Albany, NY, March 11, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled "Glass Fibers Market - Global Industry Analysis, Size, Share, Growth, and Trends and Forecast 2014 - 2020." According to the report, the global glass fibers market was valued at US$ 8 Bn in 2013 and is likely to reach US$ 14.07 Bn in 2020, expanding at a CAGR of 8.4% between 2014 and 2020.
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Glass fibers are the most important reinforcement materials used in fiber reinforced plastics, as these offer a range of desirable properties such as low weight, high strength, high modulus, impact resistance, and chemical and electrical resistance. Glass fiber reinforced plastics are employed in various applications due to these characteristics.
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In terms of types of products, the Glass Fibers Marketcan be segmented into E-class glass fibers and performance glass fibers. Performance glass fibers include C-class glass fibers, S-class glass fibers and D-class glass fibers; these offer special characteristics, and are therefore used in technical applications. Owing to their lower cost, high tensile strength, and high modulus, E-class glass fibers accounted for over 85% of the Glass Fiber Market in 2013. Performance glass fibers are relatively costlier; these are used in limited applications in general-use products. Building & construction accounted for the largest market share among all applications, followed by transportation application in 2013.
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Building & construction and transportation applications drive the market for glass fibers. Revival of building & construction activities in North America, coupled with sustained growth of the application in Asia Pacific has boosted the global glass fibers market. Furthermore, demand for glass fibers reinforced plastics (GFRPs) has increased due to growth in automotive and marine manufacturing, as these offer characteristics such as lower weight and lower cost as compared to conventional materials. Application of glass fibers in wind turbines is likely to increase at the fastest pace owing to the high rate of wind turbine installations across the world.
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Led by China, Asia Pacific accounted for the largest share (over 45%) of the global demand for glass fibers in 2013. Europe and North America followed Asia Pacific in terms of demand for styrenic polymers in 2013. The market for styrenic polymers in Asia Pacific is also projected to experience the fastest growth rate during the forecast period.
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The report provides in-depth analysis of the Glass Fibers Market in terms of volume (kilo tons) and revenue (US$ Mn). It includes current demand analysis and forecast for each product segment and application at the global and regional level. Regions analyzed include North America, Europe, Asia Pacific and Rest of the World. The report comprises the following segments:
Glass Fibers Market - Product Segment Analysis
- E-class Glass fibers
- Performance Glass fibers
Glass Fibers Market - Application Analysis
- Building & Construction
- Consumer Goods
- Wind Turbine
- Others (Including Fiber Glass Cloth, Oil & Gas Applications, etc.)
Glass Fibers Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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