Chicago, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Fiberglass Market size is expected to grow from USD 27.5 billion in 2022 to USD 38.8 billion by 2027, at a CAGR of 7.1% during the forecast period, according to a new report by MarketsandMarkets™. Fiberglass is being used in the construction & infrastructure, aerospace, wind energy, automotive, electronics and other end-use industries. The increasing wind energy projects and demand of lightweight material from automotive industry support the demand for fiberglass in the wind energy and automotive end-use industry.
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Browse in-depth TOC on “Fiberglass Market“
358 – Tables
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E-glass type comprises a major share of the fiberglass market in terms of value
E-glass, also known as an electrical grade glass, has electrical insulation property. E-glass was initially developed for electrical wiring applications. However, technological advancements in the field of E-glass have widened its applicability across various sectors, such as wind energy, marine, and electrical & electronics. E-glass is cost-efficient, corrosion-resistant, and lightweight. Owing to its wide-ranging applications, it is considered to be the most widely used glass fiber around the world during the forecast period.
Glass wool product type accounts for the largest market share in the global fiberglass market during the forecasted period in terms of value and volume
The glass wool segment dominated the market and is projected to grow significantly during forecasted years. The growth of the segment can be attributed to the increasing building construction activities in China, India, and the US, and growing awareness about the benefits of insulation products. Additionally, the governments of several countries have made the use of insulation material mandatory in residential and non-residential construction activities. Direct & assembled roving is the second-largest segment of the fiberglass market, due to the rising demand for fiberglass composites in construction and wind energy applications.
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Composite segment accounted for the largest market share in the global fiberglass market based on the application in terms of value and volume
Fiberglass composites are versatile, lightweight, and cost-effective materials. Among all fibers, glass fibers are used in the composites industry as the most common reinforcement material for several applications.
GFRP is a composite material made of polymer reinforced by glass fiber. It consists of glass fiber along with thermosetting or thermoplastic resins. Now a days, glass fiber gets widely preferred in the wide applications from various end-use industries including construction & infrastructure, automotive, wind energy and many more. The properties like high strength, excellent corrosion resistance, and low cost makes them an efficient option to get used across the multiple industries across the world. The rising demand for the GFRP composites in automotive, aerospace, and wind energy industries is driving the growth of the fiberglass market.
APAC is expected to account for the largest market share in the fiberglass market during the forecast period
APAC is the largest fiberglass market in terms of volume and is expected to maintain its lead during the forecast period. The remarkable growth in various end-use industries such as construction & infrastructure, wind energy, automotive, and electrical & electronics are driving the demand for fiberglass products from the region. Europe is the second major consumer of fiberglass aerospace, and wind energy are the major industries fueling the growth of the fiberglass market in this region.
Key Players in the Fiberglass Market include:
- China Jushi Co., Ltd. (China),
- Owens Corning (US),
- Nippon Electric Glass Co., Ltd. (Japan),
- Taishan Fiberglass Inc. (CTG) (China),
- Chongqing Polycomp International Corp. (CPIC), (China), and
- Johns Manville Corp. (US).
These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the fiberglass market.
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