Fiberglass Market

Fiberglass Market Size 2023-2028

The Fiberglass Market was valued at 11.3 billion in 2022 and is expected to grow at a CAGR of 4.5% in the outlook period of 2023-2028

Increased durability, higher insulation properties, and recyclability of the material are some factors that are estimated to drive market demand in the future. Fiberglass is comparatively stronger than several metals in terms of weight but easily affordable and more flexible than carbon fiber. Also, fiberglass is non-magnetic, transparent to EM radiation, non-conductive, and easily crafted into numerous forms. Fiberglass finds immense applications in areas like aircraft, automotive, boats, septic tanks, roofing, pipes, orthopedic casts, and so on. Nowadays, fiberglass also finds demand in the telecommunications sector for shrouding antennas because of its low signal attenuation features and RF permeability compared to other materials in usage. Because of its lightweight, fiberglass is further employed in products like helmets and other sports gear.

Drivers and Restraints of the Fiber Glass Market:

The global fiberglass market is expected to be driven by rising demand for superior-quality materials in the construction sector. The market is expected to witness surging demand for fiberglass; this is due to its advanced characteristics that include insulation and flexibility. The product is projected to observe significant growth over the forecast period, owing to its ease of usage in several industries. Increasing awareness regarding the superior thermal and acoustical insulation properties of fiberglass is estimated to drive its demand in the commercial building segment which includes hospitals, educational institutes, and residential buildings. Moreover, increasing preference for materials with aesthetic appeal in commercial construction is foreseen to aid the fiberglass market growth. Considerable investment in infrastructure development and residential projects owing to the freedom of investment regulations is another factor contributing to the construction industry. This, in turn, will increase the demand for fiberglass in the foreseen period.

The highly advanced material providing superior features is costly. Many industries do not consider such features of significant importance, resulting in the usage of substitutes. In addition to this, extreme usage and adoption of products utilizing fiberglass will gradually reduce as manufacturing and building companies enhance their products to increase their longevity and quality.

FIBERGLASS MARKET REPORT COVERAGE:

Market Segmentation

Fiber Glass Market-By Type:

• E-Glass

• ECR-Glass

• H-Glass

• S-Glass

• AR-Glass

Fiber Glass Market-By Resin Type:

• Thermoset
• Thermoplastic

Fiber Glass Market-By Product Type:

• Glass wool
• Yarn
• Chopped Strand

Fiber Glass Market-By Application:

• Composites
• Insulation

The e-glass market segment is determined to lead the market during the forecast period of 2021 to 2026. This category of glass provides characteristics such as corrosion resistance, and cost-efficiency, and it is lightweight. Because of these characteristics, it has wide-scale implications in the wind energy and marine industries.

The market is segmented on the basis of resins into thermoplastic and thermoset resins. Thermoplastic resins are likely to grow at the highest CAGR during the foreseen period. These resins provide better impact resistance as compared to thermosets. In addition to this, these resins can also be reformed thus giving it an edge over its thermoset counterparts.

Composites are becoming popular because of their performance characteristics along with their eco-friendly features. These composites are heavily used in the packaging industries. Also, the composites are used extensively in the end-user verticals like the automotive and aerospace industries.

Fiber Glass Market - By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

The Asia Pacific region is the fastest-growing market for fiberglass, and it is also forecasted to register the fastest CAGR during the forecast period. The majority of Asian countries are under the scrutiny of global environmental norms, thus complying with emission control policies has become cardinal. The increase in the adoption of environment-friendly materials for various purposes is driving the composites market and for insulation, fiberglass is preferred owing to its superior properties.

North America is anticipated to witness considerable growth owing to the expanding industrial sector as a result of rising investments in the construction of liquefied natural gas terminals in the Gulf Coast region, as well as growth in new power plants. Industrialization and urbanization in countries, such as the U.S. and Canada, are creating demand for solar control films in industries such as construction and buildings and in the commercial sector. In addition to this, rising focus on mitigating UV and infrared emissions, carbon footprints, and increasing safety in terms of theft and robbery are the key factors driving the business in this area.

Fiber Glass Market Key Players:

• Sika AG

• RAVEN

• BASF SE

• Berry Global Group

• Saint Gobain

• Tech Folien

• Innovilt

Impact of COVID-19 on the Fiber Glass Market:

The coronavirus pandemic has affected severely all the industries and economies of the world. The fiber Glass industry witnessed a slump in demand during this pandemic period. As a result of that, the production of fiberglass dipped and the industry witnessed a recession. Many production activities were put on hold during this duration, as aerospace and automobile industries were not given much importance compared to necessities. The top market players have announced the suspension of production due to the lowered demand, and supply chain bottlenecks, and to protect the safety of their employees during the COVID-19 period. As a consequence, the demand for Fiber Glass has declined relatively in 2020.