After experiencing noteworthy growth in 2011, the global glass fibre textiles market has been forecast to continue this momentum by growing at a compound annual growth rate (CAGR) of 7% over the next five years to reach a market value of approximately $4 billion by 2017.
Having been greatly affected by the economic recession and the downturn in key market segments, the market declined drastically in 2009 compared to 2008; however in 2010 the market experienced double-digit growth over 2009, followed by 8.9% in 2011.
Growth within the global glass fibre textiles market is expected to be fuelled by demand for durable, lightweight, and non-corrosive components, coupled with lower prices of glass fibre textiles compared to competing materials.
Asia and ROW are expected to continue leading the market over the next five years, mainly because of the rapidly growing demand in China and India.
In the US glass fibre demand has been forecast to grow 3.35 annually through 2013. Textile glass fibre will be driven mainly by use in reinforced plastics, but will be restrained by maturing markets and lower-cost imported fibres.
Looking to the future, it is expected that higher market fragmentation and increasingly competitive markets are likely to emerge, meaning companies with innovative capabilities are anticipated to thrive and gain market shares.
In the long term, the global glass fibre textiles market is a sustainable industry with good growth potential.
For more information on the global glass fibre textiles market, see the latest research: Global Glass Fibre Textiles Market Report
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