New York, United States , Sept. 07, 2023 (GLOBE NEWSWIRE) -- The Global Fibreglass Market Size to grow from USD 28.44 Billion in 2022 to USD 49.17 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period.
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Tiny glass fibres enclosed in a polymer matrix make up fibreglass, a type of reinforced plastic. It is extensively used in a range of applications due to its strength, versatility, and insulating characteristics. The glass fibres used in fibreglass are typically made by pulling molten glass into fine threads. These strands are then braided together or arranged randomly to produce a mat or fabric. Fibreglass has a wide range of applications in a number of industries. It is often used in construction for roofing, insulation, and wall panels. Additionally, it is used in the automotive industry for body panels, hoods, and bumpers. Fibreglass is also frequently used in the production of boats, aeroplanes, wind turbine blades, sporting goods, and many other products.
The fibreglass market has expanded dramatically over the years, driven by a variety of factors such as increasing end-use sector demand, technological advancements, and increasing public awareness of fiberglass's benefits. The flexible material known as fibreglass is made by weaving together tiny glass threads. It is used in a variety of industries, including nautical, electrical and electronics, automotive, aerospace, wind energy, and construction. Due to its strength, longevity, light weight, corrosion resistance, and electrical insulating properties, fibreglass is highly valued in these sectors. Fibreglass is used for structural parts, roofing, cladding, and insulation in the building sector because of its exceptional thermal and acoustic insulating capabilities.
Although the fibreglass market has grown, there are still a number of obstacles that could prevent further growth. To create fibreglass, raw materials like silica sand, soda ash, limestone, and other chemicals are required. Depending on the pricing and availability of different raw ingredients, the cost of making fibreglass as a whole may alter. For manufacturers of fibreglass, changes in raw material prices can be challenging and have an effect on market growth. Fibreglass is produced using processes that utilise a lot of energy and emit greenhouse gases. Due to legislation regarding carbon emissions and waste management, as well as growing environmental concerns, the fibreglass industry is having trouble. Fibreglass manufacturers must adopt sustainable business practises and invest in environmentally friendly technology in order to overcome these problems.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Fibreglass Market Size, Share, and COVID-19 Impact, By Product (Glass Wool, Chopped Strand), By Glass (S-Glass, H-Glass), By Application (Building & Construction, Transportation), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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Product Insights
Glass Wool segment is dominating the market with the largest market share
On the basis of product, the global fiberglass market is segmented into Glass Wool, Chopped Strand, Yarn, and Others. Among these, the glass wool segment is dominating the market with the largest market share over the forecast period. The growth of the residential and commercial building industries has been a major market driver for glass wool. Glass wool insulation is often used in buildings to improve energy efficiency, reduce heat loss, and provide sound insulation. The industry for rebuilding and retrofitting old buildings to make them more energy-efficient has grown quickly. These projects usually use glass wool insulation to boost a building's thermal efficiency, which is what is driving the industry's growth.
Glass Insights
S-Glass segment holds the highest market share over the forecast period
Based on the glass, the global fiberglass market is segmented into S-Glass, H-Glass, AR Glass, E-Glass, and Others. Among these, S-Glass segment holds the highest market share over the forecast period. Among S-Glass fibres' impressive mechanical properties are high tensile strength, impact resistance, and stiffness. They are suitable for demanding applications in the aerospace and defence sectors, including as missile components, ballistic armour, and aircraft structures, because of these characteristics. The growth of these industries may result in higher demand for S-Glass fibres. Through continued research and development, S-Glass fibres' properties and processing are being improved. S-Glass-based materials can be made to perform better and be more cost-effective, opening up new business opportunities. This is possible thanks to advancements in resin systems, composite production processes, and fibre fabrication techniques.
Application Insights
The building and construction segment is dominating the market over the forecast period.
On the basis of application, the global fibreglass market is segmented into Transportation, Building & Construction, Electrical & Electronics, Consumer Goods, and Others. Among these, the building and construction segment is dominating the market with the largest market share over the forecast period. The building and construction sector has a considerable impact on the fibreglass market. Fibreglass is frequently employed in a range of architectural applications due to its remarkable properties, including as strength, insulating capabilities, durability, and corrosion resistance. The growth of the worldwide construction industry, which is powered by urbanisation, population growth, and infrastructure development, is what largely drives the fibreglass market. Fibreglass is used in a variety of building components, such as insulation, roofing, cladding, doors, and windows. Governments and regulatory organisations around the world have tightened the guidelines governing a building's energy efficiency.
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Regional Insights
Asia Pacific region is dominating the market over the forecast period
Among all other regions, Asia Pacific is dominating the market over the forecast period. Fibreglass is employed in a variety of industrial fields, including aerospace, marine, oil and gas, and chemical processing. The demand for fibreglass in various industries has been influenced by the expansion of the industrial base in the Asia Pacific region, particularly in countries like China, Japan, and South Korea. The Asia-Pacific region is home to a significant portion of the electrical and electronics industry. Circuit boards, insulators, and electrical enclosures are just a few examples of the items in this business that regularly use fibreglass. Demand for fibreglass in the electrical and electronics industry is boosted by the region's growing telecommunications sector, expanding consumer electronics market, and increased investments in renewable energy infrastructure.
North America is witnessing the fastest market growth over the forecast period. The construction industry is the main driver of the North American fibreglass market. Fibreglass is frequently used in residential, commercial, and infrastructure projects for functions like insulation, roofing, cladding, doors, windows, and structural components. The demand for durable and environmentally friendly building materials, energy efficiency standards, restoration and retrofit projects, and other factors all support the growth of the fibreglass market in the construction industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Owens Corning, Nippon Electric Glass, Saint-Gobain S.A., Taiwan Glass Industry Corporation, PFG Fiberglass Corporation, AGY Holding Corp, CertainTeed Corporation, Knauf Insulation, Asahi Fiberglass Co Ltd, Binani 3B-the Fiberglass Company, Johns Manville Corp., Dupont, BGF Industries, Inc., Hexcel Corporation, Porcher Industries and Among Others.
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