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Asia Pacific Glass Fiber Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Fiber Type, Product Type, Application, and Manufacturing Process

Asia Pacific Glass Fiber Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Fiber Type, Product Type, Application, and Manufacturing Process

  • July 2021
  • 141 pages
  • ID: 6134581
  • Format: PDF
  • The Insight Partners


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The APAC glass fiber market is expected to grow from US$ 7,183.72 million in 2020 to US$ 9,819.62 million by 2027; it is estimated to grow at a CAGR of 4.6% from 2020 to 2027. The mounting usage of lightweight glass fiber reinforced plastic (gfrp) composites is expected to fuel the market growth. Glass fiber reinforced plastic is a composite material that consists of a polymer matrix and glass fibers. The polymer matrix is usually an epoxy, vinyl ester, or polyester thermosetting resin. The most common types of glass fiber used for GFRP are E-glass and E-CR-glass. GFRP possesses several beneficial characteristics such as low weight at high mechanical strength, UV radiation and temperature stability, resistance against chemicals and corrosion, and environmental friendliness. It is waterproof and can be customized to be a fire-retardant by using nonflammable resins. GFRP is a highly durable material with a very long lifetime expectancy, which makes it ideal for a wide range of applications in various industries. It is used in new construction applications such as transportation infrastructure, runways, rail LRT, mining and tunneling, buildings, IT and research facilities, waterside concrete structures such as water treatment facilities, retaining and sea walls and drainage systems. In addition, GFRP are used in construction of pipe work and chemical storage vessels and fume scrubbers. They are also used for manufacturing automotive car body panels. Rising demand for low weight, mouldability, and high-quality surface finishes makes GFRP an ideal material for automotive applications. Use of GFRP as an alternative to wood and steel to manufacture ships, yachts, and marine transportation vehicles is expected to boost the demand for glass fibers in the near future across APAC region.
In case of COVID-19, APAC is highly affected specially India.The COVID-19 is anticipated to cause a significant economic loss in the APAC region.

The consequence and impact can be even worse and totally depends on the spread of the virus.The governments of various APAC countries are taking possible steps to restrict the spread of the virus by announcing lockdown, which in turn has negatively impacted the revenue generated by the market.

The Government have asked the chemical & materials manufacturers to delay their production which will adversely affect the global supply of glass fiber.Further, travel bans imposed by countries in APAC region are affecting opportunities for business collaborations and partnerships.

All of these factors are expected to have a negative impact on the chemical and materials industry, acting as a stifling factor for the growth of various markets related to this industry in the coming months.
The transportation segment led the APAC glass fiber market based on application in 2019.The glass fiber is used in the transportation industry, such as roof panels, doors, windows, cooling ventilators, luggage bins, seats, and headrest back panels.

The glass fiber has a higher strength-to-weight ratio, which is an essential factor in manufacturing automobiles.Glass fibers got several advantages such as high temperature and humidity resistance, non-flammable, good molding ability etc.

These factors are anticipated to grow the APAC glass fiber market in the transportation industry during the forecast period.
The overall APAC glass fiber market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the APAC glass fiber market.

The process also serves the purpose of obtaining overview and forecast for APAC glass fiber market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC glass fiber market. China Jushi Co., Ltd.; Chongqing Polycomp International Corp. (CPIC); Goa Glass Fibre Limited; Johns Manville; Nippon Electric Glass Co.,Ltd.; Owens Corning; SAINT GOBAIN S.A.; Sichuan Weibo New Material Group Co., Ltd.; Taishan Fiberglass Inc. (CTG); and Taiwan Glass Group are among a few players operating in the APAC glass fiber market.

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