Fiberglass Market Analysis, Trends & Forecast
The global fiberglass market size reached USD 12.3 Billion in 2023. The fiberglass market size is expected to reach USD 17.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.88% during 2024-2032.
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Summary:
- The global fiberglass market size reached USD 12.3 Billion in 2023.
- The fiberglass market size is expected to reach USD 17.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.88% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest market.
- Direct and assembles roving accounts for most of the market share in the glass product type segment.
- E-glass holds the largest share in the fiberglass industry, due to their adaptability for use in electrical insulation and composites.
- Based on the resin type, the market has been bifurcated into thermoset resin and thermoplastic resin.
- Composites remain a dominant application segment in the market, due to their versatility and ability to enhance performance in these sectors.
- Automotive represents the leading end user segment, owing to the growing production of electric vehicles (EVs).
- The increasing constriction activities across the globe is a primary driver of the fiberglass market.
- The burgeoning product demand in the automotive and aerospace industries is reshaping the fiberglass market.
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Industry Trends and Drivers:
- Growing Product Demand in the Construction Industry:
The extensive use of fiberglass in the construction industry for building materials is acting as a growth-inducing factor.
Moreover, the rising popularity of fiberglass, as it is lightweight, strong, and resistant to corrosion that makes it ideal for reinforcement in concrete, roofing materials, and insulation, is fueling the market growth. Besides this, the increasing urbanization and infrastructure development, creating the need for durable and efficient materials, is fostering the market growth. Fiberglass also plays a crucial role in energy-efficient buildings, as it improves insulation performance, reducing energy consumption.
Furthermore, the ongoing shift toward green buildings and sustainable construction practices, accelerating the demand for fiberglass, as it aligns with eco-friendly construction goals, is enhancing the market growth.
- Expanding Automotive and Aerospace Applications:
The burgeoning utilization of fiberglass in the automotive and aerospace industries for lightweight and high-performance components is positively impacting the market growth. In line with this, the heightened demand for fiberglass-reinforced plastics in automobiles for body panels, bumpers, and interior parts that help manufacturers reduce vehicle weight, which improves fuel efficiency and lowers emissions, is enhancing the market growth. Along with this, the imposition of various strict fuel efficiency and emission standards by governments, prompting the shift toward electric vehicles (EVs) is catalyzing the market growth. Apart from this, the rising demand for fiberglass composites in the aerospace industry for aircraft fuselages, wings, and interior components is stimulating the market growth.
- Growth in Renewable Energy Sector:
The rising adoption of fiberglass in the renewable energy sector to produce wind turbine blades is anticipated to drive the market growth. Fiberglass-reinforced composites are used to manufacture turbine blades due to their strength, durability, and ability to withstand harsh environmental conditions.
Moreover, the ongoing shift towards renewable energy, creating the demand for wind energy installations, is enhancing the market growth.
Additionally, the increasing need for larger and more efficient wind turbines, propelling the demand for fiberglass, as the material allows to produce longer and lighter blades that improve turbine efficiency is strengthening the market growth.
Fiberglass Market Report Segmentation:
Breakup By Glass Product Type:
· Glass Wool
· Direct and Assembled Roving
· Yarn
· Chopped Strand
· Others
Breakup By Glass Fiber Type:
· E-Glass
· A-Glass
· S-Glass
· AR-Glass
· C-Glass
· R-Glass
· Others
E-glass dominates the market as it offers a balanced combination of cost-effectiveness, high strength, and corrosion resistance.
Breakup By Resin Type:
· Thermoset Resin
· Thermoplastic Resin
Based on the resin type, the market has been bifurcated into thermoset resin and thermoplastic resin.
Breakup By Application:
· Composites
· Insulation
Composites hold most shares due to their lightweight, corrosion resistance, and high strength, making them suitable for industries like automotive, construction, and aerospace.
Breakup By End User:
· Construction
· Automotive
· Wind Energy
· Aerospace and Defense
· Electronics
· Others
Automotive exhibits a clear dominance owing to the need to reduce vehicle weight, improve fuel efficiency, and comply with emission regulations.
Breakup By Region:
· Asia Pacific
· North America
· Europe
· Latin America
· Middle East and Africa
Asia Pacific holds the leading position owing to a large market for fiberglass driven by rapid industrialization, urbanization, infrastructure development, and the presence of key manufacturers.
Top Fiberglass Market Leaders:
The fiberglass market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
· Asahi Fiber Glass Co. Ltd. (Yoshino Gypsum Co. Ltd.)
· Braj Binani Group
· China Jushi Co. Ltd.
· Chongqing Polycomp International Corp. (Yuntianhua Group Co. Ltd.)
· Compagnie De Saint-Gobain S.A.
· Johns Manville (Berkshire Hathaway Inc.)
· Knauf Insulation
· Nippon Electric Glass Co. Ltd.
· Owens Corning
· PFG Fiber Glass Corporation (Nan Ya Plastics Corporation)
· Taishan Fiberglass Inc (Sinoma Science & Technology Co. Ltd.)
· Taiwan Glass Industry Corporation
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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