Recently, the American Fiberglass Composites Industry Association released the "Global Glass Fiber Composites Market Trend Forecast and Opportunity Analysis" report. The report pointed out that in the next five years, the global glass fiber composites market total consumption level is expected to grow strongly at an annual growth rate of 8.5%, and its market share is expected to reach $108 billion in 2022.
This market report also provides detailed analysis and prediction of glass fiber composite materials in different industry fields, and points out that in the next five years, automotive firmware, architectural decoration, safety protection, aerospace, and liquid filtration will become the development of glass fiber composite materials. In the five key areas, its market share will account for 80% of the total volume of glass fiber composites, and the products will show an overall high-end development trend.
From the perspective of regional distribution, the strengthening and transformation of infrastructure in the Asia-Pacific and the Middle East has greatly increased the demand for glass fiber composite materials.
At present, the Asian fiberglass composites market accounts for 35% of the world's total output of glass fiber composites. It is predicted that the Asian composites market will grow at a double-digit rate in the next five years, and the output value will account for half of the world's total composite output. In addition, fiberglass composite distributors in Asia are growing at an average annual rate of 18%.
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