Fiberglass Market Size to increase by USD 3.85 Billion| Market Research Insights highlight the Increased use of Fiberglass in the Construction Sector as Key Driver | Technavio

APAC is the fastest growing market for fiberglass. 32% of the fiberglass market growth will originate from APAC with China and Japan emerging as the key revenue-generating economies of the region. The growth can be attributed to strong presence of the automotive and aerospace industries in the emerging economies of the region. Market growth in APAC will be faster than the growth of the market in other regions. In terms of end-users, the construction segment led the fiberglass market share in 2021 and will continue to retain its dominance in the market. The advantageous applications of fiberglass in the construction industry are expected to increase and thereby drive segment growth.

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Vendor Insights

The fiberglass market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market. The vendors are deploying organic and inorganic growth strategies to compete in the market. Market vendors are increasing their focus on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. For this, the market players are engaging in strategic partnerships and acquiring promising start-ups, while, strengthening their market presence and foothold.

For instance, In November 2021, Compagnie de Saint-Gobain SA acquired a minority stake in Livspace, a digital company focused on the growing residential markets in India and South-East Asia. In addition, In September 2021, they also completed its acquisition of the French company Panofrance, a specialist distributor of timber and panels for the construction and furnishing industries. Furthermore, In October 2021, PPG Industries Inc. partnered with Bradford Science Festival for the second consecutive year.

Some of the other key market players covered in this report include:

• Braj Binani Group
• China Jushi Co. Ltd.
• Compagnie de Saint-Gobain SA
• Fibre Glast Developments Corp.
• Glassfibre and Allied Industries
• Nippon Electric Glass Co. Ltd.
• Owens Corning
• Phelps Industrial Products LLC
• PPG Industries Inc.
• Yoshino Gypsum Co. Ltd.

Find additional highlights on the growth strategies adopted by vendors and their product offerings. Read Sample Market Report.

Key Market Drivers & Challenges:
Increased Use of Fiberglass in the Construction Sector. 

The report identifies the increased use of fiberglass in the construction sector as one of the prominent drivers likely to drive the fiberglass market growth. Developed construction markets across the world, such as those in the US, the UK, Spain, and Germany, are working to enhance the quality of the existing residential units, while in developing economies (such as Asian and African nations), the construction market is focusing on the development of new affordable housing units. As investments in residential real estate increase, a concomitant demand is generated for the fiberglass market.

Low Adoption in Developing Countries.

The penetration of fiberglass is low in developing regions due to the high fixed costs involved. Customers in developing countries have lower disposable incomes and prefer to spend on necessities. Most customers in APAC and MEA are price-sensitive and will opt for low-cost glass that can serve basic requirements. Furthermore, Most end-users do not have sufficient knowledge about the energy cost savings associated with using glass curtain walls and are considered a luxury item. Hence, the low adoption of fiberglass in developing countries can have a negative impact on market growth.

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