According to the latest report by IMARC Group, titled "Fiberglass Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global fiberglass market reached a value of US$ 11.3 Billion in 2021. Fiberglass refers to a reinforced plastic material produced by embedding glass fibers with a resin matrix. It comprises various materials, such as woven fabrics, natural minerals, borax, magnesite, and silica sand. Fiberglass is cost-effective, lightweight, durable, non-conductive, and corrosion-resistant, thereby providing high electrical insulation. As compared to conventional materials, fiberglass offers improved energy efficiency and ecological sustainability, on account of which it is widely utilized across the aerospace, construction, automotive, defense, and electronics industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fiberglass Market Trends:
The anti-corrosive and sustainable properties of fiberglass have led to its widespread adoption in the construction and automotive industries, which is primarily driving the market growth. This is further supported by increasing environmental concerns and several initiatives undertaken by governments of various nations to reduce the carbon footprint across several industries while investing in the construction of energy-efficient and green buildings. Additionally, a significant expansion in the renewable energy sector is also increasing the utilization of fiberglass for manufacturing electrical equipment to shift toward clean energy sources, which is creating a positive outlook for the market. Other factors, such as the increasing replacement of base metals with fiberglass in the oil and gas sector, are positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of
4.77% during 2022-2027.
- Based on the glass product type, the market has been divided into glass wool, direct and assembled roving, yarn, chopped strand, and others. Currently, direct and assembled roving dominates the market share.
- On the basis of the glass fiber type, the market has been segmented into E-, A-, S-, AR-, C-, and R-glass, and others. At present, E-glass accounts for the majority of the total market share.
- Based on the resin type, the market has been bifurcated into thermoset and thermoplastic resin.
- Based on the application, the market is segregated into composites and insulation. Out of these, composites hold the largest market share.
- On the basis of the end user, the market has been classified into construction, automotive, wind energy, aerospace and defense, electronics, and others. Currently, automotive is the leading end user in the market.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa (Saudi Arabia, UAE and others). Amongst these, Asia Pacific dominates the market.
- The competitive landscape of the market has also been examined, with some of the key players being 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.) and Taiwan Glass Industry Corporation.
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