Fiberglass Market
Growth Factors of Fiberglass Market
The fiberglass market size was valued at USD 13.15 billion in 2023, and the market is now projected to grow from USD 13.78 billion in 2024 to USD 20.05 billion by 2032, exhibiting a CAGR of 4.8% during the forecast period of 2024-2032.
The decreasing sales of automobiles harshly impacted the progression of the market due to the COVID-19 pandemic. Demand for this material from makers was affected by the closure of manufacture activities and restricted supply of auto parts.
Glass fibers have been used in the conveyance sector as reinforcing subsequently mass-produced pultrusion methods were first documented. Due to the necessity for impact-resistant and lightweight materials, the marine and automotive sectors are some of the main operators of fiberglass. To decrease carbon dioxide releases, strict guidelines have been enforced on the automotive industry. It has encouraged the segment to present lightweight automobiles that are fuel-efficient to decrease greenhouse gas emissions. This composite material is extensively used as a substitute for aluminum and steel in the automotive industry to produce lightweight cars. This is projected to motivate the fiberglass market growth during the estimate period.
As ecological concerns raise, many industries are demanding lightweight fusions to decrease their carbon footprint. Additionally, upsurge in smart infrastructure construction is motivating the use of this material to control overheating and uphold room temperature in buildings. Thus, numerous government agencies around the world are financing more in the viable enlargement of energy-efficient buildings, thereby growing the product’s demand. Furthermore, several renewal and remodeling projects are interchanging traditional building materials with fiberglass for better structural steadiness and better protection.
Comprehensive Analysis of Fiberglass Market
The market can be segmented in various ways, depending on the focus of analysis such as by glass type, by product and by application. Based on glass type, the market is segmented into e-glass and specialty. Based on product, the market is segmented into glass wool, yarn, roving, chopped strands, and others. Based on application, the market is segmented into transportation, building & construction, electrical & electronics, pipe & tank, consumer goods, wind energy, and others.
Asia Pacific region is dominating the fiberglass market share due to product’s use in electrical and thermal insulation together with prompt progress in industrialization and government expenditure in the construction sector is anticipated to enhance the regional market’s development.
The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include LANXESS (Germany), Owens Corning (U.S.), 3B - The Fiberglass Comp (Belgium), Shandong Fiberglass Group Corp (China), Nippon Electric Glass Co., Ltd (Japan), Taishan Fiberglass Inc.(CTG) (China), Chongqing Polycomp International Corp. (China), Johns Manville (U.S.), Saint-Gobain Vetrotex (France), China Jushi Co., Ltd. (China), Taiwan Glass Industry Corporation (Taiwan), PFG Fiber Glass Corporation (Taiwan), Asahi Fiber Glass Co., Ltd. (Japan), Knauf Insulation (U.S.), KCC Corporation (South Korea) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In April 2023, Saint-Gobain acquired Twiga Fiberglass Ltd., based in Uttar Pradesh, India. Twiga is a manufacturer of glass wool and has two manufacturing facilities. It uses technology from Saint-Gobain. This achievement will cement Saint Gobain’s position in façade and interior solutions in India.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 4.8% from 2024 to 2032
Unit Value (USD Billion) and Volume (Kiloton)
Segmentation By Glass Type
By Product
- Glass Wool
- Yarns
- Roving
- Chopped Strands
- Others
By Application
- Transportation
- Building & Construction
- Electrical & Electronics
- Pipe & Tank
- Consumer Goods
- Wind Energy
- Others
By Region
- North America (By Glass Type; By Product; By Application, By Country)
- U.S. (By Application)
- Canada (By Application)
- Europe (By Glass Type; By Product; By Application, By Country)
- Germany (By Application)
- Italy (By Application)
- U.K. (By Application)
- France (By Application)
- Spain (By Application)
- Russia & CIS (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Glass Type; By Product; By Application, By Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- South Korea (By Application)
- Taiwan (By Application)
- Rest of Asia Pacific (By Application)
- Latin America (By Glass Type; By Product; By Application, By Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
- Middle East & Africa (By Glass Type; By Product; By Application, By Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of the Middle East & Africa (By Application)
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