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Optimistic future for glass fibre textile market

10 Aug '15

2 min read

The future of the glass fibre textile market looks good with opportunities in electrical and electronics, wind energy, construction, and marine, according to a new report by a leading market research firm.

The global glass fibre textile market is forecast to grow at a CAGR of 5.2 per cent from 2015 to 2020. The major driver for market growth is the rise in demand for end products, such as printed circuit board (PCBs), wind turbine blades, pipes and tanks, and boat hulls.

In this market, woven roving, multi-axials, fabric, and continuous filament mat (CFM) / continuous strand mat (CSM) are used for various applications. The report predicts that the demand for CFM/CSM in glass fibre textiles will experience the highest growth in the forecast period, supported by growing demand in end-use industries. Construction and marine industries have been tipped to show above average growth during the forecast period.

Within the glass fibre textile market, the electrical and electronics industry is expected to remain the largest market by value and the second largest market by volume consumption after wind energy. Growth of the printed circuit boards (PCBs) in the electrical and electronic industry is expected to spur growth for this segment over the forecast period.

According to the report, Asia Pacific is expected to remain the largest market due to the growth in end use industries, such as electrical & electronics and wind energy. Asia Pacific and North America are expected to grow significantly over the forecast period because of the recovery of the wind energy industry in North America and Asia Pacific. A high demand for PCBs in the Asia Pacific market is also driving the growth.

For market expansion, the report suggests innovation and new product development, where the unique characteristics of glass fibre textiles can be capitalised.

An emerging trend, which has a direct impact on the dynamics of the industry, is the high performance textiles for wind energy and thinner textiles for PCB applications. Owens Corning, SAERTEX, CPIC Fiberglass, Jushi Group, and Taishan Fiberglass are among the major suppliers of glass fibre textiles. Some companies are opting for merger and acquisition as a strategic initiative for driving growth, the report said. (SH)

Fibre2Fashion News Desk – India