|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 28.0 Billion||USD 40.0 Billion||7.2%||2022|
The global fiberglass market size was evaluated at $28.0 Billion in 2022 and is slated to hit $40.0 Billion by the end of 2030 with a CAGR of nearly 7.2% between 2023 and 2030. The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.
Fiberglass is a material that comprises thin glass fibers that can be reinforced into woven layers, soda ash, silica sand, and limestone. Moreover, they can also be woven into a fabric material and compressed into a sheet. Due to its lightweight, chemical stableness, and high mechanical strength, the fiberglass finds a slew of applications in electronic goods, aircrafts, pipes, boats, storage tanks, and pipes. Moreover, owing to its beneficial features, the product is used in filament winding, composites, insulations, and construction of buildings. These products are easily available in the form of yarns and roving fiberglass. Fiberglass is used in manufacturing the seats of racing cars.
Massive demand for lightweight vehicles owing to growing environmental pollution caused to fuel emissions to expedite global market surge
Escalating demand for fiberglass in lightweight automotives & aircrafts will embellish the global fiberglass market trends. In addition, the large-scale application of fiberglass in wind turbines is predicted to boost the expansion of the fiberglass market across the globe. Massive popularity of lightweight and fuel-efficient vehicles along with the high penetration of fiberglass in the production of these vehicles will expand the scope of growth of the global market. Rise in the need for insulations and composites in automotive will culminate in a humungous surge in the fiberglass market expansion globally.
Moreover, the rise in demand for lightweight, rigid, and solid materials in the transport sector and the necessity of offering protection to these materials will help the fiberglass market ascend to new heights of growth. Apart from this, fiberglass also finds lucrative applications in the marine sector.
Difficulty in recycling glass wool can inhibit the global industry expansion
It is very difficult to recycle glass wool and this feature of the product can prove as a deterrence in the growth path of the global fiberglass industry. Furthermore, developing economies lack strong infrastructure facilities for safe glass wool disposal and this can put brakes on global business.
Surge in application of fiberglass in the wind energy sector to help global market explore new growth horizons in 2023-2030
Increase in the replenishment of heavy metal parts with lightweight fiberglass has generated new growth opportunities for the global fiberglass market. Humungous use of fiberglass in the wind energy sector will open new vistas of growth for the global market.
Surging production costs and non-recurring costs incurred during the production of fiberglass pose a mammoth challenge for the growth of the global industry
Growing manufacturing costs and incurrence of non-recurring costs during fiberglass production can prove as a major challenge to the expansion of the fiberglass industry across the globe. Moreover, the lack of standardization of the fiberglass manufacturing process can also pose a big threat to the expansion of the global industry.
The global Fiberglass market is sectored into glass type, product type, application, end-user, and region.
In terms of glass type, the global Fiberglass market is divided into AR-Glass, E-Glass, S-Glass, H-Glass, and ECR-Glass segments. Apparently, the S-Glass segment is projected to register the fastest CAGR over the forecast timespan. The segmental expansion can be attributed to the high performance offered by S-glass at extreme temperatures. In addition to this, the product is used in applications requiring massive strength & stability in corrosive environments and rising temperatures. Moreover, it finds a plethora of applications in textile and composite sectors as it possesses huge compressive strength, enhanced impact resistance, and resistance to rising temperatures.
Based on the product type, the global Fiberglass industry is bifurcated into Glass Wool, Chopped Strand, Direct & Assembled Roving, and Yarn segments. Furthermore, the chopped strand segment, which garnered the largest share of the global industry in 2022, will continue to establish its leading position in the product type segment in the ensuing years. The growth of the segment over the projected timeline is due to the use of chopped strands as reinforcement materials along with high-performing resins in automotive and electronics goods. Furthermore, these products are utilized for offering reinforcement to thermoset composites as well as thermoplastics. In addition, these chopped strands are blended with resins for producing reinforcing gap fillers in the construction sector.
On basis of end-user, the Fiberglass market across the globe is sectored into Transportation, Electrical & Electronics, Wind Energy, Building & Construction, Pipe & Tank, and Consumer Goods. The transportation segment is set to contribute majorly towards the global market share subject to strict government legislations related to GHG emissions in the atmosphere leading to the production of lightweight vehicles which emit less carbon.
