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According to the latest report by IMARC Group, titled "Fiberglass Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global fiberglass market size grew at a CAGR of 6% during 2015-2020. Fiberglass refers to a reinforced plastic material produced by embedding glass fibers with a resin matrix. It comprises various materials, such as woven fabrics, natural minerals, borax, magnesite, and silica sand. Fiberglass is cost-effective, lightweight, durable, non-conductive, and corrosion-resistant, thereby providing high electrical insulation. As compared to conventional materials, fiberglass offers improved energy efficiency and ecological sustainability, on account of which it is widely utilized across the aerospace, construction, automotive, defense, and electronics industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fiberglass Market Trends:
The anti-corrosive and sustainable properties of fiberglass have led to its widespread adoption in the construction and automotive industries, which is primarily driving the market growth. This is further supported by increasing environmental concerns and several initiatives undertaken by governments of various nations to reduce the carbon footprint across several industries while investing in the construction of energy-efficient and green buildings. Additionally, a significant expansion in the renewable energy sector is also increasing the utilization of fiberglass for manufacturing electrical equipment to shift toward clean energy sources, which is creating a positive outlook for the market. Other factors, such as the increasing replacement of base metals with fiberglass in the oil and gas sector, are positively influencing the market growth. Looking forward, the market is expected to witness moderate growth during 2021-2026.
Market Summary:
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