ALBANY, New York, July 18, 2019 /PRNewswire/ -- Transparency Market Research (TMR) predicts that the global fiberglass market is likely to expand with an impressive CAGR of 4.7% during the forecast period from 2017 to 2025. This growth is attributable to the wide applications in various end-use industry such as aerospace, construction, automotive, electrical, and pharmaceutical. By the end of 2025, the market is likely to be worth US$10.8 bn. The fiberglass material exhibits excellent properties such as lightweight, moderate tensile, compressive strength, easy handling, and outstanding electrical properties. The material is majorly considered as a less expensive composite fabric; thus, the material is witnessing highest adoption from the automotive industry.
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Consolidation of the Market Stiffens the Competition
TMR estimates that the global fiberglass market features a consolidative vendor landscape with a few players operating and dominating in terms of revenue. The intensity of the competition among the key players is estimated to increase as the key players will try to tap in the available opportunities by adopting micro and macro-economic strategies for gaining a profitable edge in the market.
- Highest capitalization for product innovation and for expanding the business to overseas are the key strategies adopted by the key players, which has paid off the most.
- Additionally, a large number of companies are adopting advanced and newer technologies for the manufacturing of products to cater to customer requirements. Thus, players are focusing on the production of high-performance and high-quality products.
- For instance, STI announced product line of lockable EnviroArmour Enclosures in the fiberglass and polycarbonate material, which limits the overheating. These wireless friendly and non-metallic lockable enclosures are reliable and durable, which will provide a shield against vandalism, weather, tampering, and theft.
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Some of the leading players in the global fiberglass market include Taishan Fiberglass, Zibo Zhuoyi Fiberglass Material, Owens Corning, Shandong Fiberglass Group Co. Ltd., and Chongqing Polycomp International Corp.
North America to be Dominant Owing to the Strong Presence of Key Players
Regionally, with a 30% share, North America led the global fiberglass market in 2016 owing to the presence of the U.S., as it is a key consumer for fiberglass. The region features presence of established players including Owens Corning and Johns Manville coupled with the presence of several automotive manufacturers. Thanks to all these factors, the region is estimated to remain a key consumer for fiberglass in the coming years and dominant in terms of demand and revenue.
However, Asia Pacific is estimated to expand by exhibiting most the lucrative CAGR owing to the highest expansion of automotive and construction. Also, rising electricity generation from solar and wind energy in the region is benefiting the market; also, this is estimated to be same in years to come. Thus, this factor is expected to offer the most lucrative opportunities in the global fiberglass market especially in developing countries such as India and China.
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Here are other factors, which are influencing market growth substantially:
- Extensive application of fiberglass in the automotive, and the aerospace and defense
- The use of fiberglass in construction and infrastructural development globally and especially in the developing countries are increasing.
- Additionally, the strict emission standards implicated by authorities including the EEA and U.S. EPA.
- Especially in the automotive, the fiberglass is used to constructs parts such as body panels, decks, load floors, wheelhouse assemblies, dash panel assemblies, and battery boxes. The increasing automotive manufacturing and sales in the Asia Pacific region.
This information is encompassed in the report by TMR, titled, "Fiberglass Market (By Glass Type - S-Glass, C-Glass, E-Glass, ECR-Glass, Others; Fiber Type - Rovings, Mats, Strands, Fabrics; Technology - Layup, Resin Infusion Molding, Injection Molding, Compression Molding, Filament Winding, Pultrusion, Others; Application - Automotive & Transportation, Aerospace & Defense, Wind Energy, Construction, Marine, Sports & Leisure, Pipe & Tank, Others; Region - North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
For the study, the fiberglass market has been segmented as follows:
- Resin Infusion Molding
- Injection Molding
- Compression Molding
- Filament Winding
- Automotive & Transportation
- Aerospace & Defense
- Wind Energy
- Sports & Leisure
- Pipe & Tank
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
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