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Dublin, September 23, 2021 (GLOBE NEWSWIRE) – The report “Global Fiberglass Market, By Type, Shape, Manufacturing Process, Resin, Industry, Region, Estimate and Forecast, 2017 – 2027” has been added to ResearchAndMarkets.com offer.
The global fiberglass market was valued at USD 13,155.3 million in 2020 and is expected to reach USD 18,648.7 million by 2027. The market is expected to experience a CAGR of 5.8% during the period of forecast.
Fiberglass is one of the most common types of fiber reinforced plastic that uses fiberglass. It can be flattened into a sheet, woven into a glass cloth, or randomly arranged.
The market is expected to be driven by the increasing use of fiberglass composites in the automotive and construction industry, the growing demand for composite components, and the stringent emission control regulations favoring fiberglass over other materials. In addition, the increasing number of wind power capacity installations is believed to provide lucrative opportunities for market growth.
Instability in raw material prices along with improper disposal techniques for glass wool recycling are expected to hamper the market growth. In addition, the manufacturing process of fiberglass is complex and capital intensive, which also hinders the growth of the market.
The COVID-19 pandemic has forced many end-user industries, such as automotive, aerospace and construction, to shut down production, which has reduced demand for fiberglass, negatively affecting growth of the market.
Growth influencers:
Increased use of fiberglass composite in the construction and automotive industries
Fiberglass is widely used in the automotive industry due to its high strength to weight ratio. Vehicles made with high strength, low weight materials provide higher mileage and also improve fuel efficiency.
Applying fiberglass to improve fuel efficiency also helps automakers meet stringent industry regulations to reduce carbon dioxide emissions. In the construction industry, fiberglass is used as a wall covering for decoration, wall finishing, fire protection, and renovation of ceilings and walls. These factors are driving the growth of the market.
Report segments
E-glass fiber is expected to hold the largest market share of around 21% due to its cost efficiency and low weight. It is also corrosion resistant and has many applications in industries such as marine, electronics and electrical, and wind power. The ECR fiberglass segment is estimated to experience the fastest growing, while the D-glass fiber segment will exceed $ 1,708.5 million in value by 2025.
The towing segment is estimated to dominate the market with around 29% due to the high demand for fiberglass in towing form. The chopped strand mats segment is expected to grow at the fastest rate of 6.9%. The ribbons segment is expected to cross the fabrics segment by 2023 and become the sixth largest contributing segment.
The continuous filament segment is expected to hold the largest market share due to its increasing adoption for fiberglass manufacturing.
The polyester segment held the largest market share of around 38% due to its high utilization, while the epoxy segment is expected to grow at a CAGR of 6.2% due to the strong bond it can create compared to other resins.
The construction industry segment is estimated to hold the dominant market share of over 30% due to its high usage in a diverse range of construction applications, such as walls, roofs, ladders, windows and panels. The aircraft and aerospace segment is expected to grow at the fastest rate of 9.7% and the marine industry is expected to hold a market value of approximately $ 1,210.4 million by 2025.
The Asia-Pacific region held the largest market share of around 52% in the global market due to the growth of the automotive and construction sectors in the region.
In addition, increasing industrialization in countries like India, Japan and China is believed to contribute to the growth of the market. The Middle East and Africa region has experienced a growth rate of around 5.8% due to the growth of the automotive sector in the region.
Competitive landscape
The cumulative market share of the nine main players is around 55%. These market players are involved in collaborations, mergers and acquisitions and new product launches to strengthen their presence in the market. For example, in July 2021, Owens Corning acquired Vliepa GmbH, a building materials products company.
This strengthened Owens Corning’s position in the nonwovens portfolio to better serve its European customers and accelerate the growth of the construction and construction product portfolio.
The major players operating in the global fiberglass market include
- AGY Holding Corp
- Asahi Fiberglass Co., Ltd.
- Binani 3B-the fiberglass company
- CertainTeed Company
- China Jushi Co., Ltd.
- Chongqing Polycomp International Corp. (CPIC)
- Johns Manville Corp.
- Jushi Co., Ltd.
- Knauf insulation
For more information on this report, visit https://www.researchandmarkets.com/r/wx1du0
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