The fiberglass market was estimated at USD 13.95 Billion in 2017 and is projected to reach USD 18.75 Billion by 2022, at a CAGR of 6.1% between 2017 and 2022
The growth of the fiberglass market is due to the the extensive use of fiberglass in the construction industry, use of fiberglass composites by the automotive industry for enhanced performance, and an increasing number of wind turbine installations.
Glass wool is projected to be the largest type segment in the fiberglass market during the forecast period. It is widely used in residential construction, for both, new and old construction projects. Rapid urbanization in emerging countries and the increasing number of building codes in developed countries are expected to lead to an increasing demand for glass wool insulation. Glass insulation products help maintain consistent temperatures and enable improvement in comfort and air quality in buildings. Insulation also helps reduce energy consumption, provides protection from fire, and prevents external sounds entering buildings.
Composites is projected to be the fastest-growing application segment during the forecast period. Fiberglass is used widely in the development of large wind turbines. Blade manufacturers are undertaking R&D to focus on reducing the cost of wind energy, which is driving the use of fiberglass, as it is cheaper than other fibers without compromising on high performance properties as compared to other materials. Fiberglass also provides high tensile strength, helping manufacturers to manufacture larger blades and thus enable providing higher energy output. Furthermore, fiberglass wind turbines are able to work in the toughest environments due to their corrosion resistance properties.
The Asia Pacific is estimated to be the largest market for fiberglass in 2017. India is the fastest- growing market in the Asia Pacific, an emerging country experiencing rapid urbanization, global connectivity, and growing industrial development. This is expected to lead to the growth of the Fiberglass market in the country.
Major Fiberglass manufacturers such as Owens Corning (US) and Saertex Group (Germany) have established their manufacturing plants in the country due to the availability of low cost labor and raw materials. In India, fiberglass is widely used in housing, pipes, construction of bridges and water purification plants, road and train transport, sewage disposal, chemical plants, electrical installations, wind turbine blades, marine vessels, and building applications