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 MENA as well as regional fiberglass composites market. The study also highlights the impact of drivers, restraints, and macro indicators on the MENA 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 MENA fiberglass composites market. According to the report, the MENA fiberglass composites market is projected to grow at a significant CAGR over the forecast period of 2022-2028.
Fiberglass is a form of fiber reinforced plastic whereas glass fiber is reinforced plastic. This is the reason perhaps why fiberglass is also known as glass-reinforced plastic or glass fiber reinforced plastic. The glass fiber is usually flattened into a sheet, randomly arranged, or woven into a fabric. It has very fine strands of glass fiber embedded in a matrix. The fibers may be oriented in different directions to give the appropriate strength to the composite. Provide long-term resistance to severe chemical and temperature environments. Can be molded into complex shapes at a relatively low cost. Have an exceedingly long life span and low maintenance requirements.
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. Fiberglass composite is extensively used as a substitute for aluminum and steel in the automotive industry, in the manufacturing of lightweight vehicles. An increasing number of wind energy capacity installations will create a growth opportunity during the forecast period. The global fossil fuel capacity is on the decline. Hence, it is imperative to increase the use of renewable energy sources. Wind energy is one of the most important renewable energy sources. The increasing demand for wind energy is driving the fiberglass composites market. However, issues in glass wool recycling will restrain the growth of the market. The major restraint to the growth of the 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 MENA fiberglass composites market is segmented into Algeria, Jordan, Qatar, Bahrain, Kuwait, Saudi Arabia, Egypt, Lebanon, Syria, Iran, Libya, Tunisia, Iraq, Morocco, United Arab Emirates, Israel, Oman, Yemen, and others. Saudi Arabia holds a major market share, due to the rising urbanization, and booming manufacturing sector within the region. Moreover, the rising utilization of fiberglass composites in the automotive industry in the Middle East and African countries because of their high durability will drive the expansion of the region. The United Arab Emirates is predicted to dominate the market during the forecast period because of innovative construction activities and the advanced automotive sector. Increasing presence and investment in Research and Development from major players in the United Arab Emirates will enhance the market growth within the Middle East and North African region.
The report on the MENA 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 Taishan Fiberglass Inc., PPG Industries Inc., Owens Corning, China Jushi Co., Ltd., Chongqing Polycomp International Corp., Nippon Electric Glass Co. Ltd., Binani 3B-The Fiberglass Company, Taiwan Glass Ind. Corp., Johns Manville Corp, and PFG Fiber Glass Co. 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 driving and restraining this market's growth. 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 MENA 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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