wind turbines and other renewable power devices. Fiberglass roving plays a crucial role in this domain, facilitating the production of larger wind turbine blades that, in turn, enhance energy output. The International Energy Agency reports a significant surge, with wind energy contributing 273 TWh in 2021, a remarkable 17% increase. As the leading non-hydro renewable technology, wind energy’s demand continues to steer the fiberglass roving market.
**2. Market Giants: Paving the Way for Growth
In this dynamic landscape, major players shape the trajectory of the fiberglass roving market. Companies such as Saertex GmbH, Saint-Gobain S.A., PPG Industries Inc., and Owens Corning, among others, play pivotal roles in driving market dynamics and influencing its direction.
**3. Innovation Unleashed: The Rise of Product Innovations
A key trend dictating the market’s evolution is the surge in product innovations. Major market players are intensifying their focus on developing groundbreaking products to fortify their market positions. A notable instance is Johns Manville’s launch of StarRovLFTplus Fiberglass Roving in March 2023. This direct roving, tailored for long fiber-reinforced thermoplastic (LFRT) applications, stands as a robust solution for structural automotive applications. Johns Manville’s collaboration with Zhongbao Ruiheng Technology Co. Ltd., a Chinese composite materials manufacturer, further amplifies its market presence. This strategic partnership is anticipated to boost market share in China and expand the company’s expertise in composite materials. The product, targeting the automotive sector, specifically addresses structural needs like bumper beams and front-end carriers.
**4. Market Segmentation: Navigating the Varied Landscape
The global fiberglass roving market is intricately segmented, reflecting the diverse applications and types within the industry.
– Product Types:
- Single-End Roving
- Multi-End Roving
- Chopped Roving
– Fiberglass Types:
- Electrical And Electronics
- Construction And Infrastructure
- Pipes And Tanks
- Other Applications
**5. Asia-Pacific: The Powerhouse of Fiberglass Roving
In 2022, the Asia-Pacific region emerged as the largest market for fiberglass roving. This underscores the region’s pivotal role in shaping the global landscape. The burgeoning demand in this region reflects the escalating use of fiberglass roving in diverse industries.
**6. Forecasting the Future: Projecting Growth to $12.04 Billion in 2027
Beyond the immediate future, the fiberglass roving market is poised for sustained growth. Projections indicate a significant surge, with the market expected to reach $12.04 billion in 2027, showcasing a CAGR of 8.2%. These figures underscore the industry’s resilience and its ability to capitalize on emerging trends and demands.
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The Fiberglass Roving Global Market Report 2023 provides an overview of the fiberglass roving market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The fiberglass roving market forecast analyzes fiberglass roving market size, fiberglass roving market share, leading competitor and their market positions.
The Table Of Content For The Fiberglass Roving Market Include:
1. Fiberglass Roving Market Executive Summary
2. Fiberglass Roving Market Segments
3. Fiberglass Roving Market Size And Fiberglass Roving Market Growth Rate
4. Key Fiberglass Roving Market Trends
5. Major Fiberglass Roving Market Drivers
25. Key Mergers And Acquisitions In The Fiberglass Roving Market
26. Top Fiberglass Roving Companies
27. Fiberglass Roving Market Opportunities And Strategies
28. Fiberglass Roving Market, Conclusions And Recommendations
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