Glass fiber can be used for various purposes such as architecture, automobiles, and aerospace. It is made by weaving together glass fibers, and then coating them with a resin binder. This process makes fiberglass durable, lightweight, and resistant to corrosion. Due to its several useful properties, fiberglass has become one of the most widely used materials globally.
The international situation of fiberglass is complex. According to a recent report, the European fiberglass market was worth USD 1.4 billion in 2017, and it is projected to reach USD 2 billion by 2023, at an estimated CAGR of 5.5%. Currently, the Asia-Pacific region dominates the global fiberglass market. This region accounts for over 60% of the total demand for fiberglass, driven mainly by growth in the construction sector.
The demand for fiberglass in Europe has also been growing, driven by its use in the construction and automotive industries. According to the report, the European glass fiber market was worth 1.4 billion US dollars in 2017, and is expected to reach 2 billion US dollars by 2023, with an estimated compound annual growth rate of 5.5%.
As for the Americas, the demand for fiberglass remains relatively steady, with steady growth projected for the next few years. However, this region remains a large producer of raw materials used to make fiberglass. For example, the United States is the world’s leading producer of glass fibers, which are widely used in the manufacturing of glass fibers.
The Middle East and Africa region has a relatively low demand for fiberglass, but there are indications that the market will grow over the next few years. This growth is expected to be driven by increased investment in infrastructure projects across the region.
The global glass fiber market has been steadily growing, and it is expected that this trend will continue in the coming years. Several factors are driving this growth, including increased demand from various industries, technological advances in fiberglass manufacturing, and increased investment in infrastructure projects worldwide.
To conclude, the international situation of fiberglass is dynamic, and the global market for this material is likely to continue to grow in the years ahead. Its unique properties have made it a versatile material that is used in various industries globally, and its durability and resistance to corrosion make it an important material in infrastructure projects worldwide.
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Post time: Jul-04-2023
