The global fiberglass market is projected to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving the growth of fiberglass market.
Fiberglass has a higher strength-to-weight ratio, which is an important factor in automobile manufacturing. Vehicles built using materials with low weight and high strength deliver higher mileage and enhance fuel efficiency. Stringent regulations have been imposed on the automotive industry to reduce carbon dioxide emissions. This has encouraged the industry to introduce fuel-efficient lightweight vehicles to help reduce greenhouse gas emissions. Fiberglass composite is extensively used as a substitute for aluminum and steel in the automotive industry, in the manufacturing of lightweight vehicles.
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E-glass, glass type segment of the fiberglass market is expected to lead the global fiberglass market
Factors such as, cost-efficiency, corrosion-resistance, and lightweight, as well as wide-ranging applications of E-glass, makes it preferable wind energy, marine, and electrical & electronics industries.
Thermoplastic resins are projected to to grow with the highest CAGR in the global fiberglass market
There are various types of thermoplastic resins available in the global market such as Polyether Ether Ketone (PEEK) and other hybrid resins. Thermoplastic resins have more impact resistance in comparison with thermoset composites, and they also can reform. This factor is estimated to drive the growth of thermoplastic resin segment in the fiberglass market during the forecast period.
Composites segment are estimated to lead the fiberglass market during the forecast period
The composites segment is projected to lead the global fiberglass market during 2020-2025. The increasing demand for GFRP composites is supported by its low-cost, lightweight and corrosion resistance properties, high strength, and easy availability. These factors are expected to enhance the demand demand for FRP composites in automotive, aerospace, and wind energy industries.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
Asia Pacific is projected to be the fastest-growing market for fiberglass during the forecast period. Growing demand for fiberglass is primarily driven by the increasing focus on emission control policies and the growing demand for ecofriendly products have led to technological advancements in the field of composites. The replacement of traditional materials, such as steel and aluminum, with fiberglass is contributing to the growth of the fiberglass market in Asia Pacific.
China Jushi Co., Ltd. (China), Owens Corning (US), Nippon Electric Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (CTG) (China), Chongqing Polycomp International Corp. (CPIC), (China), Johns Manville Corp. (US), Binani 3B-the Fibreglass Company (Belgium), Taiwan Glass Ind. Corp. (Taiwan), PFG Fiber Glass (Kunshan) Co. Ltd. (China), Asahi Fiberglass Co. Ltd., (Japan), Knauf Insulation (Belgium), Saint-Gobain Vetrotex (US), CertainTeed Corporation (US), Saint-Gobain ADFORS (US), and AGY Holding Corp. (US), are the key players in fiberglass market.
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