According to the study undertaken by Astute Analytica the global fiberglass market was valued at US$ 13,443.7 Million in 2021 and is forecasted to reach US$ 18,648.7 Million by 2027. The market is expected to register a CAGR of 5.6% during the forecast period 2022-2027. Fiberglass is the most common type of fiber reinforced plastic that uses glass fiber. The fibers may be arranged randomly or can be flattened into a sheet, or woven into a glass cloth. ECR is a kind of electronic glass which is good for all the e-glass applications, except for transparent FRP panel applications. The plastic matrix may be a thermosetting plastic- most often epoxy, polyester resin, or vinyl ester or a thermoplastic. The key features that fiberglass manufacturers are looking for in the procurement of raw materials is sizing stability. Moreover, Fiberglass has a high strength-to-weight ratio, which is an essential factor in the automobile and construction sector. Also, fiberglass is an effective insulating material, mainly driven by its corrosion resistance, which helps it to withstand high temperatures and harsh conditions. Therefore, manufacturers prefer to choose fiberglass as an important part of manufacturing.
Factors such as increase in use of fiberglass composite in the construction and automotive industry, increased demand for composite component and strict regulation for emission control favor fiberglass over other materials drives the growth in the global fiberglass market. The increased use of fiber glass advancing the construction and automotive will create a high impact for the overall industry of fiber glass. The use of lightweight, high-strength vehicle materials can provide improved mileage and also improves the fuel efficiency. Moreover, the factors such as low cost, light weight and corrosion resistance, high strength and easy availability of essential compounds are expected to increase the demand for essential composites in the automotive, aerospace and wind power industries. Furthermore, strict regulatory measures applicable for emission control in various developing and developed nations create a favorable space for fiber glass market. It is generating a high impact as manufacturers have started using fiberglass due to its low pollutant feature and ecofriendly properties. However, instability of raw material pricing and improper disposal techniques for recycling glass wool hinder the growth in the global fiberglass market.
Regulations Imposed in the Production of Aluminum
Fiberglass Market Insights by Type
Based on type, the global fiberglass market is segmented into A- Glass Fiber, C- Glass Fiber, D- Glass Fiber, E- Glass Fiber, Advantex Glass Fiber, ECR Glass Fiber, AR Glass Fiber, R- Glass Fiber, S2 Glass Fiber, M- Glass Fiber and Z- Glass Fiber. The E- glass fiber segment holds the highest share in the global fiberglass market in 2021 as it is highly compatible with organic dyes and has dimensional stability. Whereas, ECR glass fiber segment is expected to project the highest CAGR in the global fiberglass market as they are increasingly being employed in applications that demand excellent chemical resistance as well as superior mechanical properties.
Fiberglass Market Insights by Form
On the basis of form, the global fiberglass market is segmented into tow, veil mats, woven fabrics, chopped strand mat, tape, rope, cloth and others. Chopped strand mat segment is expected to project the highest CAGR during forecast period owing to its various end use applications which include automotive part, ship & boats, bathroom equipment and cooling towers and others. Whereas, the tow segment dominated the global fiberglass market in 2021 because of precursor and processing changes.
Fiberglass Market Insights by Manufacturing Process
In terms of manufacturing process, the global fiberglass market is bifurcated into continuous filament and staple filament. The continuous filament segment is projected to hold the largest share and highest CAGR in the global fiberglass market over forecast period. The manufacturing of glass fiber by continuous filament process is preferred over other methods as fiber produced are suitable for this application due to their high thermal conductivity, low density and high strength. Moreover, the fibers produced by continuous filament are used in mass production of automobile parts including bumpers, soundproofing shields, seat frames and others.
Fiberglass Market Insights by Resin
Based on resin, the global fiberglass market is segmented into polyester, vinyl esters, epoxy, polyurethanes and others. The polyester segment holds the largest market share in 2021 as they are naturally UV resistant, often regarded as simple to use, quick to cure, temperature and catalyst tolerant and less expensive than epoxy systems. Moreover, epoxy segment is projected to grow at the highest CAGR over forecast period because of its high mechanical strength and dimensional stability, as well as its chemical and heat resistance and low shrinkage capabilities.
Fiberglass Market Insights by Industry
In terms of industry, the global fiberglass market is segmented into aircraft and aerospace, construction industry, consumer goods, corrosion resistant equipment, electrical devices, marine industry and automobile industry. The construction industry is expected to project the highest market share over forecast period as construction industry most often use glass fiber for multiple purposes. It may be used for facade reinforcement and crack prevention in interior walls due to qualities such as high tensile strength, low elongation and alkali resistance. Moreover, aircraft and aerospace are expected to grow at the highest CAGR over forecast period.
Fiberglass Market Insights by Regional Outlook
By region, Asia Pacific is the dominating region in the fiberglass market in 2021 owing to the rising focus on emission control policies, as well as the growing demand for ecofriendly products has led to scientific developments in the field of composites. Also, the use of fiberglass to replace traditional materials like steel and aluminum is helping to develop the fiberglass market in the region.
Competitive Insight
Global Fiberglass Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global fiberglass market include Jhusi, Owens Corning, Taishan Fabric Glass, Chongqing Polycomp and Nippon among others.
Segmentation Overview
Global Fiberglass Market is segmented based on type, form, manufacturing process, resin, industry and region. The industry trends in the global fiberglass market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Fiberglass Market:
By Type segment of the Global Fiberglass Market is sub-segmented into:
By Form segment of the Global Fiberglass Market is sub-segmented into:
By Manufacturing Process segment of the Global Fiberglass Market is sub-segmented into:
By Resin segment of the Global Fiberglass Market is sub-segmented into:
By Industry segment of the Global Fiberglass Market is sub-segmented into:
By Region segment of the Global Fiberglass Market is sub-segmented into:
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