Fiberglass Market

Fiberglass Market

The global fiberglass market was valued at USD 27.7 billion in 2022 and is projected to reach USD 44.3 billion by 2028, growing at 7.3% cagr during the forecast period. Over the world, the fiberglass market is expanding significantly, and during the forecast period, a similar trend is anticipated.

The demand for fiberglass has been driven by several factors, including the need to increase the efficiency of operations, reduce maintenance costs, and enhance safety. The major applications of fiberglass include construction, transportation, wind energy, aerospace and defense, marine, electrical and electronics, and others.

In the construction industry, fiberglass is used in the form of panels, insulation, and roofing materials, whereas fiberglass is used to manufacture lightweight and durable parts for automobiles, trains, and aircraft in the transportation industry.

In the wind energy industry, fiberglass is used to manufacture wind turbine blades. In the aerospace and defense industry, fiberglass is used to manufacture various components, such as radomes, fairings, and wingtips. In the marine industry, fiberglass is used to manufacture boats, yachts, and other watercraft. In the electrical and electronics industry, fiberglass is used to manufacture circuit boards, electrical insulation materials, and other components.

Attractive Opportunities in Fiberglass Market Trends

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Fiberglass Market Dynamics

Driver: Increasing demand from the construction and automotive industries

The use of fiberglass in the construction and automotive industries is increasing due to its lightweight, high strength, and durability. Fiberglass is widely used to produce various construction materials such as insulation, roofing, and panels. It is also used to manufacture automotive parts such as body panels, bumpers, and hoods. Also, The demand for wind energy is increasing due to the need for renewable energy sources. Fiberglass is extensively used in wind turbine blades due to its high strength and lightweight.

Restraint: Volatility of raw material prices

The price of raw materials used in the production of fiberglasses, such as glass fibers and resins, is subject to volatility due to fluctuations in global supply and demand. This can result in price instability for fiberglass products, which can affect the growth of the market.

Opportunity: Increased demand from emerging economies and growing demand for fiberglass materials

The fiberglass market is expected to grow in emerging economies such as India, China, and Brazil due to increasing construction and infrastructure development activities in these countries. The increasing demand for lightweight and high-strength materials in various industries such as automotive, aerospace, and construction is expected to boost the demand for fiberglass and other composite materials and fiberglass materials.

Challenge: Growing competition and Stringent regulations

The fiberglass market is in a growing competition phase, with numerous players operating in the market. This makes it challenging for new entrants to establish a foothold in the market. The fiberglass market is subject to various regulations and standards regarding product quality, safety, and environmental impact. Compliance with these regulations can be a challenge for manufacturers, especially small and medium-sized enterprises.

Based on the end-use industry, the residential construction segment is estimated to account for the largest market share during the forecast period

Based on the end-use industry type of insulation application, the residential construction segment is estimated to account for the largest market share. Fiberglass is widely used in the residential construction sector due to its excellent thermal insulation properties, durability, and fire resistance. Fiberglass is commonly used as insulation material in residential construction. It is available in the form of batts, rolls, or blown-in insulation and is used to insulate walls, ceilings, and attics. Fiberglass insulation offers excellent thermal resistance, which helps to reduce energy consumption and lower heating and cooling costs. These factors will contribute to market growth.

Based on product type, the yarn segment is anticipated to register the second-highest CAGR

Based on product type, the market is segmented into glass wool, direct & assembled roving, chopped strand, yarn, and others. Fiberglass yarn is a type of fiberglass product that is used in various industries, including textiles, electronics, aerospace, and construction. Fiberglass yarn is made by spinning molten glass into fibers, which are then twisted together to form a yarn. Fiberglass yarn is a versatile product that is used in a wide range of applications due to its strength, durability, and resistance to heat and chemicals. It is commonly used in the production of composites, insulation materials, fabrics, and other products. Due to these factors, the yarn product type of fiberglass is expected to witness the second-highest CAGR between 2023 and 2028.

Asia Pacific to hold the largest market share during the forecast period

According to the World Bank, Asia Pacific is the fastest-growing region in terms of population and economic growth. Accounting for over a third of the world’s GDP, the region has experienced significant growth in the last decade. The high economic growth, coupled with the mounting population, is expected to boost the industrial, construction, and automotive sectors in the region, which will increase the need for fiberglass materials from industries. Continuous and easy availability of raw materials and low-cost labor driving the fiberglass in the region.

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Fiberglass Market Players

The fiberglass market is dominated by a few globally established players such as China Jushi Co., Ltd. (China), Owens Corning (US), Saint-Gobain (France), Taishan Fiberglass Inc. (CTG Group) (China), Chongqing Polycomp International Corp. (CPIC) (China), Nippon Electric Glass Co., Ltd. (Japan), among others, are the key manufacturers that secured major contracts in the last few years. Major focus was given to the contracts and new product development due to the changing requirements across the world.

These companies are pursuing a variety of inorganic and organic strategies in order to gain a foothold in the fiberglass market. The research includes a detailed competitive analysis of these key players in the fiberglass market, including company profiles, recent developments, and key market strategies.

Read More: Fiberglass Companies

Fiberglass Market Report Scope

The study categorizes the fiberglass market based on Glass type, Product type, Application, and Region.

Fiberglass Market by Glass Type:

• E Glass
• ECR Glass
• H Glass
• AR Glass
• S Glass
• Others (A Glass, C Glass, T Glass, etc.)

Fiberglass Market by Product Type:

• Glass wool
• Direct & Assembled Roving
• Yarn
• Chopped Strand
• Others (Milled Fibers and Multiaxial fabrics)

Fiberglass Market by Application Type:

• Composites
• Fiberglass Market Size in Composites by End-use Industry (Construction & Infrastructure, Automotive, Wind Energy, Electronics, Aerospace, Others)
• Insulation
• Fiberglass Market Size in Insulation by End-use Industry (Residential Construction, Non-Residential Construction, Industrial, Others)

Fiberglass Market by Region:

• North America
• Asia Pacific
• Europe
• South America
• Middle East & Africa

Recent Developments

• In June 2022, Owens Corning and Pultron Composites signed an agreement to create a joint venture to manufacture industry-leading fiberglass rebar.
• In November 2021, Taishan Fiberglass Inc. (CTG) announced an investment of USD 250 million to establish a greenfield fiber manufacturing plant in Gujarat (India) to serve the markets in India and the Middle East.
• In April 2021, Chongqing Polycomp International Corp. (CPIC) announced a partnership with Jushi Group, another leading Chinese manufacturer of fiberglass products, to jointly invest in a new production line for high-end E-glass fiber products.
• In August 2020, Nippon Electric Glass Co.,Ltd. invested in increasing its FireLite glass sheet size to increase its market size in the fire protection application market. This product offers resin compatibility and high-impact safety.
• In May 2020, PFG Fiber Glass Corporation signed an agreement with Taiwan’s Chang Chun Group to develop and produce specialty glass fibers.

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