Fiberglass Market is projected Size Projected to Reach US$ 18,648.7 Million by 2027 |CAGR: 5.6%: Astute Analytica

NEW DELHI, April 12, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global fiberglass market from US$ 13,443.7 Million in 2021 to US$ 18,648.7 Million by 2027. The market is anticipated to grow at a CAGR of 5.6% during the forecast period 2022-2027. The glass fiber may be randomly arranged, flattened into a sheet (called a chopped strand mat), or woven into a fabric. The plastic matrix may be a thermosetting plastic- most often epoxy, polyester resin or vinyl ester, or a thermoplastic. Moreover, fiberglass is a highly lightweight material and can be molded into the desired form right at the factory, with high energy-savings in terms of transporting it to its destination and having it installed. Also, fiberglass composite materials are widely used as substitutes for aluminum and steel in the automotive industry and are used to manufacture light vehicles. However, glass fiber has some shortcomings such as relative high density and difficulty to machine, so researchers and scientists have worked to develop a bio-composite material.

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On the basis of type, E- glass fiber segment holds the highest share in the global fiberglass market in 2021 as it is highly compatible with organic dyes and has dimensional stability. Whereas, ECR glass fiber segment is expected to project the highest CAGR in the global fiberglass market. Moreover, based on form segment, the chopped strand mat segment is expected to project the highest CAGR during forecast period owing to its various end use applications. Furthermore, by manufacturing process, the continuous filament segment is projected to hold the largest share and highest CAGR in the global fiberglass market over forecast period due to their high thermal conductivity, low density and high strength. Also, in terms of resin, polyester segment holds the largest market share in 2021 as they are naturally UV resistant, simple to use, quick to cure, temperature and catalyst tolerant and less expensive than epoxy systems. Moreover, epoxy segment is projected to grow at the highest CAGR over forecast period. In addition to it, by industry segment, construction industry is expected to project the highest market share over forecast period as construction industry most often use glass fiber for multiple purposes. Also, aircraft and aerospace are expected to grow at the highest CAGR over forecast period. Moreover, by region, Asia Pacific is the dominating region in the fiberglass market in 2021.

Market Dynamics and Trends

Drivers

The increase in use of fiberglass composite in the construction and automotive industry, increased demand for composite component and strict regulation for emission control favor fiberglass over other materials will boost the global fiberglass market during forecast period. Fiberglass has a high strength to weight ratio, which is an essential factor in the automobile and construction sector. The increased use of fiber glass advancing the construction and automotive will create a high impact for the overall industry of fiber glass. Moreover, manufacturers prefer to choose fiberglass as an important part of manufacturing as it is an effective insulating material, mainly driven by its corrosion resistance, which helps it to withstand high temperatures and harsh conditions. Furthermore, strict regulatory measures applicable for emission control in various developing and developed nations create a favorable space for fiber glass market.

Restraints

Instability of raw material pricing and improper disposal techniques for recycling glass wool is a restraining factor which inhibits the growth of the market during the forecast period. The supply chain disruptions and fluctuation in key raw material prices impacts the production of fiber glass in the current scenario. Moreover, low recycling factor of glass wool results in more waste generation and harms environment in many ways. The growing need for recycling will create a high impact in the upcoming future with advancement of a new process.

Fiberglass Market Country Wise Insights

• North America Fiberglass Market-

US holds the major share in terms of revenue in the North America Fiberglass Market in 2021 owing to the extensive use of fiberglass in building insulation. Additionally, increasing automotive sales in the region further drive the market. Whereas, Canada is projected to grow with the highest CAGR during forecast period.

• Europe Fiberglass Market-

Russia is expected to project the highest CAGR in the Europe fiberglass market during forecast period. Whereas, Germany held the major share in the Europe market in 2021 owing to the presence of leading players in the marketplace.

• Asia Pacific Fiberglass Market-

China is the highest share holder region in the Asia Pacific fiberglass market in 2021. Whereas, India is expected to project the highest CAGR during the forecast period owing to the well-established automotive industry in the region. Moreover, based on industry, construction industry contributed the major share in the Asia Pacific market. Where, electric devices in Asia Pacific are growing at the highest CAGR during the forecast period as fiberglass is used on printed circuit boards to ensure that they meet the electrical, corrosion resistance, thermal conductivity, dimensional stability and dielectric properties.

• Middle East & Africa Fiberglass Market-

Saudi Arabia is the highest share holder region in 2021 and is projected to grow with the highest CAGR during the forecast period. Moreover, based form segment, the tow contributed the major share in the MEA fiberglass market. Whereas, the chopped strand mat is projected to grow at the highest CAGR during the forecast period owing to its various end use applications which include automotive part, ship & boats, bathroom equipment and cooling towers and others.

• South America Fiberglass Market-

Argentina is projected to grow with the highest CAGR in the South America fiberglass market over the forecast period. Whereas, Brazil held the major share in the market in 2021. Furthermore, based on type, A- glass fiber holds the major share in the market and further ECR glass fiber is projected to grow at the highest CAGR during the forecast period as they are increasingly being employed in applications that demand excellent chemical resistance as well as superior mechanical properties.

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Competitive Insight

Global Fiberglass Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global fiberglass market include Jhusi, Owens Corning, Taishan Fabric Glass, Chongqing Polycomp and Nippon among others.

Segmentation Overview

Global Fiberglass Market is segmented based on type, form, manufacturing process, resin, industry and region. The industry trends in the global fiberglass market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Fiberglass Market:

• By Type segment of the Global Fiberglass Market is sub-segmented into:
• 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
• By Form segment of the Global Fiberglass Market is sub-segmented into:
• Tow
• Veil mats
• Woven fabrics
• Chopped strand mat
• Tape
• Rope
• Cloth
• Others
• By Manufacturing Process segment of the Global Fiberglass Market is sub-segmented into:
• Continuous Filament
• Staple Filament
• By Resin segment of the Global Fiberglass Market is sub-segmented into:
• Polyester
• Vinyl esters
• Epoxy
• Polyurethanes
• Others
• By Industry segment of the Global Fiberglass Market is sub-segmented into:
• Aircraft and Aerospace
• Construction Industry
• Consumer Goods
• Corrosion Resistant Equipment
• Electrical devices
• Marine Industry
• Automobile Industry
• By Region segment of the Global Fiberglass Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• The UK
• Germany
• France
• Italy
• Spain
• Poland
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• ASEAN
• Australia & New Zealand
• Rest of Asia Pacific
• Middle East & Africa (MEA) 
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of Latin America

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