The global fiberglass market is projected to grow at a noteworthy CAGR of around 6.5% over the forecast period 2019 to 2026 and expected to reach the market value of around US$ 24.64 Bn by 2026.
Fiberglass is derived from pouring molten glass through superfine holes. It is considered to be a type of fiber-reinforced plastic, wherein the reinforced fiber is specifically glass fiber. Fiberglass is a strong, lightweight material that is majorly utilized to develop varied products. The global fiberglass market is experiencing a strong growth because of its increasing applicability in composites and insulations.
The growing demand for the product in the construction and automotive industry is expected to lead the fiberglass market growth majorly. The market further drives demand for use in insulator application that will increase the demand of E- glass. Increasing the renewable source of energy is the opportunity for the market over the assessment year. The trend of developing advanced glass fibers for the wind energy market is expected to produce a new chance for the manufacturers. Fiberglass is majorly driven by its corrosion- resistant property, that helps them to withstand high temperature and adverse conditions, because of that manufacturers prefer opting for fiberglass as an essential manufacturing component. for example, the development of the waste material treatment plants and increase in the oil and gas exploration activities have led to a surge in demand for various fiberglass (glass fiber) products which includes bathtubs FRP panels, and pipes & tanks during the forecast period. The growing demand for light-weight aircraft and automobiles are expected to further augment the growth of the fiberglass market during the forecast period. The increasing trend of substituting heavier metal components by lighter-weight fiberglass has in the automotive, aerospace, and marine sector is expected to create a huge growth opportunity, stirring up the demand in the fiberglass markets. Moreover, stringent emission regulations have more obligated the automotive manufacturers to opt for fiberglass over other materials. Furthermore, the increasing awareness of renewable energy is further expected to enhance the expansion of fiberglass in the review period because of its large- scale application in wind turbines, which makes them lighter and lowers the manufacturing cost. Thus, owing to these factors, the fiberglass market is expected to propel significantly during the forecast period. However, the fluctuations raw material prices, challenges of the production process, and cost-intensive nature of new technologies are the significant bottlenecks operating in the market, which may hamper the growth of the global fiberglass market during the review period.
By application, composites segment is expected to dominate the ultra- thin market
The composites application segment led the fiberglass market in 2018 in terms of each, price and volume. The growth of this segment can be attributed to the demand from wind turbine blade manufacturers. Composites are the largest end-user application for fiberglass. The demand for composites are experiencing high growth, because of a rise in the range of manufacturers and the rapid expansion of the fiberglass industry. The future growth of the industry would be augmented by investments made in the composites segment, especially in regions like Asia-Pacific, North America, and Europe.
Based on product, the glasswool is expected to dominate during the forecast period
Glasswool has dominated the product segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. Glasswool is that the leading section due to increased usage of glass wool in the construction & infrastructure end-use industries and high thermal insulation property are driving this segment. This segment is projected to lead the market in terms of both, value and volume during the forecast period.
The market research study on “Global Fiberglass Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global fiberglass market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global fiberglass market, its type, product, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global fiberglass market size and volume, and segment markets by type, product, application, and geography along with the information on companies operating in the market. The global fiberglass market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, Asia-Pacific dominated the regional market with a maximum market share
Asia-Pacific accounted for the highest market share of the global fiberglass market and the region is also expected to maintain its dominance over the forecast period. Some major factors contributing to this growth are the major consumers of fiberglass in this region. The growth of the automotive industry and the increasing construction and industrial activities in the Asia Pacific region have enhanced the demand for fiberglass in this region. China, India, and Japan are key countries contributing to the increased demand for fiberglass in this region.
The key companies involved in the market includes China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc. (CTG), Chongqing Polycomp International Corp. (CPIC), Johns Manville Corp., Binani 3B-the Fiberglass Company, Taiwan Glass Ind. Corp., PFG Fiber Glass (Kunshan) Co. Ltd., Asahi Fiberglass Co. Ltd., Knauf Insulation, Saint-Gobain Vetrotex, CertainTeed Corporation, Saint-Gobain ADFORS, and AGY Holding Corp.
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Middle East & Africa
Fiberglass is utilized to develop varied products.
Fiberglass on it's own breaks very easily.
Factors such increasing applicability in composites and insulations restrain the fiberglass market growth.
According to Acumen Research and Consulting, the fiberglass market value is anticipated to be worth around US$ 24.64 billion in 2026.
The fiberglass market is anticipated to grow over 6.5% CAGR during the forecast period 2019 to 2026.
The growing demand for the product in the construction and automotive industry is main driver of the fiberglass market.
Asia-Pacific held maximum share in 2018 for fiberglass market.