Lucintel, a market research company, has published a report titled, ‘Global Glass Fiber Textile Market 2012-2017:Supply, Demand, and Opportunity Analysis.’ According to the report, the worldwide glass fiber textile (GFT) market is expected to grow at a CAGR of 7% in the next five years and reach about $4 billion in 2017.
In 2009, the market declined due to economic recession and the slump in the major segments. However, it experienced double-digit growth in 2010 and considerable growth in 2011.
The report provides challenges and drivers in the industry, describes glass fiber sector by product, applications and regions and offers additional insight into this developing industry. It also explains different glass fiber properties and manufacturing processes. One of the challenges to the industry is the instability in fuel prices. The GFT market is expected to grow through 2017, as there is demand for lightweight, non-corrosive and durable components integrated with the lower prices of GFT.
The study performed by Lucintel reveals that when compared to traditional materials like aluminum, steel and iron, GFTs have attained favor among equipment manufacturers for better performance. The growth of the GFTs varies across segments depending on the price, performance and its penetration level in the particular application. According to the research firm, the wind energy, marine and aerospace sectors are anticipated to experience robust growth from 2012 to 2017. In the long-term perspective, the GFT industry is a sustainable sector with excellent growth potential.