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What Is the Growth Potential of the Fiberglass Roving Market in the Next Decade?
The fiberglass roving market size has grown strongly in recent years. It will grow from $9.53 billion in 2024 to $10.27 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to construction and infrastructure development, automotive industry demand, widespread use in wind energy, boat and marine manufacturing, and growth in aerospace applications.
The fiberglass roving market size is expected to see strong growth in the next few years. It will grow to $14.2 billion in 2029 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to renewable energy expansion, lightweight trends in transportation, infrastructure rehabilitation projects, advancements in composites manufacturing, and growing demand for high-performance materials. Major trends in the forecast period include marine industry applications, infrastructure rehabilitation projects, key players' collaborations, market penetration in Asia-Pacific, and customization for specific end-use.
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What Are the Key Growth Factors Supporting the Fiberglass Roving Market Expansion?
The growing demand from the wind energy sector is expected to propel the growth of the fiberglass roving market going forward. The wind energy sector refers to an industry engaged in developing, producing, constructing, and maintaining wind turbines and other ejaculatory power devices. In the wind energy sector, fiberglass roving allows to production of larger wind turbine blades, which helps to enhance the energy output of turbines. It is a material that the wind energy industry uses to make nacelles and wind turbine blades. For instance, in July 2023, according to International Energy Agency, a France-based intergovernmental organization, in 2022, wind electricity generation experienced a remarkable increase of 265 TWh, representing a 14% rise, and surpassing 2,100 TWh in total output. This marked the second highest growth rate among all renewable energy technologies. Therefore, the growing demand from the wind energy sector is driving the fiberglass roving market.
Which Segments Are Attracting Maximum Investment in the Fiberglass Roving Market?
The fiberglass roving market covered in this report is segmented –
1) By Product Type: Single-End Roving, Multi-End Roving, Chopped Roving
2) By Fiberglass Type: E-glass, ECR-glass, H-glass, AR-glass, S-glass
3) By Application: Electrical And Electronics, Transportation, Construction And Infrastructure, Pipes And Tanks, Energy, Other Applications
Subsegments:
1) By Single-End Roving: Standard Single-End Roving, High-Performance Single-End Roving
2) By Multi-End Roving: Standard Multi-End Roving, High-Strength Multi-End Roving
3) By Chopped Roving: Chopped Roving For Hand Lay-Up, Chopped Roving For Spray-Up, Chopped Roving For Pultrusion
What Are the Significant Trends in the Fiberglass Roving Market Across Regions?
Product innovations are the key trend gaining popularity in the fiberglass roving market. Major companies operating in the fiberglass roving market are focused on developing innovative products to strengthen their position in the market. For instance, in March 2023, Johns Manville, a US-based manufacturer of insulation, roofing materials, and engineered products, launched StarRovLFTplus Fiberglass Roving, a fiberglass direct roving explicitly designed for long fiber-reinforced thermoplastic (LFRT) applications. It is created to offer a solid and dependable solution for structural automotive applications. In addition to the launch of StarRovLFTplus, Johns Manville has announced a cooperation with Zhongbao Ruiheng Technology Co. Ltd., a China-based manufacturer of composite materials. The partnership with Zhongbao Ruiheng Technology Co. Ltd. is anticipated to increase Johns Manville's market share in China by giving it access to a new clientele and more knowledge in composite materials. The target market for this product is the automotive sector, specifically structural uses such as bumper beams and front-end carriers.
Which Major Companies Are Operating in the Fiberglass Roving Market?
Major companies operating in the fiberglass roving market include Saertex GmbH, Saint-Gobain S.A., PPG Industries Inc., Owens Corning, China Jushi Co. Ltd., Nippon Electric Glass Co. Ltd., Taiwan Glass Industry Corporation, Johns Manville, Knauf Insulation, Nitto Boseki Co. Ltd., Chongqing Polycomp International Corporation, Jiangsu Jiuding New Material Co. Ltd., Chomarat Group, AGY Holdings Corp., 3B – the fiber glass company, Fiberlay Inc., Nittobo America Inc., Saint-Gobain Vetrotex, Taishan Fiberglass Inc., China Beihai Fiberglass Co. Ltd., PFG Fiberglass Corporation,P-D Glasseiden GmbH, Glass Fiber Technology Co. Ltd.
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How Is Regional Performance Expected to Affect Fiberglass Roving Market Growth?
Asia-Pacific was the largest region in the fiberglass roving market in 2024. The regions covered in the fiberglass roving market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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