Market Analysis of fiberglass rovings
Fiberglass roving products consist of hundreds of tiny glass filaments. The roving is reinforced with chemically bonded materials to form protected adhesive strands. Roving primarily refers to binding these materials together or the finished strand rolls. The fiberglass roving market is segmented by type (E-glass, H-glass, ECR-glass, S-glass, and other types), end-user industry (electrical & electronics, transportation, construction & infrastructure, pipelines & tanks, energy, and other end-user industries), and geography.
1. fiberglass rovings Market Trends Forecast.
Multiple end-user industries prefer fiberglass roving products as they can significantly reduce the product's weight and are stronger than the other metal components. The market is expected to grow due to increased demand from wind energy projects, pipelines and storage tanks, and construction and infrastructure projects.
(1) fiberglass roving made from E-glass is cost-effective and offers various properties such as lightweight, corrosion resistance, high electrical insulation, and strength. Growing demand from the transportation and electrical & electronics industries is also expected to drive the market.
(2) Glass fiber is considered the foundation of the composites industry. It has been used for decades in various composite applications, and its physical properties are well understood in the industry. In addition to its lightweight, it has medium tensile strength and is easier to handle. Glass fiber has been used in various projects.
(3) Compared to steel, glass yarn has a greater specific resistance. This property is one of the main reasons for the increased demand for glass strands in producing high-performance composites. Glass wires are used in various applications due to their properties, such as electrical insulation, even at low thicknesses, combined with their mechanical strength and behavior at different temperatures.
(4) Moreover, due to the recent coronavirus outbreak, manufacturing operations in the industry were hit hard due to the nationwide lockdown in several areas. However, as these units begin to operate, suppliers in the market are contributing to this viral outbreak.
2. fiberglass rovings Market Trends.
(1) Construction and infrastructure are expected to witness significant growth.
a) The construction and infrastructure industry is one of the major end users of fiberglass roving products and is expected to grow significantly throughout the forecast period. This is mainly due to the increase in construction projects in several regions across the globe.
b) Rapid urbanization has led to increased infrastructure development, which has led to increased demand for fiberglass roving. The development of smart cities in countries such as India and China is also expected to further drive the demand for these products.
c) Growing population trends are contributing to the growth of the fiberglass roving market.
d) Construction industry is also expected to be strengthened to a greater extent through new government regulations and initiatives.
(2) Asia Pacific is expected to witness significant growth.
a) Asia Pacific is one of the largest consumers of fiberglass roving. Several regional economies, such as China, India, and Japan, are the major markets for fiberglass roving in the region, mainly due to increased wind energy projects and construction and infrastructure activities.
b) The fiberglass roving market in the region is also expected to record significant growth during the forecast period, mainly due to the rapidly increasing demand for eco-friendly products and new and stringent emission control policies, which contribute significantly to the market growth.
c) The region is also expected to witness a construction and infrastructure boom in the coming years with a healthy distribution of projects shared between residential, industrial, and infrastructure categories, which is also driving the demand for fiberglass roving products driving the market. Moreover, the high productivity of automobiles in countries such as China and Japan has also led to the extensive use of fiberglass roving products in the region.
3. Competitive analysis of the fiberglass roving market.
The fiberglass roving market is highly competitive as there are multiple players in the international market. The market appears to be moderately concentrated, with key players adopting strategies such as product acquisitions and mergers and acquisitions to expand their product portfolio, extend their geographical reach, and remain competitive in the market.
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