USD 16.09 billion
Fiberglass Market Size, Share, Growth Analysis, By Product(Glass wool, direct and assembled roving, chopped strands, and yarn), By Application(Transportation, building & construction, aerospace & defense, composite), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2167 |
Region:
Global |
Published Date: February, 2024
Pages:
284
|Tables:
66
|Figures:
79
Fiberglass Market Insights
Fiberglass Market size was valued at USD 16.09 billion in 2019 and is poised to grow from USD 16.77 billion in 2023 to USD 23.29 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).
Fiberglass is being used more frequently in the infrastructure and building sectors, which is driving the market revenue growth. With rising demand, producers are focusing on two critical factors: improving fabric production and performance and lowering production costs. These two features have insured that the uses of fiberglass are expanding with each improvement made by producers. Fiberglass qualities are employed in a variety of industries, including building, car transportation, and infrastructure, to improve distinctive traits like heat and erosion resistance. It is currently utilized for building insulation because it can resist extremely high temperatures and is a poor heat conductor. The building and car industries are expected to regulate the expanding demand for fiberglass among the many industries employed for product augmentation, thus contributing to the market's revenue growth. Some countries, for example, use fiberglass to produce interlocking bricks that are marketed separately. These components are connected and used to construct walls.
Rising demand for fiberglass panels in the automotive and transportation sectors is propelling the market revenue growth. According to studies, the roadway surface in bus stops, subways, and trains is occasionally built with fiberglass concrete slabs. Bus stops made of epoxy-coated or untreated steel rebar can corrode in 10 to 15 years, demanding substantial restoration work. Increasing awareness of renewable energy sources and the eco-friendly features of glass fiber are key drivers driving this market's revenue growth. For example, in May 2022, Mariano Marcos State University partnered with Tanggol Kalikasan (TK) Inc. to train fishermen in Currimao, Ilocos Norte, on the use of Fiberglass Reinforced Plastic (FRP) for boat construction, using an environmentally responsible approach to coastal preservation. FRP is a safer and more robust material, resulting in longer-lasting boats. This also helps to preserve natural resources since the demand for wood for boat construction decreases.
However, the high expense of repairing damaged fiberglass reduces demand for fiberglass during the forecast period. The classic version of glass wool is a low-cost and effective insulation material, but it is difficult to recycle, creating a huge problem for the insulation business. Glass wool material, as well as the mask and protective clothes, must be disposed of properly. Most industrialized countries lack the necessary infrastructure for disposal and recycling procedures, which might have an effect on market revenue growth.
US Fiberglass Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Glass wool
Fastest Growth
Glass wool
Growth Rate
4.2% CAGR
Global Fiberglass Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Fiberglass Market Segmental Analysis
Global fiberglass market is segmented on the basis of product, application, and region. By product, the market is segmented into glass wool, direct and assembled roving, chopped strands, and yarn. By application, market is segmented into transportation, building & construction, aerospace & defense, composite, and insulation. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Fiberglass Market Analysis by Product
Glass wool accounted for the largest revenue share in 2021 because of its thermal and acoustic insulation function, since it traps billions of small pockets of air. Because glass wool is lightweight, chemically inert, and free of contaminants like iron shots, sulfur, or chloride, it offers substantial advantages during transit and installation. The product is not corrosive to metal and does not promote the growth of mold. It is made from renewable raw materials and is environmentally beneficial throughout the manufacturing process. Other advantages of glass wool, such as temperature sustainability, chemical stability, and fire safety equipment, are considered to add to the segment's revenue growth.
Chopped strands are the fastest-growing segment during the forecast period, owing to increased application in construction, automobile, electric vehicles, and daily necessities. Because of its low cost performance, it is particularly beneficial for mixing with resins as reinforcing agents of polyolefins and PVC for automobile, train, and ship shells. Polyolefins reinforced with chopped fiberglass strands are also used in the automotive industry, such as front panels and door parts. Fiberglass cut strands can also be used in a toaster and frying pan because they hold heat well. As a result, these are some of the primary drivers driving this segment's revenue growth.
