LONDON--(BUSINESS WIRE)--The global fiberglass building products market is projected to grow to USD 4,883.6 million by 2021, at a CAGR of close to 6% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global fiberglass building products market for 2017-2021. Based on the applications, the market is divided into residential and non-residential segments.
|Fiberglass is a type of reinforced plastic in which the reinforcement material is glass fiber. It is used mainly in mesh fabrics, wall coverings, floorings, and drywall tapes. Fiberglass is widely used in the construction industry in roofs, windows, and doors. The growing construction industry has a direct impact on the growth of the fiberglass building products market.|
Technavio’s research study segments the global fiberglass building products market into the following regions:
Fiberglass building products market in APAC
“APAC is both the largest and fastest growing segment of the fiberglass building products market, driven by the rapid development of emerging economies such as China, India, Indonesia, and Singapore,” says Hitesh Bhatia, a lead analyst at Technavio for textile, fiber, and composites research.
China is currently focusing extensively on the development of high-quality infrastructure to support the needs of the rapidly growing urban population in the country. In India, the Narendra Modi-led government has increased the foreign direct investment (FDI), which has greatly impacted the growth of the construction sector.
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Fiberglass building products market in EMEA
The fiberglass building products market in EMEA is estimated to be worth USD 1,471.6 million by 2021, driven by the development of high-quality infrastructure with innovative designs. The low rates of corruption in European countries ensure judicial and optimal use of the funds sanctioned for various infrastructure projects, which has a positive impact on the market. Also, the Middle East is slowly establishing itself as one of the key hubs for infrastructural excellence, taking up various challenging construction projects.
Fiberglass building products market in the Americas
“The steady growth of the residential and commercial construction market in North America has been the driving force behind the rising demand for fiberglass building products in the Americas,” says Hitesh.
The maintenance and renovation activities in the building and construction sector in the Americas are also expected to have a positive impact on the market growth in the region. In Central and South America, the market is anticipated to grow at a moderate pace due to significant public investments in commercial, infrastructural, and industrial constructions.
The top vendors in the global fiberglass building products market highlighted in the report are:
- Braj Binani Group
- China Beihai Fiberglass
- Johns Manville
- Jushi Group
- PPG Industries
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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