The global fiberglass market was valued at USD 13,155.3 Million in 2021 and is projected to reach USD 18,648.7 Million by the year 2030. The market is expected to witness a CAGR of 5.8% during the forecast period.
Fiberglass Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Fiberglass Market , and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region
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A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Fiberglass .
Fiberglass is one of the most common types of fiber-reinforced plastic using glass fiber. It can be flattened into a sheet, woven into glass cloth, or arranged randomly. The market is anticipated to be driven by the increasing use of fiberglass composite in the automotive & construction industry, rising demand for composite components, and the strict regulation for emission control favor fiberglass over other materials. Furthermore, the rising number of wind energy capacity installations is estimated to provide lucrative opportunities for market growth. The instability of raw material pricing along with the improper disposal techniques for recycling glass wool is anticipated to hinder the market growth. Also, the manufacturing process of fiberglass is complex as well as capital-intensive, which also hampers the market growth. The COVID-19 pandemic has forced many end-user industries, such as automotive, aerospace, and construction to stop their production, which has decreased the demand for fiberglass, hence negatively affecting the market growth.
Growth Influencers: Increase in use of fiberglass composite in the construction and automotive industry Fiberglass is extensively used in the automotive industry owing to its high strength-to-weight ratio. Vehicles manufactured using high-strength and low-weight materials provide higher mileage and also enhance fuel efficiency. The application of fiberglass for improving fuel efficiency also helps automotive manufacturers for meeting the strict regulations imposed on the industry for reducing carbon dioxide emissions. In the construction industry, fiberglass is used as a wall covering for decoration, finishing of walls, fire protection, and renovation of ceilings & walls. These factors boost market growth.
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Segments Overview: The global fiberglass market is segmented based on the type, form, manufacturing process, resin, and industry. By Type A- Glass Fiber C- Glass Fiber D- Glass Fiber E- Glass Fiber Advantex Glass Fiber ECR Glass Fiber AR Glass Fiber R- Glass Fiber S2 Glass Fiber M- Glass Fiber Z- Glass Fiber The E-glass fiber is expected to hold the largest market share of about 21% owing to its cost efficiency and low weight. It is also corrosion-resistant and has numerous applications in industries such as marine, electronics & electrical, and wind energy. The ECR glass fiber segment is estimated to grow at the fastest rate, while the D-glass fiber segment surpasses a value of USD 1,708.5 million by 2025. By Form Tow Veil mats Woven fabrics Chopped strand mat Tape Rope Cloth Others The tow segment is estimated to dominate the market with around 29% owing to the high demand for fiberglass in tow form. The chopped strand mat segment is expected to grow at the fastest rate of 6.9%. The tape segment is anticipated to cross the cloth segment by 2023 and become the sixth-largest contributing segment. By Manufacturing Process Continuous Filament Staple Filament The continuous filament segment is expected to hold the largest market share owing to its increasing adoption for the manufacturing of fiberglass. By Resin Polyester Vinyl esters Epoxy Polyurethanes Others The polyester segment held the largest market share of around 38% owing to its high usage, while the epoxy segment is anticipated to grow at a CAGR of 6.2% owing to the strong bond it can create as compared to other resins. By Industry Aircraft and Aerospace Construction Industry Consumer Goods Corrosion Resistant Equipment Electrical devices Marine Industry Automobile Industry The construction industry segment is estimated to hold the dominant market share of over 30% due to its high usage in a varied range of building applications, such as walls, roofs, ladders, windows, and panels. The aircraft & aerospace segment is expected to grow at the fastest rate of 9.7% and the marine industry is anticipated to hold a market value of around USD 1,210.4 million by 2025.
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On a regional basis, the global fiberglass market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia Pacific region held the largest market share of around 52% in the global market owing to the rising automotive and construction sectors in the region. Also, the increasing industrialization in countries such as India, Japan, and China is estimated to contribute to the market growth. The Middle East & African region witnessed a growth rate of about 5.8% owing to the growing automobile sector in the region.
Competitive Landscape Key players operating in the global fiberglass market include AGY Holding Corp, Asahi Fiberglass Co., Ltd., Binani 3B-the Fibreglass Company, CertainTeed Corporation, Chongqing Polycomp International Corp. (CPIC), Johns Manville Corp., Jushi Co., Ltd., Knauf Insulation, Nippon Electric Glass Co., Ltd., Owens Corning, PFG Fiber Glass Co., Ltd., Saint-Gobain Vetrotex, Taishan Fiberglass Inc., and Taiwan Glass Ind. Corp., among others.
The cumulative market share of the nine major players is near about 55%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in July 2021, Owens Corning acquired Vliepa GmbH, a building materials products company. This strengthened Owens Cornings position in the nonwovens portfolio for catering to its European customers in a better way and accelerating the growth of the construction and building products portfolio.
The global fiberglass market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Fiberglass market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players. Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
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The global Fiberglass market report answers questions such as:
What is the market size and forecast of the Global Fiberglass Market? What are the inhibiting factors and impact of COVID-19 on the Global Fiberglass Market during the assessment period? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Fiberglass Market? What is the competitive strategic window for opportunities in the Global Fiberglass Market? What are the technology trends and regulatory frameworks in the Global Fiberglass Market? What is the market share of the leading players in the Global Fiberglass Market? What modes and strategic moves are considered favorable for entering the Global Fiberglass Market?
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