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

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.