The global fiberglass market size was evaluated at $28.0 Billion in 2022 and is slated to hit $40.0 Billion by the end of 2030 with a CAGR of nearly 7.2% between 2023 and 2030.
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➤ Significant demand for lightweight cars due to rising environmental pollution from fuel emissions has accelerated the global market’s growth.
The need for fiberglass in lightweight cars and aircraft is growing, which will enhance the overall trends in the worldwide fiberglass industry. Furthermore, it is anticipated that the widespread use of fiberglass in wind turbines will support the global fiberglass market’s rise. The immense appeal of lightweight and fuel-efficient automobiles, along with the extensive use of fiberglass in their manufacturing, will increase the potential for global market expansion.
➤ Glass wool recycling challenges could impede the growth of the global business.
Glass wool is incredibly difficult to recycle, and this characteristic of the product may act as a barrier to the worldwide fiberglass industry’s expansion. Furthermore, the absence of robust infrastructure for the safe disposal of glass wool in emerging economies can impede international trade.
➤ Increased use of fiberglass in the wind energy industry will aid in 2023–2030 global market’s exploration of new growth prospects.
The replacement of lightweight fiberglass with heavier metal parts has increased, creating new growth potential for the global fiberglass market. Massive applications of fiberglass in the wind energy industry will create new avenues for worldwide market expansion.
➤ An enormous obstacle to the expansion of the global sector is the rising cost of production and non-recurring expenses associated with the manufacture of fiberglass.
Global fiberglass industry growth may be seriously hampered by rising manufacturing costs and the occurrence of one-time expenses during the fiberglass production process. Moreover, the development of the worldwide business may be seriously threatened by the absence of uniformity in the fiberglass manufacturing process.
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The Global Fiberglass Market is segmented based on product, application and region
Global Fiberglass Market: Product Segment Analysis
● AR-Glass
● E-Glass
● S-Glass
● H-Glass
● ECR-Glass
Global Fiberglass Market: Application Segment Analysis
● Transportation
● Electrical & Electronics
● Wind Energy
● Building & Construction
● Pipe & Tank
● Consumer Goods
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The global Fiberglass market profiles key players such as:
● China Jushi Co. Ltd.
● Glasstex Fiberglass Materials Corp.
● Nippon Electric Glass Co. Ltd.
● Laxness AG
● KCC Corporation
● Owens Corning
● Taiwan Glass Industry Corporation
● Shadong Fiberglass Group Corporation
● Knauf Insulation
● China Jushi Co. Ltd.
● Asahi Fiber Glass Co. Ltd.
● PFG Fiber Glass Corporation
● Saint-Gobain Vetrotex
???? Current Advancements
• Taishan Fiberglass Inc., a Chinese company that manufactures and distributes fiberglass goods worldwide, said in the fourth quarter of 2021 that $250 million has been set aside for the establishment of a greenfield fiber production unit in India. The goal of the action is to meet India’s demand for fiberglass.
• In order to produce fiberglass rebar, Pultron Composites, a significant manufacturer of fiber-reinforced polymer composites and pultrusions, and Owens Corning, a U.S.-based company that makes fiberglass composites, entered into an agreement in the first half of 2022. The project will make a significant contribution to market income in the years to come.
➤ Asia-Pacific Fiberglass Market To Expand At An Incredible Rate Between 2023 and 2030
During the course of the forecast period, the Asia-Pacific area is anticipated to dominate the worldwide fiberglass market. The enormous demand for environmentally friendly products and the availability of composites with novel features may be the reasons behind the regional market’s projected expansion in the next years. The market for fiberglass is expected to develop in the upcoming years as more and more people in the subcontinent—including China, Japan, and India—switch from using steel and aluminum to fiberglass. Regional market trends will be driven by the demand for fiberglass from a variety of industries, including transportation, construction, and automobiles.
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