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Fiberglass, also known as spun glass, glass-reinforced plastic (GRP), glass-fiber reinforced plastic (GFRP) or Glasfaserverstärkter Kunststof (GFK) is a common type of fiber-reinforced plastic using glass fiber which can be randomly arranged, flattened into a sheet or woven into a fabric and is derived from pouring molten glass through superfine holes.
It is cheaper and more flexible than carbon fiber, stronger than many metals by weight, non-magnetic, non-conductive, and transparent to electromagnetic radiation and can be molded into complex shapes. These are used in aircrafts, boats, automobiles, bath tubs and enclosures, swimming pools, hot tubs, septic tanks, water tanks, roofing, pipes, cladding, orthopedic casts, filament winding, and house building and many others. It exhibits properties such as excellent strength, lightweight, bendability, compressive strength and dimensional stability but is majorly driven by its corrosion-resistant property, which helps to withstand high temperatures and harsh conditions, because of which they are highly desirable by manufacturers.
The global fiberglass market is expected to grow at a more than healthy CAGR in the years to follow.
The growth of fiberglass market is attributed towards major pertaining factors including; the extensively increasing use of fiberglass in the construction & infrastructure industries, the rising demand for fiberglass in lightweight automobiles and aircraft, the growing use of fiberglass in wind turbines, its increasing adoption in insulations and composites, the global increase in population which has directly impacted the overall demand for automobiles and general engineering industries, the rising stringent emission regulations and the increasing awareness of renewable energy worldwide etc.
Moreover, its increasing usage in the automobile sector, in construction of the water supply systems and increase in the oil and gas exploration activities related to them have led to an increase in demand for various fiberglass products such as pipes & tanks, bathtubs and FRP panels. Also, demand for fiberglass continues to remain high in countries with high humidity level, extreme temperature conditions, and high soil salinity, which is expected to drive the market globally.
Furthermore, the International Building Code (IBC) has recently defined fiber-reinforced polymer (FRP) materials as a part of the prescriptive. Therefore, apart from interior and specific exterior applications, FRP can be utilized above the fourth floor as a construction and architectural material. Also, the development and increasing applications of high performance composites such as glass fiber reinforced plastic is bolstering, which, in turn, is driving the market for fiberglass’s.
However, the fluctuating raw material prices, challenges in the production process, the cost-intensive nature of new technologies, various health problems such as rashes on the skin, irritation in eyes and stomach and soreness in throat and lungs, issues in the recycling of glass fiber are a few factors hindering the growth of this market.
Also, the COVID-19 outbreak is estimated to have huge adverse impact on the end-use industries of fiberglass which is expected to reflect in the next few years at the bare minimum.
FIBERGLASS MARKET SEGMENTATION:
By Glass Type:
By Resin Type:
By Product Type:
By Purpose Type:
The Asia Pacific is the largest and the fastest growing regional market for fiberglass and is projected to continue a similar trend in the next few years at least. This can be well attributed to the increasing focus on emission control policies, the growing demand for ecofriendly products in the region, the presence of rapidly growing economies in the region and their rising population, increased industrialization, rising disposable incomes, the growing construction and automobile sectors in the region etc. Also, this region is the largest market of ink resins due to demand in various applications such as automotive and electrical industry mainly in China, followed by India and Japan.
The North American region is accounted to be the second largest regional market for fiberglass owing to the extensive use of fiberglass insulation in buildings and growing automotive sales in the region, the increasing demand for composites and insulations in the region and the presence of well-established players in the region etc along with several other factors. The major contributor in the region is the U.S.
The European region holds a significant share in the fiberglass market and is projected to grow at a steady rate owing to the presence of a large automobile industry in the region, growing construction industry which fulfils the requirements of building codes regulation in the region, huge capital investment in composites segment in the region etc. Major contributors in the regional market are the UK, France, Germany, and the Switzerland.
The Latin American and the Middle East & African region are estimated to register significant growth owing to the reviving economies, their high growth potential and on account of the enormous growth opportunities offered by the construction sector in the regions etc.
FEW KEY PLAYERS IN FIBERGLASS MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global fiberglass market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Fiberglass Industry Report
The report offers a comprehensive insight on the Fiberglass Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.