24/7 Customer Support
Global Fiberglass Market is estimated to witness a rise in revenue from US$ 13,443.7 Mn in 2021 to US$ 18,648.7 Mn by 2027. The market is registering a CAGR of 5.6% during the forecast period 2022-2027. Fiberglass is the most common type of fiber-reinforced plastic that uses glass fiber. The fibers may be arranged randomly or can be flattened into a sheet, or woven into a glass cloth. ECR is a kind of electronic glass that is good for all e-glass applications, except for transparent FRP panel applications. It has a high electrical and chemical resistance and it is composed of calcium alumino-lime silicate with a maximum alkali content of 2% of the total mass. This class of fiber is normally used when high strength, electrical resistivity, and acid corrosion resistance are needed. Moreover, the main reasons for the growth of the fiberglass market include the widespread use of fiberglass in the construction and infrastructure industries and the increased use of fiberglass composites. The automotive industry is driving the growth of the fiberglass market.
The market is majorly driven by factors such as an increase in the use of fiberglass composite in the construction and automotive industry, increased demand for composite components, and strict regulation for emission control favor fiberglass over other materials. Fiberglass has a high strength-to-weight ratio, which is an essential factor in the automobile and construction sector. Moreover, the growing demand for fiberglass composite over insulators will drive its demand in the future. However, instability of raw material pricing and improper disposal techniques for recycling glass wool hinder the growth of the global fiberglass market.
Key Insights of the Report:
Key Takeaways from the Global Fiberglass Market Report
COVID-19 impact on Global Fiberglass Market
Due to the outbreak of COVID-19, demand for glass fiber-based composites has experienced a setback, as their production has been halted or slowed to preserve social distance among floor workers, engineers, and other employees. The pandemic is projected to have a significant impact on the fiberglass end-use sectors, which will be reflected during the projection period. For instance, automobile manufacturers all over the world are suffering as a result of COVID-19. Also, global players like Ford, General Motors and Tesla have all temporarily halted manufacturing. Even if these firms resume production once the pandemic has passed, the industry will be harmed by economic uncertainty and a decline in customer spending power. Moreover, the construction industry is another end user. COVID-19 is expected to have a diverse influence on the building industry in different parts of the world. Furthermore, the aerospace sector is a major driver of glass fiber demand. Lockdowns across international and domestic borders have had the worst impact on the sector. This has led to decreased passenger traffic and a significant delay in the need for new aircraft.
The key players in the Global Fiberglass Market are Jhusi, Owens Corning, Taishan Fabric Glass, Chongqing Polycomp, and Nippon among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Global Fiberglass Market is segmented based on type, form, manufacturing process, resin, industry, and region. The industry trends in the global fiberglass market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Fiberglass Market:
By Type segment of the Global Fiberglass Market is sub-segmented into:
By Form segment of the Global Fiberglass Market is sub-segmented into:
By Manufacturing Process segment of the Global Fiberglass Market is sub-segmented into:
By Resin segment of the Global Fiberglass Market is sub-segmented into:
By Industry segment of the Global Fiberglass Market is sub-segmented into:
By Region segment of the Global Fiberglass Market is sub-segmented into:
|Market Size Value in 2021||US$ 13,443.7 Mn|
|Expected Revenue in 2027||US$ 18,648.7 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, Form, Manufacturing Proces, Resin, Industry, and Region|
|Leading players||Jhusi, Owens Corning, Taishan Fabric Glass, Chongqing Polycomp, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Fiberglass is an effective insulating material, mainly driven by its corrosion resistance, which helps it to withstand high temperatures and harsh conditions. Therefore, manufacturers prefer to choose fiberglass as an important part of manufacturing.
Glass fiber has some shortcomings such as relative high density and difficulty to machine, so researchers and scientists have worked to develop a bio-composite material.
The key features that fiberglass manufacturers are looking for in the procurement of raw materials is sizing stability.
The global fiberglass market is studied from 2017-2027.
The growth rate of the global fiberglass market is 5.6%, with an estimated value of US$ 18,648.7 Million by 2027.
Asia Pacific held the major share in terms of revenue, in the global fiberglass market in 2021.
Factors such as increase in use of fiberglass composite in the construction and automotive industry, increased demand for composite component and strict regulation for emission control favor fiberglass over other materials drives the growth in the global fiberglass market.
Instability of raw material pricing and improper disposal techniques for recycling glass wool is a restraining factor which inhibits the growth of the market during the forecast period.
Type, form, manufacturing process, resin, industry and region are the different segments of the global fiberglass market.
US holds the major share in terms of revenue in the North America fiberglass market in 2021.
The polyester segment holds the largest market share in 2021 as they are naturally UV resistant, often regarded as simple to use, quick to cure, temperature and catalyst tolerant and less expensive than epoxy systems.
The key players operating in the market include Jhusi, Owens Corning, Taishan Fabric Glass, Chongqing Polycomp and Nippon among others.