Market Trends of Fiberglass Roving Industry
This section covers the major market trends shaping the Fiberglass Roving Market according to our research experts:
Construction & Infrastructure is Expected to Witness Significant Growth
- The construction and infrastructure industry is one of the prominent end-user of fiberglass roving products and is expected to grow significantly throughout the forecast period. This is primarily owing to the increased construction projects in multiple regions across the world.
- The rapid urbanization is resulting in the increased development of infrastructure, thereby resulting in increased demand for fiberglass roving. The development of smart cities in countries, such as India and China, is also expected to further boost the need for these products.
- The trend of the growing population (According to the US Census Bureau, the population rose from 327 million in 2017 to 329 million in 2019) also contributes to the growth of the construction industry in the United States, and thus, the market for fiberglass roving.
- The construction sector is also expected to fortify to a much stronger extent, with new governmental regulations and initiatives. For instance, the Trump administration has introduced a plan to spend over USD 1 trillion in the construction sector, in 2018, led mostly by private businesses.
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Asia Pacific is Expected to Witness Significant Growth
- The Asia-Pacific is one of the largest consumers of fiberglass roving. Multiple economies in the region, such as China, India, and Japan, are the major fiberglass roving markets in the region, primarily owing to the increasing wind energy projects, increasing construction and infrastructural activities.
- The fiberglass roving market in the region is also anticipated to register a significant growth rate during the forecast period, primarily owing to the rapidly increasing demand for environmentally-friendly products as well as new and stringent emission control policies that are significantly contributing toward the market growth.
- The region is also set to witness construction and infrastructure boom in the coming years with a healthy spread of projects that will be shared between residential, industrial, and infrastructural categories, which is also boosting the demand for fiberglass roving products, thereby driving the market. Moreover, the high rate of automotive production in countries like China and Japan are also resulting in the extensive use of fiberglass roving products in the region.
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