Global Recycled Glass Fiber Market

The international market research and consulting firm QY Research has lately published a report titled “Global Recycled Glass Fiber Sales Market Report 2020.”

As underlined by the company, which was established in 2007 in Beijing (China), the researchers have critically examined the key growth factors and advancements associated with the global market. In 2019, the market size for recycled glass fiber was – according to QY Research – nearly 43.735 million US-Dollar ($ 43734.7 K), and it is likely to attain more than 69.304 million US-Dollar by the end of 2026. The researchers estimate that the market will grow at 7.1 percent from 2020 to 2026.

Increasing focus on sustainable development is expected to trigger the market growth in the future, the company emphasized. “Additionally, advancements in grinding and sorting technology are likely to make the recycling of glass fiber simpler, thus opening doors for recycled glass fiber market.” Stringent regulations to use recycled glass fiber across several regions were likely to aid market growth. Nevertheless, there are factors such as high investment cost and complex manufacturing process, which might hamper the market growth. According to the information, the Asia Pacific (APAC) region may emerge as a lucrative regional market in the forthcoming years. “This is attributed to a surge in the number of construction and industrial activities in this region,” QY Research wrote. “China, Japan and India are the key contributors to the regional market growth as the consumption of glass fiber is high in these countries.”

(GR32020, Page 41, Photo: Rupert Kittinger-Sereinig / Pixabay)