Fiberglass Market Analysis by Application
In 2021, the building and construction segment contributed the most revenue. Because of its excellent strength-to-weight ratio and low thermal conductivity, fiberglass is becoming increasingly popular in architecture and construction. The materials used in residential construction differ from those utilized in commercial structures. Pultrusion manufacturing and composite formula developments are being used for residential applications, not only for renovation projects but also for new designs. As a result, builders, developers, and engineers are increasingly choosing to sustainable pultruded solutions for their residential projects, fueling revenue growth in the building and construction industry. For example, in June 2022, New Zealand, Owens Corning, and Pultron Composites announced the creation of a joint venture to create industry-leading fiberglass rebar. This agreement confirms the companies' commitment to providing more sustainable product solutions as well as higher-performance concrete reinforcement materials.
During the forecast period, it is expected that the composites segment will continue to grow its revenue at a sustainable CAGR. Green building materials such as fiberglass (or fiber-reinforced) composites have great strength, corrosion resistance, longevity, and little maintenance. These materials are versatile since they were particularly created to deliver high-performance qualities. Composite materials, such as fiberglass, are ideal for window and door frames because, unlike metal, they are good heat insulators.
Global Fiberglass Market Size By Product 2021 (%)
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Fiberglass Market Regional Insights
In 2021, the North America market had the largest revenue share. Major companies are producing revolutionary fiberglass products and expanding their industrial operating capacity, which is considerably contributing to the fiberglass market's revenue growth in this area. For example, on February 2, 2022, Latham Group Inc., a corporation and producer of in-ground home swimming pools in North America, Australia, and New Zealand, announced the construction of a 148-acre fiberglass manufacturing plant in Loyalist Township, Ontario, Canada, west of Kingston. With the new factory, Latham is also supplying markets in the eastern half of Canada as well as the northeast and upper Midwest of the United States, creating pools for the company's fiberglass brands, including Latham and Narellan Pools. Furthermore, various firm investments, mergers, and collaborations are adding to the revenue growth of this region's fiberglass market. For example, on 14 February 2022, Brunswick Corporation announced collaboration with Arkema, a global pioneer in high-quality materials, to produce a 100% recyclable fiberglass boat that will use Arkema's Elium liquid thermoplastic resin on all composite parts, core, and adhesives. The project is part of Brunswick's enterprise-wide sustainability policy, and it enables the entire recycling and reintroduction of hull and structural components into production processes, eliminating waste and obtaining virgin raw materials.
During the forecast period, the Asia Pacific market is expected to grow rapidly. This is due to increased demand for fiberglass from a variety of industries, including construction, transportation, automotive, and electronics, which is considerably contributing to fiberglass the market's revenue growth in this region. The Asia-Pacific construction sector is the largest in the world, and its rise, particularly in the commercial building sector in countries such as China, India, and Japan, is likely to drive demand for glass fiber during the forecast period.
Global Fiberglass Market Size By Geography, 2021-2030
- Largest
- Fastest
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Fiberglass Market Dynamics
Fiberglass MarketDrivers
Increased use of fiberglass composites in the automobile industry
- Because higher strength-to-weight ratio is a significant component in automotive manufacture, fiberglass products are widely used in a variety of applications. Materials with great strength and low weight are used in car manufacturing to provide high mileage and improved fuel efficiency. Many countries are focusing on lightweight vehicle production in order to fulfill CAFÉ (Corporate Average Fuel Economy), which is boosting the use of glass fiber composites in the automotive sector. As a result, one of the primary forces driving the growth of the fiberglass market is the growing preference for lightweight and fuel-efficient automobiles.
Fiberglass Market Restraints
Glass wool recycling issues
- Glass wool is an inexpensive and effective insulating material. However, recycling is difficult, creating a significant challenge to the insulation sector. Proper disposal techniques, as well as a mask and protective clothes, are essential for the physical protection of the workers involved in the disposal process. The infrastructure required for the safe disposal of glass wool is lacking in developing nations. They also lack suitable disposal and recycling processes, resulting in a buildup of glass wool waste. Given that Asia Pacific is the largest market for glass wool and that the majority of nations in the region are developing, efforts to improve recycling procedures are essential.
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Fiberglass Market Competitive Landscape
The global fiberglass market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.
Fiberglass Market Top Player’s Company Profiles
- Owens Corning
- Saint-Gobain
- PPG Industries
- Jushi Group
- Chongqing Polycomp International Corp. (CPIC)
- Taishan Fiberglass Inc.
- Nippon Electric Glass Co., Ltd. (NEG)
- Johns Manville
- China Beihai Fiberglass Co., Ltd.
