Global Fibreglass Market Insights Forecasts to 2032
- The Fibreglass Market Size was valued at USD 28.44 Billion in 2022.
- The Market Size is Growing at a CAGR of 8.4% from 2022 to 2032
- The Worldwide Fibreglass Market Size is expected to reach USD 49.17 Billion by 2032
- North America is expected to grow the fastest during the forecast period
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The Global Fibreglass Market Size is expected to reach USD 49.17 Billion by 2032, at a CAGR of 8.4% during the forecast period 2022 to 2032.
Fibreglass is a type of reinforced plastic made of tiny glass fibres encased in a polymer matrix. Due to its strength, adaptability, and insulating qualities, it is frequently employed in a variety of applications. Typically, molten glass is pulled into thin strands and utilised to create the glass fibres that are used in fibreglass. To create a mat or fabric, these strands are next weaved together or randomly placed. There are several uses for fibreglass across numerous sectors. It is frequently employed in construction for wall panels, roofing, and insulation. Additionally, it is utilised in the vehicle sector for parts including bumpers, hoods, and body panels. In addition, fibreglass is frequently utilised in the manufacture of boats, aeroplanes, wind turbine blades, sporting goods, and several consumer goods. Fibreglass has many benefits, such as a high strength-to-weight ratio, resistance to corrosion, electrical insulating qualities, and the capacity to be moulded into intricate designs. It is helpful in electrical and electronic applications because it is also non-conductive and non-magnetic.
Impact of COVID 19 On Global Fibreglass Market
Lockdowns, limitations, and decreased production output caused supply chain disruptions in the fibreglass business, as well as many other industries. Delays in the manufacture, delivery, and shipment of fibreglass items may have resulted from this. The pandemic caused economic uncertainty and decreased consumer expenditure across a number of industries. This might have caused demand for fibreglass products in sectors like construction and automotive to fall. Fibreglass products are widely used in the construction industry, especially for composite materials, roofing, and insulation. The demand for fibreglass in this industry may have been impacted by lockdown measures and project delays. Fibreglass is also used in the car industry for a variety of purposes, including body panels and interior parts. The pandemic produced production halts and a drop in consumer demand, which could have had an impact on the demand for fibreglass in the car industry.
Global Fibreglass Market Report Coverage
|Market Size in 2022 :||USD 28.44 Billion|
|Forecast Period 2022-2032 CAGR:||8.4%|
|2032 Value Projection:||USD 49.17 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Product, By Glass, By Application, By Region|
|Companies Covered:||Owens Corning, Nippon Electric Glass, Saint-Gobain S.A., Taiwan Glass Industry Corporation, PFG Fiberglass Corporation, AGY Holding Corp, CertainTeed Corporation, Knauf Insulation, Asahi Fiberglass Co Ltd, Binani 3B-the Fiberglass Company, Johns Manville Corp., Dupont, BGF Industries, Inc., Hexcel Corporation, Porcher Industries|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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Key Market Drivers
Over the years, the fibreglass market has grown significantly, propelled by a number of factors including rising end-use industry demand, technological improvements, and rising consumer awareness of fiberglass's advantages. Fine glass fibres are woven together to form the versatile substance known as fibreglass. Construction, automotive, aerospace, wind energy, electrical and electronics, maritime, and other industries are just a few that use it. These industries have a high need for fibreglass due to its strength, durability, light weight, corrosion resistance, and electrical insulating qualities. Due to its superior thermal and acoustic insulating qualities, fibreglass is utilised in the construction industry for structural elements, roofing, cladding, and insulation. Fibreglass composites are used in the automotive and aerospace industries to lighten automobiles and aircraft, increasing fuel efficiency. Due to its strength, flexibility, and resistance to severe weather conditions, fibreglass is also widely utilised in the production of wind turbine blades.
Key Market Challenges
Although the fibreglass market has expanded, there are still several difficulties that could limit its future expansion. Raw elements like silica sand, soda ash, limestone, and other chemicals are needed to make fibreglass. The cost of producing fibreglass as a whole might change depending on the price and supply of various raw materials. Price fluctuations for raw materials can be difficult for fibreglass producers and have an impact on market expansion. Energy-intensive procedures and greenhouse gas emissions are involved in the production of fibreglass. The fibreglass sector has difficulties as a result of rising environmental concerns and legislation pertaining to carbon emissions and waste management. In order to address these issues, fibreglass producers must embrace sustainable business practises and make investments in eco-friendly technology. While new product developments and improvements to fibreglass manufacturing processes have helped the market expand, the future success of the business depends on maintaining current with cutting-edge technologies. To improve product qualities, create novel uses, and increase manufacturing effectiveness, manufacturers must spend money on research and development. Economic cycles and changes in the world economy can have an impact on demand and pricing in the fibreglass industry. Economic downturns can result in decreased demand for fibreglass due to decreased construction activity, auto production, and other end-use applications.
