NEW YORK, Dec. 17, 2021 /PRNewswire/ -- According to the latest market report "Fiberglass Market by End-user and Geography - Forecast and Analysis 2022-2026," the market is expected to have a YOY growth rate of 4.93% in 2022, growing at a CAGR of 5.74% between 2021 and 2026.
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.
View Sample: to know additional highlights and key points on various market segments and how they will impact in coming years.
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:
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.
View free sample for highlights on market Drivers & Challenges affecting the fiberglass market.
Customize Your Report
Don't miss out on the opportunity to speak to our analyst and know more insights about this market report. Our analysts can also help you customize this report according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.
We offer USD 1,000 worth of FREE customization at the time of purchase. Speak to our Analyst now!
Related Reports:
Construction Materials Market by Product and Geography - Forecast and Analysis 2021-2025
Supplementary Cementitious Materials Market by Type and Geography - Forecast and Analysis 2021-2025
Dry Construction Market by End-user and Geography - Forecast and Analysis 2021-2025
Fiberglass Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.74% |
Market growth 2022-2026 |
USD 3.85 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.93 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
APAC at 32% |
Key consumer countries |
US, China, Germany, Canada, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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., and Yoshino Gypsum Co. Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us:
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
Share this article