Fiberglass Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

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: 

• The latest study published by Astute Analytica analyses the Global Fiberglass Market for the study period of 2017-2027; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 20 chapters distributed across 269 pages with 62 lists of tables and 175 lists of figures.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material, manufacturing, finishing and assembling, distribution, and consumption.
• The competitive dashboard section includes analysis on the basis of the Concentration Ratio (CR), based on the market size and market presence of key companies.

Key Takeaways from the Global Fiberglass Market Report

• Based on type, the E- glass fiber segment holds the highest share in the global fiberglass market in 2021 as it is highly compatible with organic dyes and has dimensional stability. Also, E-glass fiber materials are extremely abrasion and vibration resistant, as well as extremely flexible. It also has a low thermal conductivity and wide-ranging applications which makes it preferable in wind energy, marine, and electrical & electronics industries.
• On the basis of form, the chopped strand mat segment is expected to project the highest CAGR during the forecast period owing to its various end-use applications which include automotive parts, ships & boats, bathroom equipment, and cooling towers, and others. Whereas, the two segments dominated the global fiberglass market in 2021 because of precursor and processing changes.
• In terms of the manufacturing process, the continuous filament segment is projected to hold the largest share and highest CAGR in the global fiberglass market over the forecast period. The manufacturing of glass fiber by continuous filament process is preferred over other methods as the fiber produced is suitable for this application due to its high thermal conductivity, low density, and high strength.
• Based on resin, the polyester segment holds the largest market share in 2021. The low cost and UV resistant property of polyester resin have greatly propelled its demand in various industrial sectors.
• On the basis of the industry, the construction industry is expected to project the highest market share over the forecast period. The construction industry most often uses glass fiber for multiple purposes. It may be used for facade reinforcement and crack prevention in interior walls due to qualities such as high tensile strength, low elongation, and alkali resistance. Also, FRPs made with the use of fiberglass are increasingly being employed in both the interior and exterior of buildings. Moreover, aircraft and aerospace are expected to grow at the highest CAGR over the forecast period.
• Based on region, Asia Pacific is projected to be the fastest-growing market for fiberglass during the forecast period owing to the rising focus on emission control policies, as well as the growing demand for eco-friendly products, which has led to scientific developments in the field of composites.

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. 

Competitive Landscape

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.

Segmentation Overview 

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:

• A- Glass Fiber
• C- Glass Fiber
• D- Glass Fiber
• E- Glass Fiber
• Advantex Glass Fiber
• ECR Glass Fiber
• AR Glass Fiber
• R- Glass Fiber
• S2 Glass Fiber
• M- Glass Fiber
• Z- Glass Fiber

 By Form segment of the Global Fiberglass Market is sub-segmented into:

• Tow
• Veil mats
• Woven fabrics
• Chopped strand mat
• Tape
• Rope
• Cloth
• Others

By Manufacturing Process segment of the Global Fiberglass Market is sub-segmented into:

• Continuous Filament
• Staple Filament

By Resin segment of the Global Fiberglass Market is sub-segmented into:

• Polyester
• Vinyl esters
• Epoxy
• Polyurethanes
• Others

By Industry segment of the Global Fiberglass Market is sub-segmented into:

• Aircraft and Aerospace
• Construction Industry
• Consumer Goods
• Corrosion Resistant Equipment
• Electrical devices
• Marine Industry
• Automobile Industry

By Region segment of the Global Fiberglass Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Australia & New Zealand
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of Latin America