Fiberglass Market Forecast by 2027 | Demand, Key participants, Region, Share, Scope Analysis

Increasing utilization of fiberglass in infrastructure and construction industries is driving the market.

According to a recent report by Emergen Research, the worldwide fiberglass market is anticipated to reach USD 15.79 billion by 2027. The market is expanding as a result of the increased demand for insulated building walls and roofs. The fiberglass market has been pushed by the low heat gradient and non-conductive properties of fiberglass, which make it appropriate for use in the construction of insulated walls and roofs. The fiberglass market is influenced by the widespread use of fiberglass composites in a variety of industries, including the chemical and petrochemical, oil and gas, pulp and paper, offshore drilling, mining and mineral, waste and wastewater, metal processing, and food processing sectors. The fact that fiberglass composites are highly customisable and have a number of advantages over conventional materials is a major market-driving factor.

The COVID-19 pandemic has caused a decline in the fiberglass market in 2020. The entire world has been negatively impacted by this terrible illness, but particularly North America and Europe. Fiberglass use decreased across the construction, automotive, aerospace, wind energy, sporting goods, and other industries as a result of companies closing their operations and manufacturing facilities to stop the spread of this virus.

The growing demand for fiberglass from end-use industries such as construction, wind energy, and transportation is driving the growth of the fiberglass market. In terms of value, the construction industry was the largest end-use industry for fiberglass in 2020. The growing demand for fiberglass from this industry can be attributed to the increasing use of fiberglass reinforced plastic (FRP) in various applications such as pipes & tanks, doors & windows, and electrical enclosures.

The transportation industry is expected to be the fastest-growing end-use industry for fiberglass during the forecast period. This can be attributed to the growing demand for fiberglass from the automotive industry.

The Asia-Pacific region is expected to be the largest market for fiberglass, in terms of value and volume, between 2016 and 2021. This can be attributed to the growing demand for fiberglass from countries such as China, India, and Japan.

Key market participants include TAISHAN FIBERGLASS INC. (CTG), Owens Corning, Nippon Electric Glass Co., LTD., Binani 3B-The Fiberglass Company, China Jushi Co., Ltd., Taiwan Glass Ind Corp., PFG Fiber Glass (Kunshan) Co., Ltd., Johns Manville Corp., Knauf Insulation, and AGY Holding Corp.

Key Highlights of Report:

·        The primary driving force behind the growth of renewable energy, particularly wind energy, is the widespread usage of fiberglass in wind turbine blades. Given that carbon fibre is an excellent replacement for fiberglass, it poses a serious danger. Although carbon fibre is much more expensive than fiberglass, it is lower in weight.

·        In the automotive industry, fiberglass is widely used in parts like exhaust systems, fenders, floor panels, headliners, etc., in the interior, exterior, and power train segments.

·        With a 33.5% market share in 2019, the glass wool segment had the biggest market share. Demand for glass wool has increased as a result of rising spending on ongoing construction projects in established and developing nations.

·        In 2019, the automotive industry held the biggest market share. The demand for fiberglass components has increased as automotive sales in the Asia-Pacific area have increased.

Emergen Research has segmented the global fiberglass market on the basis of type, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2017–2027)

·        Roving

·        Glass Wool

·        Chopped Strands

·        Yarn

·        Others

Application Outlook (Revenue, USD Billion; 2017–2027)

·        Composites

·        Insulation

End-use Outlook (Revenue, USD Billion; 2017–2027)

·        Wind Energy

·        Automobiles

·        Aerospace

·        Building & Construction