Global Fiberglass Roving Market - 2022-2029

Global Fiberglass Roving Market - 2022-2029

Market Overview

The global fiberglass roving market has reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.

Fiberglass roving is a distinct strand of a single bundle of continuous filaments. The chemistry on each fiberglass strand supports the mechanical qualities and optimum processing. Further, various weights, weave, finishes and widths of fiberglass roving are available. Compared to other composites, the materials are lightweight and have outstanding strength.

Fiberglass roving is compatible with many resins, such as polyester, vinyl and epoxy resin. In addition, they can give the product more bulk and thickness. Corrosion resistance applications, high-temperature resistance and innovative applications in the wind energy, automotive and aerospace sectors are expected to increase the demand for the fiberglass roving market.

Market Dynamics

Increasing the number of wind energy units installed drives the global fiberglass roving market. However, the high production cost of fiberglass is expected to impede the fiberglass roving market.

An increase in the number of wind energy units being installed

According to China Wind Power's Future of Wind, global wind power is expected to expand tenfold by 2050, reaching over 6000 GW. Further, wind energy might provide one-third of the world's electricity by 2050. In addition, wind energy and electrification can provide a quarter of the energy-related carbon emission reductions required to reach the Paris climate goals.

Moreover, according to the report of the Global Wind Energy Council, in 2020, unprecedented growth was fueled by a spurt of installations in China and U.S., the world's two largest wind power markets, which combined installed about 75% of new installations and represent more than half of the world's total wind power capacity. Today, 743 GW of wind generating capacity exists worldwide, helping to avoid roughly 1.1 billion tons of CO2, equivalent to South America's yearly carbon emissions.

Fiberglass roving has been employed in lightweight constructions for the rapidly growing global wind energy industry, where they have been integrated into a variety of applications. In addition, the roving for wind energy blades is compatible with vinyl ester, epoxy and unsaturated polyester resins and can be used to make UD or multiaxial fabrics.

PPG Industries, a global provider of paints, coatings, specialty materials and fiberglass-based in Pittsburgh, developed HYBON 2026 fiberglass roving in wind energy and other sectors worldwide. According to the business, fiberglass allows manufacturers to produce larger wind turbine blades, which helps to enhance turbine energy output.

The high production cost of fiberglass is expected to impede the fiberglass roving market

Glass fiber materials are nevertheless more expensive than traditional materials such as aluminum, steel and wood. The cost of making composite fiber accounts for a significant amount of the composite selling price. Glass fiber is an inorganic non-metallic material that involves the use of chemical raw ingredients such as aluminum oxide, silica, calcium oxide, magnesium oxide, sodium oxide and boron oxide.

Further, glass fiber is also manufactured from waste glass or crystal balls, which necessitates high-temperature founding, brushing, weaving and winding operations, all of which add to the expense of production.

COVID-19 Impact Analysis

The composite industry is changing due to COVID-19, with varied impacts in different market areas. The aerospace industry is currently experiencing the greatest impact, with Boeing and Airbus suffering significantly due to the overall decline in travel and legislative limitations. The industry will still be unable to achieve the same sales levels as before the crisis in the next 6 to 7 years.

Moreover, the automotive market has also suffered greatly and it is expected that the automotive market category in composites to be 20% lower than last year. In addition, they are often influenced by the shift to increased e-mobility, which has resulted in numerous drawbacks and decreased sales.

Segment Analysis

The global fiberglass roving market is segmented into E-glass, ECR-glass, S-glass, H-glass, AR-glass, and others based on fiberglass type.

E-glass is an electronic type of glass. It is more often utilized in the fiber-reinforced polymer composite industry. In addition, it provides a fair balance of performance and cost, with outstanding strength and stiffness and chemical, moisture and heat resistance. One of its important qualities is its ability to insulate electricity, which was designed expressly for electrical applications. Other common applications for the material include aircraft and other industrial equipment components, marine and other recreational equipment and general industrial components and electrical components.

Fiberglass roving is manufactured by wrapping E-glass fiber up parallel without a twist. The roving is used in fiber-reinforced plastics items, including housing equipment, vehicle parts and synthetic wood. In addition, it can be used in thermosetting and thermoplastic resins such as unsaturated polyester resin, epoxy resin and urethane resin.

Geographical Analysis

Based on geography, the global fiberglass roving market is segmented into North America, Europe, South America, Asia-Pacific and Middle East & Africa.

Asia-Pacific is anticipated to dominate the market due to the highly developed construction and electronics sectors and ongoing investments in the wind energy industry. For instance, according to an estimate from the International Renewable Energy Agency, Asia's contribution to onshore wind could increase from 230 GW in 2018 to over 2600 GW by 2050. By that time, the region would have surpassed U.S. as the global leader in wind energy, with more than 60% offshore and 50% onshore wind capacity deployed.

The growing demand has led companies to invest in the business and expand their product line to meet the demand. For instance, in June 2020, the glass fiber production line, which has an annual output of 150,000 tons and is the second roving production line in China JUSHI New Material Intelligent Manufacturing Base, was successfully fired, marking the start of China Jushi Intelligent Manufacturing's new journey and the next step in the grand blueprint of creating another Jushi.

Competitive Landscape

The global fiberglass roving market is highly competitive and moderately consolidated with multinational and local brands. Major companies include Jushi Group, Owens Corning, Chongqing Polycomp International Corp., Taishan Fiberglass, Taiwan Glass Industry Corp., China Beihai Fiberglass Co., Ltd., Saint-Gobain S.A., AGY Holdings Corp, Nippon Electrical Glass Co., Ltd and Celanese Corporation, among others. The companies have adopted different growth methods to increase their market position. For example, product development, technological advancement, acquisition, expansion, merger and collaboration are the primary growth methods these companies use to improve their product portfolios and geographical presence to address the growing demand for fiberglass roving.

Jushi Group

Overview: Jushi Group is a fiberglass company established in China that has risen to the top of the worldwide fiberglass sector. The company has a production capacity of about 1 million tons of fiberglass per annum. The company has four fiberglass production locations, three in the United States and one in Egypt. Further, it has manufacturing and trading operations in South Korea, South Africa, Italy, France, Spain, Canada, Japan, U.S. and Hong Kong.

Product Portfolio: Jushi Group manufactures E-glass and C-glass fiberglass goods and the broadest range of reinforcing fiberglass rovings and woven rovings.

Key Development:

In August 2021, Jushi Group announced to invest of US$ 335 million in a new 120,000 tonne-per-year fiberglass furnace project at TEDA Suez zone. The original intention was to open a facility in India within two years of the plan's announcement in August 2017 to address local demand and prevent trade frictions.

Why Purchase the Report?

To visualize the global fiberglass roving market segmentation by glass type, product type, end-user and region and understand key commercial assets and players.

Identify commercial opportunities in the global fiberglass roving market by analyzing trends and co-development.

Excel data sheet with numerous data points of fiberglass roving market-level with four segments.

PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.

Product mapping available in excel consists of key products of all the major market players

The global fiberglass roving market report would provide approximately 61 tables, 59 figures and almost 211 pages.

Target Audience 2022

Service Providers/ Buyers

Industry Investors/Investment Bankers

Fiberglass Manufacturers

Research Professionals

Industrial Business

Raw Material Suppliers