Fiberglass Market Size to Reach USD 15.79 Billion by 2027 | Increasing Utilization of Fiberglass in Infrastructure and Construction Industries is Driving Industry Growth, According to Emergen Research

Vancouver, BC, Jan. 12, 2022 /PRNewswire/ -- The fiberglass market size was USD 11.25 Billion in 2019 and is expected to be valued at USD 15.79 Billion in 2027. This growth of the fiberglass market can be attributed to light weight and high strength properties of fiberglass, which have increased use of fiberglass in the manufacture of automobile parts, which has driven the fiberglass market during the forecast period. The excellent properties of fiberglass, such as robust chemical, heat, and corrosion resistance, non-conductive nature, and anti-slip properties, make it a highly viable raw material for the manufacture of pulp and bleach.

Widespread use of fiberglass composites across various other industries, including chemical, oil & gas, petrochemical, pulp & paper, mining, waste & wastewater treatment, food processing, and metal processing industries, is an indispensable factor contributing to the global market growth. Fiberglass finds profound usage in the production of wind turbine blades and various other structural components. Hence, the surging adoption of renewable energy resources and increasing wind turbine installations worldwide are pushing the growth of the global fiberglass market.

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Key Highlights of Report

• In August 2020, Owens Corning introduced its latest product line of extruded polystyrene (XPS) foam products, named FOAMULAR^® NGX insulation. The new products are guaranteed to deliver around a 90% decrease in the global warming potential (GWP), while maintaining product performance.
• In July 2019, Knauf Insulation North America, Inc., a subsidiary of Knauf Insulation GmbH, a Germany-based multinational producer of building materials and construction systems, expanded its facility in Albion, Michigan. Increasing demand for construction of energy-efficient homes experienced by the company has led to increase in its production capacity by more than 30% 
• Based on type, the glass wool sub-segment accounted for the most significant market share of 33.5% in 2019 and is poised to dominate the market over the forecast timeframe. Augmented government spending on construction projects, both in developed and developing countries, has spurred the demand for glass wool.
• The automobile segment is projected to expand at the most rapid rate during the forecast period. Strict emission standards by regulatory authorities have increased the use of fiberglass in the manufacture of automobile parts 
• The Asia Pacific region is the leading regional market for fiberglass. Rapid urbanization, increasing sales of automobiles, thriving residential and commercial sectors, and consumers' higher purchasing power are the pivotal factors fueling the fiberglass market growth in the Asia Pacific.
• The leading industry participants include Nippon Electric Glass Co., LTD., China Jushi Co., Ltd., Johns Manville Corp., Owens Corning, Binani 3B - The Fibreglass Company, Taiwan Glass Ind Corp., TAISHAN FIBERGLASS INC. (CTG), PFG Fiber Glass (Kunshan) Co., Ltd., AGY Holding Corp., and Knauf Insulation.

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Emergen Research has segmented the global fiberglass market on the basis of type, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2017–2027)
• Roving
• Glass Wool
• Chopped Strands
• Yarn
• Others
• Application Outlook (Revenue, USD Billion; 2017–2027)
• Composites
• Insulation
• End-use Outlook (Revenue, USD Billion; 2017–2027)
• Wind Energy
• Automobiles
• Aerospace
• Building & Construction

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• Regional Outlook (Revenue, USD Billion; 2017–2027)
• North America

a.  U.S.
b.  Canada

• Europe

a.  Germany
b.  U.K.
c.  France
d.  BENELUX
e.  Rest of Europe

• Asia Pacific

a.  China
b.  Japan
c.  South Korea
d.  Rest of APAC

• Latin America

a.  Brazil
b.  Rest of LATAM

• Middle East & Africa

a.  Saudi Arabia
b.  UAE
c.  Rest of MEA

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SOURCE Emergen Research