Escalating Demand from Automotive Sector Fuels Fiberglass Market

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.

Global Fiberglass Market to Reach 10,873.1 Mn by 2025

Transparency Market Research has released a new market report titled “Fiberglass Market (By Glass Type – S-Glass, C-Glass, E-Glass, ECR-Glass, Others; Fiber Type – Rovings, Mats, Strands, Fabrics; Technology – Layup, Resin Infusion Molding, Injection Molding, Compression Molding, Filament Winding, Pultrusion, Others; Application – Automotive & Transportation, Aerospace & Defense, Wind Energy, Construction, Marine, Sports & Leisure, Pipe & Tank, Others; Region – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017–2025”. According to the report, global fiberglass market was valued at US$ 7,219.7 Mn in 2016 and is projected to reach US$ 10,873.1 Mn by 2025 at a CAGR of 4.7% from 2017 to 2025.

Fiberglass is produced from molten glass in different forms such as strands, rovings, yarn, mats, and fabric. Rovings occupied for the major share with more than 40% in 2016 in the global fiberglass market in terms of fiber type. Layup technology was majorly used among other technologies that included pultrusion, compression molding, resin transfer molding, filament winding, injection molding, and others. In terms of glass types for fiberglass, E-glass and S-glass, together accounted for more than 60% in 2016 and this trend is expected to remain the same during the forecast period. Globally, automotive application dominated the consumption of fiberglass with more than 25% among other applications such as construction, wind energy, aerospace & defense, sports & leisure, marine, pipes & tanks, etc.

North America accounted for major share with more than 30% in the global fiberglass market in 2016 and the share is expected to remain the same during the forecast period. In terms of glass type, E-glass and S-glass dominated the market, together with more than 50% in 2016. The roving segment held a prominent share. Automotive industry is the major sector using fiberglass in this market. The U.S. dominated the North American fiberglass market in 2016, in terms of demand and supply, due to the presence of industry leaders such as Owens Corning and Johns Manville with their major production plants in this region that to cater the fiberglass market.

Asia Pacific region is primarily driven by developments in the construction, automotive and wind energy industries due to which fiberglass is consumed more in this region. Here, wind energy is likely to offer lucrative opportunities in this market, led by the rise in installed wind mill capacities in China.

Europe houses premium car manufacturers which demands high strength material for which fiberglass is an apt choice. Hence, automotive application consumes majority of fiberglass in Europe. This is followed by construction industry because fiberglass fulfils the requirements of Building Codes regulation in Europe.

Middle East offers an interesting platform for the consumption of fiberglass due to the region’s increasing focus on construction industry in order to deviate from the decreasing revenue generation from oil production. This region also houses fiberglass production factories of leading players such as Jushi Fiberglass, Busubait Group, Gulf Fiberglass Factory, etc.

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Major companies manufacturing fiberglass include Owens Corning, Jushi Group Co., Ltd., Taishan Fiberglass Inc., Johns Manville, Chongqing Polycomp International Corp., Xingtai Jinniu Fiberglass Co., Ltd., Shandong Fiberglass Group Co., Ltd., Glasstex Fiberglass Materials Corp., etc. among others.