Based on the application, the Fiberglass market globally is segmented into Composites and Insulation segments. Moreover, the composites segment is set to register the highest CAGR over the coming years due to the rise in penetration of composites in the various construction activities in North America and Asia-Pacific regions.
|Report Attributes||Report Details|
|Report Name||Fiberglass Market Research Report|
|Market Size in 2022||USD 28.0 Billion|
|Market Forecast in 2030||USD 40.0 Billion|
|Compound Annual Growth Rate||CAGR of 7.2%|
|Number of Pages||203|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||China Jushi Co., Ltd., Glasstex Fiberglass Materials Corp., Nippon Electric Glass Co., Ltd., Laxness AG, KCC Corporation, Owens Corning, Taiwan Glass Industry Corporation, Shadong Fiberglass Group Corporation, Knauf Insulation, China Jushi Co., Ltd., Asahi Fiber Glass Co., Ltd., PFG Fiber Glass Corporation, Saint-Gobain Vetrotex, Chongqing Polycomp International Corp., Xingtai Jinniu Fiberglass Co., Ltd., Taishan Fiberglass Inc., Johns Manville, and 3B-Fiberglass Comp.|
|Segments Covered||By Glass Type, By Application, By Product Type, By End-User, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Fiberglass Market in the Asia-Pacific To Witness Humungous Growth During 2023-2030
The Asia-Pacific region is expected to lead the global fiberglass market over the forecast timespan. The growth of the regional market in the upcoming years can be due to the massive demand for eco-friendly goods and the availability of composites with new features. With the replacement of steel & aluminum materials with fiberglass on the rise in countries such as China, Japan, and India, the growth of the market for fiberglass in the sub-continent is predicted to gain momentum in the years ahead. Demand for fiberglass from various sectors such as automotive, transport, and construction will push the regional market trends.
Furthermore, North America is projected to contribute remarkably towards the global fiberglass industry size in the coming years due to the rise in demand for fiberglass from the residential sector in the countries such as Canada and the U.S.
Thriving consumer electronics goods industry in Europe will contribute significantly towards the global market share in the years ahead. Apart from this, a surge in construction activities in the Middle East and Africa and a thriving tourism sector will boost the growth of the fiberglass market in the Middle East and Africa region.
The Fiberglass market profiles key players such as:
By Glass Type
By Product Type
Fiberglass is a material that comprises thin glass fibers that can be reinforced into woven layers, soda ash, silica sand, and limestone. Moreover, they can also be woven into a fabric material and compressed into a sheet.
The global fiberglass market is projected to expand over 2023-2030 owing to the large-scale application of fiberglass in wind turbines and the massive popularity of lightweight and fuel-efficient vehicles along with high penetration of fiberglass in production of these vehicles.
According to study, the global fiberglass market size was $28.0 billion in 2022 and is projected to reach $40.0 billion by the end of 2030.
The global fiberglass market is anticipated to record a CAGR of nearly 7.2 % from 2023 to 2030.
The Asia-Pacific fiberglass industry is set to account for a major market share in the upcoming years owing to the massive demand for eco-friendly goods and the availability of composites with new features. With the replacement of steel & aluminum materials with fiberglass on the rise in countries such as China, Japan, and India, the growth of the market for fiberglass in the sub-continent is predicted to gain momentum in the years ahead.
The global fiberglass market is led by players like China Jushi Co., Ltd., Glasstex Fiberglass Materials Corp., Nippon Electric Glass Co., Ltd., Laxness AG, KCC Corporation, Owens Corning, Taiwan Glass Industry Corporation, Shadong Fiberglass Group Corporation, Knauf Insulation, China Jushi Co., Ltd., Asahi Fiber Glass Co., Ltd., PFG Fiber Glass Corporation, Saint-Gobain Vetrotex, Chongqing Polycomp International Corp., Xingtai Jinniu Fiberglass Co., Ltd., Taishan Fiberglass Inc., Johns Manville, and 3B-Fiberglass Comp.