A recent report ongoing study by Infinium Global Research on the fiberglass composites market provides an in-depth analysis of segments and sub-segments in the GCC as well as regional fiberglass composites market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional fiberglass composites market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the GCC fiberglass composites market. According to the report, the GCC fiberglass composites market is projected to grow at a significant CAGR over the forecast period of 2022-2028.
The GCC fiberglass composites market was valued with a significant CAGR during the forecast period. Fiberglass composites are made of a mix of plastics, glass, and wood fibers. As a result, the energy efficiency of a composite frame depends on the materials it's a product of. Fiberglass is of assorted types a number of them are Roving Fiberglass, Chopped Fiberglass, Yarn Fiberglass, and Others. Composites are also called as Fiber-Reinforced Polymer composites and are made of a polymer matrix that's reinforced with an engineered, man-made, or natural fiber or other reinforcing material. Fiberglass composite is made by combining two or more materials that have quite different properties. The various materials work together to administer the composite unique properties.
Increased use of fiberglass composites in the automotive industry will propel the growth of the market during the forecast period. Stringent regulations have been imposed on the automotive industry to reduce carbon dioxide emissions. This has encouraged the industry to introduce fuel-efficient lightweight vehicles to help reduce greenhouse gas emissions. Improvement in the manufacturing sector along with huge investment in industrial infrastructure has helped to boost the development of fiberglass technologies significantly, in the GCC countries. The major restraint to the growth of the GCC fiberglass composites market is the recycling of glass wool. Proper disposable techniques are required to dispose of glass wool material, along with the mask and protective clothing for the physical safety of the personnel involved in the disposal process.
In terms of region, the GCC fiberglass composites market is segmented into Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, and Oman. Saudi Arabia and Qatar hold a significant market share, because of the rising urbanization, and booming manufacturing sector in the region. Moreover, the rising utilization of fiberglass composites for the development of defense infrastructure in Bahrain due to its high durability will drive the growth of the GCC region. The UAE is expected to dominate the market during the forecast period as it is the largest market for fiberglass composite materials. Increasing presence and investment in Research and Development from major players in this sector will enhance the market growth in the GCC region. The rising developments in the construction industry, protective coatings, automotive industry, and plastic coating sectors will propel the growth of the market in the GCC region.
The report on the GCC fiberglass composites market covers segments such as type and application. On the basis of type, the sub-markets include roving fiberglass, chopped fiberglass, yarn fiberglass, and others. On the basis of application, the sub-markets include construction, automotive, and others.
The report provides profiles of the companies in the market such as Braj Binani Group, Jiangsu Changhai Composite Materials Co. Ltd, Kemrock Industries and Exports Limited, Chongqing Polycomp International Corp., China Beihai Fiberglass Co. Ltd., Saint-Gobain India Private Limited, Sichuan Weibo, Saertex India Pvt. Ltd., Taishan Fiberglass Inc, and Owens Corning India Ltd.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the GCC fiberglass composites market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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