Market Size of Fiberglass Roving Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fiberglass Roving Market Analysis
The fiberglass roving market is expected to register a CAGR of 5.5% during the forecast period (2021 - 2026). Multiple end-user industries are preferring the fiberglass roving products as they can significantly reduce the weight of the product and are also stronger than the other metallic parts being used. The market is expected to witness further growth primarily owing to the increasing demand from wind energy projects, pipes and tanks, and construction and infrastructure projects.
- The fiberglass roving that is made with E-glass is cost-efficient and also offers multiple properties such as lightweight, corrosion resistance, high electrical insulation, and strength. The increasing demand from the transportation and electrical & electronics industries is also expected to drive the market.
- The fiberglass is considered to be the foundation of the composites industry. From multiple decades it is being used in multiple composites applications, and its physical properties are also pretty well understood in the industry. Apart from being lightweight, it has moderate tensile strength and is easier to handle. Fiberglass has been used in a wide range of projects.
- The glass filament offers a greater specific resistance as compared to steel. This characteristic is one of the primary reason for the increasing demand for glass strand in the production of high-performance composites. Glass filament is also being used in a wide variety of applications owing to its properties such as electrical insulation, even at low thickness, combined with its mechanical strength and behavior in different temperatures.
- Moreover, owing to the recent coronavirus outbreak, manufacturing operations have been hit significantly in the industry due to the nationwide lockdown in multiple regions. However, as the units are starting their operations, vendors in the market are contributing to this virus outbreak. For instance, in Apr 2020, the Johns Manville plant in Richland, Mississippi, started producing non-woven filtration media that will be used to create the much-needed face masks to help stop the spread of COVID-19.
