Fiberglass Market By Glass Type (E-Glass, ECR-Glass, S-Glass, AR-Glass, H-Glass, Others); By Resin Type (Thermoset Resins, Thermoplastic Resins); By Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand, Others); By Purpose Type (General-Purpose Glass Fibers, Special-Purpose Glass Fibers); By Application (Composites, Insulation); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
Fiberglass Market Overview
Global fiberglass market witnessed a market value of USD 28.4 billion in 2022 and is estimated to reach USD 48.9 billion in 2032, registering a compound annual growth rate (CAGR) of 7.2% between 2022 and 2032.
The fiberglass market refers to the industry that produces and sells products made from fiberglass, a type of reinforced plastic material that is made by combining glass fibers with a polymer resin. Fiberglass is a versatile material that is used in a wide range of applications, including construction, automotive, aerospace, marine, and electrical.
Fiberglass is known for its strength, durability, and lightweight properties, making it an ideal material for applications that require high strength-to-weight ratios. Fiberglass products include sheets, panels, insulation, pipes, tanks, and other composite materials.
The fiberglass market is highly competitive, with many manufacturers around the world producing and selling fiberglass products. Some of the leading players in the fiberglass market include Owens Corning, PPG Industries, Saint-Gobain, Jushi Group, and China Beihai Fiberglass.
The fiberglass market is growing due to the increasing demand for lightweight and durable materials in various industries. The construction industry is one of the largest consumers of fiberglass products, as fiberglass is commonly used for insulation, roofing, and reinforcement in concrete structures. The automotive industry is also a significant market for fiberglass products, as the material is used in the production of lightweight and fuel-efficient vehicles.
In addition, the fiberglass market is also driven by the increasing demand for renewable energy, as fiberglass is used in the production of wind turbine blades and other components for wind and solar energy systems.
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.
Fiberglass Market Drivers
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
- E-Glass
- ECR-Glass
- S-Glass
- AR-Glass
- H-Glass
- Others
- A-Glass
- C-Glass
- D-Glass
- T-Glass
By Resin Type
- Thermoset Resins
- Thermoplastic Resins
By Product Type
- Glass Wool
- Direct and Assembled Roving
- Yarn
- Chopped Strand
- Others
- Milled Fibers
- Multiaxial Fabrics
By Purpose Type
- General-Purpose Glass Fibers
- Special-Purpose Glass Fibers
By Application
- Composites
- Construction & Infrastructure
- Automotive
- Wind Energy
- Electronics
- Aerospace
- Marine
- Consumer Goods
- Healthcare
- Agriculture
- Others
- Insulation
- Residential Construction
- Non-residential Construction
- Industrial
- HVAC
- OEM Insulations
- Others
By Region
- North America (U.S., and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
- Latin America (Mexico, Argentina, Rest of Latin America)
- Middle East and Africa
Fiberglass Market Regional Insight
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.
Fiberglass Market Key Players
- Nippon Electric Glass Co. Ltd.
- Taiwan Glass Ind. Corp.
- Xingtai Jinniu Fiberglass Co. Ltd.
- Shandong Fiberglass Group Co., Ltd.
- Glasstex Fiberglass Materials Corp.
- PPG Industries Inc.
- Jushi Group Co. Ltd.
- Owens Corning
- China Jushi Co. Ltd.
- Taishan Fiberglass Inc.
- Johns Manville Corp Ltd.
- Saint-Gobain Vetrotex
- CertainTeed Corporation
- Advanced Glassfiber Yarns Holding Corp.
- Nittobo
- Knauf Insulation
- Chongqing Polycomp International Corp.
- Binani 3B-The Fibreglass Company
- PFG Fiber Glass Co. Ltd.
- Asahi Fiberglass Co. Ltd.
- Other Players
RECENT DEVELOPMENTS:
- In November 2020, Milan-based startup called Moi Composites unveiled the world’s first 3D-printed fiberglass boat. MAMBO, which stands for Motor Additive Manufacturing Boat was built using the company’s patented Continuous Fiber Manufacturing (CFM) system which uses generative algorithms and a continuous fiberglass thermoset material to make products strong, durable, lightweight and ideal for floating.
- In November 2020, Time Manufacturing announced that it acquired CPI's fiberglass aerial lift bucket fabrication business. CPI is known to be the industry leading manufacturer and supplier of buckets and bucket liners to the North American aerial lift market. CPI has been a long-time partner and supplier to Time Manufacturing for its brand, Versalift.
Timeline Considered for Analysis:
- 2022: Base Year
- 2023 to 2032: 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:
- Glass Type
- Resin Type
- Product Type
- Purpose Type
- Application
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
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2023-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 20th February 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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