The global market for fiberglass is anticipated to demonstrate a steady growth in the forthcoming year, as reported by Transparency Market Research (TMR). The market’s vendor landscape is features a handful number of prominent players driving the market. Vendors are forecasted to focus on adoption of advanced technology for development of high performing and high quality products, as demanded by consumers. Market participants are additionally seen investing heavily into the research and development of innovative products in order to enrich their product portfolio, and gain strategic advantage over their competitors. Key vendors operating in the global fiberglass market are Shandong Fiberglass Group Co. Ltd., Taishan Fiberglass Inc., Chongqing Polycomp International Corp., Zibo Zhuoyi Fiberglass Material Co. Ltd., and Owens Corning.
In 2016, the global fiberglass market was estimated to stand at US$7.21 bn. With a steady 4.7% CAGR from 2017 to 2025, the duration of forecast, the market is envisaged to reach US$10.8.
Among the application segments, the automotive industry held more than 25% share of the market in 2016, and the trend is expected to percolate over the forecast duration. As the application segment finds exhaustive use in fiberglass, the automotive sector is predicted to retain its dominance over the coming years.
Among the geographical divisions, North America held a leading position in the global fiberglass market, with over 30% of the market share. The U.S. in North America is touted to be the key country acting as a driving force of this regional market, on account of the presence of established companies in the region.
High Adoption of Glass wool in Construction Activities to Propel Market
Glass wool is predominantly used in applications of thermal and electrical insulation in the building and construction industry. Glass wool is applied on the attic of the structure which helps maintain as steady temperature inside the building. The market is expected to rise due to increased spending on infrastructure in both developed and developing countries. Additionally, new end use of fiberglass due to its intrinsic properties of lightweight and high strength are being discovered regularly. Fiberglass composites are extensively used in many building applications such as roofs, walls, panels, windows, and ladders. The rise in use of fiberglass in consumer durable products and electronics products is expected to further fuel the fiberglass market over the forecast period.
Demand for Energy Conservation to Provide Rich Growth Opportunity
As the significance of renewable energy is being identified across the globe, hefty investments are currently being made towards the installation of new wind turbines. In the residential construction segment for insulation, fiberglass is extensively used to maintain a consistent temperature, which resultantly allows improved comfort and air quality, curtails energy consumption, protects from fire and makes buildings sound proof. All these factors are providing an impetus to the growth of the global fiberglass market in the forthcoming years.
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High Demand from Automotive Sector to Stoke Sales
The use of fiberglass in automobile manufacturing is surging on account of the emergence of stringent standards for emission set by regulatory authorities such as the U.S. EPA and EEA. With fiberglass becoming a key component used in body of vehicles, its demand is surging significantly all over the world. The brisk rise in the demand for new vehicles is additionally expected to aid the growth of this market over the forecast duration.