Glass Wool segment is dominating the market with the largest market share
On the basis of product, the global fiberglass market is segmented into Glass Wool, Chopped Strand, Yarn, and Others. Among these, the glass wool segment is dominating the market with the largest market share over the forecast period. The development of the residential and commercial building sectors, particularly, has been a significant driver for the glass wool market. Buildings frequently employ glass wool insulation to increase energy efficiency, decrease heat loss, and offer sound insulation. The market for remodelling and retrofitting existing structures to increase their energy efficiency has seen rapid expansion. In these projects, glass wool insulation is frequently employed to improve the thermal performance of buildings, fueling the industry's expansion.
S-Glass segment holds the highest market share over the forecast period
Based on the glass, the global fiberglass market is segmented into S-Glass, H-Glass, AR Glass, E-Glass, and Others. Among these, S-Glass segment holds the highest market share over the forecast period. High tensile strength, impact resistance, and stiffness are only a few of S-Glass fibres' remarkable mechanical attributes. Due of these qualities, they are suited for demanding applications in the aerospace and defence industries, including as missile components, ballistic armour, and aircraft structures. The expansion of these sectors may increase demand for S-Glass fibres. The processing and characteristics of S-Glass fibres are being improved through ongoing research and development. The performance and cost-effectiveness of materials based on S-Glass can be improved, creating new growth potential. Innovations in fibre manufacturing techniques, resin systems, and composite manufacturing processes can do this.
The building and construction segment is dominating the market over the forecast period
On the basis of application, the global fibreglass market is segmented into Transportation, Building & Construction, Electrical & Electronics, Consumer Goods, and Others. Among these, the building and construction segment is dominating the market with the largest market share over the forecast period. The fibreglass market is being driven significantly by the building and construction industry. Due to its great qualities, including as strength, insulating capabilities, durability, and corrosion resistance, fibreglass is widely used in a variety of building applications. The fibreglass market is primarily driven by the expansion of the global construction industry, which is fueled by urbanisation, population increase, and infrastructure development. Numerous applications of fibreglass in the building include insulation, roofing, cladding, doors, windows, and structural elements. Globally, governments and regulatory agencies have tightened the rules governing buildings' energy efficiency. Fibreglass insulation is essential for increasing a building's energy efficiency since it minimises heat gain or loss. The demand for fibreglass in the building industry is fueled by its assistance in maintaining appropriate indoor temperatures, minimising energy consumption, and reducing greenhouse gas emissions.
Asia Pacific region is dominating the market over the forecast period
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Among all other regions, Asia Pacific is dominating the market over the forecast period. Aerospace, marine, oil and gas, and chemical processing are just a few of the industrial sectors where fibreglass is used. The growing industrial base in the Asia Pacific area, particularly in nations like China, Japan, and South Korea, has influenced the need for fibreglass in these industries. The electrical and electronics sector is heavily concentrated in the Asia-Pacific area. In this industry, fibreglass is frequently utilised in products including circuit boards, insulators, and electrical enclosures. The region's expanding telecommunications sector, expanding consumer electronics market, and rising investments in renewable energy infrastructure all help to drive up demand for fibreglass in the electrical and electronics industry.
North America is witnessing the fastest market growth over the forecast period. The fibreglass market in North America is primarily driven by the construction industry. For purposes like insulation, roofing, cladding, doors, windows, and structural elements, fibreglass is widely employed in residential, commercial, and infrastructural projects. Energy efficiency standards, renovation and retrofit projects, and the demand for long-lasting and environmentally friendly building materials all contribute to the growth of the fibreglass market in the construction sector.
Recent Market Developments
- In August 2022, Owens Corning has introduced new Next Gen Fiberglas insulation in the colour PINK. This cutting-edge insulating solution enables up to 23% quicker installation than their current alternatives.
- In July 2022, Owens Corning and Pultron Composites have partnered to create fibreglass rebar.
List of Key Companies
- Owens Corning
- Nippon Electric Glass
- Saint-Gobain S.A.
- Taiwan Glass Industry Corporation
- PFG Fiberglass Corporation
- AGY Holding Corp
- CertainTeed Corporation
- Knauf Insulation
- Asahi Fiberglass Co Ltd
- Binani 3B-the Fiberglass Company
- Johns Manville Corp.
- BGF Industries, Inc.
- Hexcel Corporation
- Porcher Industries
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Fibreglass Market based on the below-mentioned segments:
Fibreglass Market, Product Analysis
- Glass Wool
- Chopped Strand
Fibreglass Market, Glass Analysis
- AR Glass
Fibreglass Market, Application Analysis
- Building & Construction
- Electrical & Electronics
- Consumer Goods
Fibreglass Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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