- Knauf Insulation
- AGY Holding Corp.
- Binani 3B-The Fibreglass Company
- Taiwan Glass Industry Corp.
- Fiberglass Coatings Inc.
- Fulltech Fiber Glass Corp.
- Sichuan Weibo New Material Group Co., Ltd.
- BGF Industries Inc.
- Lanxess AG
- China National Materials Group Corp. Ltd. (Sinoma)
- Chomarat Group
Fiberglass Market Recent Developments
- In August 2022, Owens Corning and Pultron Composites announced their collaboration to produce fiberglass rebar. The collaboration between the companies will enable them to offer more environmentally friendly product solutions and create PINKBAR. Fiber glasses rebar for flatwork and residential applications, as well as MATEENBAR In emerging markets, fiberglass rebar is employed in heavy-load structural applications.
- In February 2022, China Jushi Co., Ltd. announced that it would begin construction on a new fiberglass manufacturing facility in Egypt after terminating its 100,000 tpy alkali-free glass fiber pool kiln wire drawing production line in India. The new factory will have a production capacity of 120,000 tons per year.
- In October 2022, Trinseo, a specialized material solutions supplier, and Japan Steel Works Europe GmbH (JSW EU), a group business of The Japan Steel Works, Ltd. (JSW), a manufacturer of industrial and plastics machinery, launched a cooperation endeavor on Polymethyl Methacrylate Chemical Recycling (PMMA). As part of this agreement, JSW and JSW EU will provide Trinseo with a depolymerization extruder and technologies, as well as technical assistance.
- In November 2021, Owens Corning completed the acquisition of Saint-Gobain's reinforcements and composite fabrics businesses for $640 million, following approval from regulatory authorities in Europe and the United States. The acquisition accelerates Owens Corning's global growth strategy and strengthens its position as a market leader in glass reinforcement and composites.
Fiberglass Key Market Trends
- With rising environmental concerns, there is a growing need for lightweight composite materials in a variety of industries to help reduce carbon footprints. Also, the increasing building of smart infrastructure is driving the use of fiberglass for regulating overheating and maintaining room temperature. In accordance with this, a growing number of governments throughout the world are investing in the long-term development of green and energy-efficient buildings, consequently driving demand for fiberglass. Furthermore, the increasing number of refurbishment and renovation operations has resulted in the use of fiberglass in floor coverings, walls, windows, panels, and other areas to give improved insulation and structural stability. Aside from that, significant expansion in the renewable energy sector is driving up product demand for various electrical equipment used to capture clean and safe energy sources such as wind and tidal. Also, the growing automotive sector, as well as the growing need for fuel-efficient vehicles, is boosting the use of fiberglass in body panels, panel assemblies, wheelhouse assemblies, battery boxes, front fascia, and other areas. Aside from that, fiberglass is an efficient solution for metal-based alternatives in pipes, tanks, subsea systems, and other applications in the water treatment and oil and gas industries.
Fiberglass Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global fiberglass market analysis, by product, glass wool had the largest revenue share in 2021 because of its thermal and acoustic insulation properties, as it traps billions of microscopic pockets of air. Glass wool offers significant advantages during transit and installation because it is lightweight, chemically inert, and free of impurities such as iron shots, sulphur, or chloride. Chopped strands are expected to be the fastest-growing category throughout the projected period, owing to increased use in construction, automobiles, electric vehicles, and daily requirements. According to application, the building and construction segment will produce the highest revenue in 2021. It is becoming increasingly used in design and construction due to its great strength-to-weight ratio and low thermal conductivity. The composites segment is expected to boost its revenue at a sustainable CAGR during the forecast period. North America held the largest revenue share in 2021. Major companies are creating revolutionary fiberglass products and extending their industrial operational capacity, which is significantly contributing to the revenue growth of the market in this field. The Asia Pacific market is expected to grow substantially during the forecast period. This is owing to the rising demand for fiberglass from a range of industries, including construction, transportation, automotive, and electronics, which is significantly contributing to the revenue growth of the fiberglass market in this region.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 16.09 billion |
| Market size value in 2031 | USD 23.29 billion |
| Growth Rate | 4.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Fiberglass Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fiberglass Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fiberglass Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fiberglass Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fiberglass Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fiberglass Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fiberglass Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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