Fiberglass Market to Value at USD 17.6 billion, by 2031 with 4.5% CAGR | States Transparency Market Research Inc.

Fiberglass is commonly used in the production of wind turbine blades and other components such as wingtips, fairings, and randomes due to its higher durability

WILMINGTON, Del., Nov. 13, 2023 /PRNewswire/ -- The global fiberglass market was estimated at a value of US$ 11.8 billion in 2022. It is anticipated to register a 4.5% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 17.6 billion by 2031.

The market for fiberglass is being driven by an increasing trend of vehicle weight reduction and improved fuel efficiency. In addition, it is anticipated that the growing demand for composites and insulation in the automotive sector will fuel the expansion of the fiberglass industry during the next few years.

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Fiberglass reduces the need for energy by assisting with temperature control in confined spaces. The market value of fiberglass is therefore being driven by rising investment and attention on the development of sustainable and energy-efficient buildings.

Fiberglass Market Report Scope:

 

Key Findings of Market Report

• Fiberglass is incredibly aesthetically pleasing and can be molded into any shape or form.
• Fiberglass textiles are widely used in the maritime and defense industries to produce flange shield material and boat hulls due to their exceptional resistance to corrosion.
• Fiberglass is a common material used in the automotive industry to make a variety of parts, including fenders, exhaust systems, floor panels, and headliners.
• Globally enforced emission standards, such Corporate Average Fuel Economy (CAFÉ), are pushing automakers to produce lighter vehicles.
• During the forecast period, this is anticipated to have a favorable impact on the fiberglass market projection.

Market Trends For Fiberglass

• The construction industry is a significant end-user of fiberglass due to its widespread use in mesh fabrics, which prevent fractures in wall covering, internal walls, and floor covering. It keeps self-adhesive drywall adhesives and waterproofing frit strong. In the near future, it is projected that the fiberglass market demand will be driven by an increase in renovation and remodeling activities in North America and Europe.
• Fiber-reinforced polymer (FRP) is classified as a prescriptive material by the International Building Code (IBC) (viable material for building above the plinth). Fiberglass could be employed as an architectural and building material above the fourth storey, except from some exterior and interior uses. In the upcoming years, it is anticipated that this will propel the growth of the fiberglass industry.

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Global Market for Fiberglass: Regional Outlook

Various reasons are propelling the growth of the fiberglass market in different regions. These are:

• Asia Pacific held the majority of the market for fiberglass globally in 2022 as a result of rising fiberglass demand brought on by the growth of the building industry in India, Thailand, China, Indonesia, and other Asian countries. Spending in the construction industry is being encouraged by governments around the region, which is increasing the use of fiberglass in buildings for electrical and thermal insulation.
• North America has a considerable fiberglass market share due to the rise of the residential sector and the increasing availability of low-interest mortgages. Fiberglass is mostly used for cladding, roofing raw materials, insulation, and surface coating in remodeling projects.
• The growth of the building industry, rising applications for insulating fabrics, and rising environmental consciousness in Middle Eastern and African nations like the Kingdom of Saudi Arabia, Qatar, and the United Arab Emirates are expected to propel global market revenue in the region, according to the most recent region-specific analysis of the fiberglass market.

Global Fiberglass Market: Key Players

The global fiberglass fabric market is fairly concentrated, with a small number of key companies controlling a sizable portion of the market. Leading producers are keeping up with the most recent developments in the fiberglass industry and extending their reach around the globe through partnerships, joint ventures, mergers and acquisitions, and new product introductions. To cut production costs, another popular market technique is to sign contracts with regional manufacturers.

The following companies are well-known participants in the global fiberglass market:

• Owens Corning
• Jushi Group Co., Ltd.
• Taishan Fiberglass, Inc.
• Johns Manville
• Chongqing Polycomp International Corp
• Xingtai Jinniu Fiberglass Co. Ltd.
• Shandong Fiberglass Group Co. Ltd.
• Glasstex Fiberglass Materials Corp.

Few of key developments by the players in this market are:

• Saint-Gobain finalized the acquisition of Twiga Fiberglass Ltd. in April 2023 with the intention of strengthening its presence in the Indian interior solutions and façade industry.
• Owens Corning unveiled a brand-new PINK Next Gen Fiberglass insulation in August 2022. According to the business, compared to current goods, installation can be completed 23% faster.
• Owens Corning and Pultron Composites signed a contract in June 2022 with the aim of producing fiberglass rebar.
• To serve the Middle Eastern and Indian markets, Taishan Fiberglass Inc. announced in November 2021 that it will invest US$ 250 million to build a greenfield fiber manufacturing facility in Gujarat, India.

Global Fiberglass Market Segmentation 

• Glass Type
  • S-Glass
  • C-Glass
  • E-Glass
  • ECR-Glass
  • Others
• Product Type
  • Rovings
  • Mats
  • Strands
  • Fabrics
• Technology
  • Layup
  • Resin Infusion Molding
  • Injection Molding
  • Compression Molding
  • Filament Winding
  • Pultrusion
  • Others
• Application
  • Automotive & Transportation
  • Aerospace & Defense
  • Wind Energy
  • Construction
  • Marine
  • Sports & Leisure
• Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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