Fiberglass Market to Reach USD 10740 Million by 2027 at a CAGR of 4.4% | Valuates Reports
BANGALORE, India, Nov. 30, 2021 /PRNewswire/ -- The Global Fiberglass Market is Segmented by Type (Roving Glass Fibers, Chopped Glass Fibers, Yarn Glass Fibers), by Application (Construction, Transportation, Industrial, Consumer, Wind Power). Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the Chemicals Industry Category.
In 2020, the global Fiberglass market size was USD 8191.2 Million and it is expected to reach USD 10740 Million by the end of 2027, with a CAGR of 4.4% during 2021-2027.
Major factors driving the growth of the fiberglass market:
Increasing applications in manufacturing, residential, and commercial structures are likely to propel the construction sector during the forecast period. The building industry's expansion has been fueled by rising customer per capita income along with qualities such as simplicity of installation and aesthetics. The growth of the building industry is a major driver of the fiberglass market.
The significant use of fiberglass in the construction and infrastructure industries, as well as the rising usage of fiberglass composites in the automotive industry, are two major factors driving the expansion of the fiberglass market.
Fiberglass' non-conductive nature makes it an excellent insulator and helps to simplify the earthing process during installation. As a result, the fiberglass industry is likely to grow in the next few years as the demand for electric insulation grows.
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TRENDS INFLUENCING THE GROWTH OF THE FIBERGLASS MARKET
Fiberglass is utilized in the construction sector in mesh fabrics that prevent fractures in interior walls, floor and wall coverings, self-adhesive drywall adhesives, waterproofing frit, and other products. In recent years, there has been a major increase in modern architecture, leading to the development of modern materials that complement the art while maintaining the stability and strength of the structures constructed. Fiber-reinforced polymer (FRP) materials are included in the prescriptive section of the International Building Code (IBC). As a result, FRP can be used as a construction and architectural material above the fourth level, in addition to interior and particular external uses. The fiberglass market is expected to be driven by this.
The increasing number of wind energy installations is expected to drive the growth of the fiberglass market. The worldwide capacity for fossil fuels is dwindling. As a result, increasing the usage of renewable energy sources is critical. One of the most important renewable energy sources is wind energy. The fiberglass market is being driven by the growing need for wind energy. In wind turbines, fiberglass composites are utilized to strengthen the blades and give high fatigue and corrosion resistance.
Fiberglass composites are being used more frequently in the automotive industry, which in turn is expected to drive the fiberglass market growth. Fiberglass offers a greater strength-to-weight ratio, which is a key consideration in the vehicle industry. Vehicles constructed with lightweight, high-strength components provide better mileage and fuel efficiency. To reduce carbon dioxide emissions, the automotive industry has been subjected to stringent regulations. As a result, the industry has been urged to introduce fuel-efficient lightweight automobiles in order to reduce greenhouse gas emissions. In the automotive industry, fiberglass composite is widely employed as an alternative for aluminum and steel in the production of lightweight vehicles.
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FIBERGLASS MARKET SHARE ANALYSIS
Based on application, the construction industry is expected to be the most lucrative. Glass fiber is mostly employed as a composite in the construction industry. It is widely utilized in construction materials because of its qualities, which include fire resistance, anti-corrosion, lightweight, and outstanding strength. In the construction business, it's typically utilized for non-structural components including pipelines, facade panels, and channels. As a result, the product's use in the construction industry is increasing, driving market demand over the projection period.
With a market share of almost 55 percent, Asia-Pacific is the most important region. North America is a latecomer, accounting for roughly 20% of the market.
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FIBERGLASS MARKET SEGMENTATION
By Region
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Southeast Asia
- Australia
- Rest of Asia-Pacific
- Europe
- Germany
- France
- UK.
- Italy
- Russia
- Nordic Countries
- Rest of Europe
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA.
Key Companies
- Owens Corning
- Jushi Group
- Taishan Fiberglass (Sinoma)
- CPIC
- Saint-Gobain Vetrotex
- PPG Industries
- Nippon Electric Glass
- Johns Mansville
- Nittobo
- Advanced Glassfiber Yarns
- Binani-3B
- Sichuan Weibo
- Jiangsu Jiuding
- Lanxess
- Changzhou Tianma
- Ahlstrom.
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