Fiberglass Market Size, Share, Growth Report 2030

Industry Perspective:

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.

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Global Fiberglass Market: Synopsis

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.

Key Insights

• As per the analysis shared by our research analyst, the global fiberglass market is projected to expand annually at the annual growth rate of around 7.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global fiberglass market was evaluated at nearly $28.0 billion in 2022 and is expected to reach $40.0 billion by 2030
• The global market is anticipated to record massive growth over the forecast period due to escalating demand for fiberglass in lightweight automotives & aircrafts.
• Based on glass type, the S-Glass segment contributed to a major share of the global market in 2022
• In terms of application, the composites segment is predicted to register the highest CAGR during the predicted timeline.
• On basis of end-user, the transportation segment is expected to account for a major share during the assessment period.
• In terms of product type, the chopped strand segment is set to contribute majorly towards the overall market growth during the anticipated timeframe.
• Region-wise, the Asia-Pacific fiberglass market is projected record massive growth over the assessment timespan.

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Fiberglass Market: Growth Factors

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.

Fiberglass Market: Hindrances

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.

Fiberglass Market: Opportunities

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.

Fiberglass Market: Challenges

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.

Fiberglass Market: Segmentation

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.

Recent Breakthroughs

• In the last quarter of 2021, Taishan Fiberglass Inc, a Chinese firm manufacturing and distributing fiberglass products globally, announced the allocation of funds worth $250 million for setting up a greenfield fiber-producing unit in India. The move is aimed at fulfilling the demand for fiberglass in India.
• In the first half of 2022, Owens Corning, a U.S.-based firm manufacturing fiberglass composites, entered an agreement with Pultron Composites, a key producer of fiber-reinforced polymer composites & pultrusions, for manufacturing fiberglass rebar. The initiative will contribute sizable towards the market revenue in the upcoming years.

Fiberglass Market: Report Scope

Fiberglass Market: Regional Insights 

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.

Fiberglass Market: Competitive Space

The Fiberglass market profiles key players such as:

• 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
• 3B-Fiberglass Comp.

The global Fiberglass market is segmented as follows:

By Glass Type

• AR-Glass
• E-Glass
• S-Glass
• H-Glass
• ECR-Glass

By Application

• Composites
• Insulation

By Product Type

• Glass Wool
• Chopped Strand
• Direct & Assembled Roving
• Yarn

By End-User

• Transportation
• Electrical & Electronics
• Wind Energy
• Building & Construction
• Pipe & Tank
• Consumer Goods

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa